November 2009 Bonita Bay Market Statistics

November 2009 Bonita Bay Market Statistics
November 30, 2008 vs. November. 30, 2009

There were 5 closed sales in Bonita Bay this November 2009 compared to 3 closed sales in 2008. That is an increase in closings of approximately 66% for November 2009 vs. November 2008.

Total sales YTD is still down over 2008 by an average of approximately 59%. A total of 79 units have closed YTD compared to 134 units in 2008.

The average sales price in 2008 YTD was $847,596 compared to $717,598 2009 YTD; a drop of $129,998 or approximately 15.3%.

The average sold price of $717,598 to the original list price of $966,408 is $248,810 less per sale in 2009 compared to 2008. That is approximately 25.7% of the seller’s original asking price and approximately 12.6% of the adjusted asking price of $821,365 when sold.

The average days on market in 2008 January through November was 216 compared to 257 in 2009 for the same period.

As of this writing there are 184 homes for sale in Bonita Bay. The average list price is $1,069,283 that is $351,685 higher than the average YTD closed sale price of $717,598. That means that sellers, on average, are asking approximately 32.8% more than what buyers, on average, are willing to pay.

Based on the current inventory of 184 homes for sale and comparing them to the 79 homes that have closed in the past 11 months. That is an average of 7.2 closings per month YTD. It will take approximately 25 months to sell today’s existing inventory if conditions do not improve.
There are currently 3 Active Contingent contracts and 12 Pending contracts. These homes will either be sold or returned to the market as active listings in the coming months. Therefore the Active Contingent contracts and Pending contracts were not included in 2009 year to date actives or closed sales

NOTE: The source of this statistical analysis is the Sunshine MLS System. This is information believed to be accurate but not guaranteed!
*Average days on market are not often accurate due to the sellers and agents terminating or withdrawing a listing and relisting at the same or a lower price.

NOW THE GOOD NEWS!!!!!
The encouraging communication from your turnover committee (#32, dated December 7th.) is that they have reached an agreement in principle with The Bonita Bay Group is most welcome.
Although there are a number of items that remain to be negotiated and agreed on the committee states that they expect to resolve these issues in the next few weeks.

From a real estate perspective this, assuming the agreement will be ratified, could make a significant difference in the attitude and confidence that prospective buyers have in making an investment in Bonita Bay. The agreements ratification will open up our Bonita Bay market to more buyers but please keep in mind that sellers will have to price their homes based on past comparable sales over the previous 6 to 12 months if they expect to sell this season. If homes are not priced comparably buyers will not respond to over pricing and lenders will not lend on homes, even under contract, if they do not appraise.

Please call me for further in depth analysis on today’s market. If you or anyone you know is interested in buying or selling please feel free to call me. It would be my pleasure to discuss in confidence today’s options and opportunities.

Sincerely,

Michael

Office: 239-498-2888
Cell: 239-850-9805

SFH November 2009

High rise November 2009

Low Rise November 2009

Villa November 2009