Bonita Springs - Estero Market Report
Welcome, please find the most recent Market Update from the Bonita Springs - Estero Board of REALTORS; one of the Local MLS Boards here in SW FL where we help Sellers and Buyers to achieve their REAL ESTATE GOALS.
Bonita Springs - Estero market reports from Barry Hoey PA & Kimberly Zuponcic PA with the Hoey Team Brokered by eXp Realty, in Southwest Florida - Most recent on Top.
March 2020 Report, Bonita Springs and Estero Markets:
Real Estate Market Holding Strong in Bonita Springs and Estero Despite COVID -19
Bonita Springs, FL | March 18, 2020
According to the Bonita Springs-Estero REALTORS ® (BER), area brokers are advising home buyers and sellers to remain confident, as the residential real estate market remains strong at his time despite Coronavirus (COVID-19) concerns.
Area brokers do advise buyers, sellers and agents alike to follow all precautions set forth by the Centers for Disease Control (CDC) and Florida Governor, Ron DeSantis.
Additionally, Florida REALTORS® is monitoring all official state communications regarding the virus and area brokers will pass along relevant information to its agent and the public as it is received.
While area brokers report that some out of town visits from potential buyers have been postponed, many potential buyers and sellers are taking advantage of the numerous technological tools offered by their agents for viewing properties, signing documents and communicating.
Chris Maccarone stated, “The Internet, virtual tours, FaceTime, Zoom, DocuSign and Skype are just a few of the tools available for local and out of town buyers to view properties and communicate with their real estate agents. She added, “Our area agents are able to provide these tools and assist buyers and sellers effortlessly; you don’t need to be technically-savvy to take advantage of these tools – your agent will help you navigate those tools.”
Utilizing these tools will allows buyers and sellers to conduct transactions without risk, while ensuring that current market opportunities, such as multiple offers and procuring the ideal property, are not missed. Another opportunity now available are lower interest rates on mortgages.
The Federal Reserve made another emergency cut to interest rates on March 15th, 2020, slashing the federal funds rate by 1.00 percent to a range of 0-0.25 percent.
The Federal Reserve is trying to stay ahead of disruptions and economic slowdown caused by the spreading coronavirus, a move that could help first-time homebuyers and those looking to buy or refinance. “Lower mortgage rates are definitely the silver lining with long-term benefits in an unfortunate, but temporary situation,” stated Angela Parker. She adds, “Now is a good time to check with your mortgage professional as to what rates you may qualify for.”
Additionally, for the first time since 2007, the Florida House and Senate have agreed to fully fund the Sadowski fund, which will also go a long way in assisting first-time homebuyers in accessing funds for a down payment.”
The Sadowski Trust Fund was set up to help ease the burden of housing costs, using money collected from a docstamp tax on all state real-estate transactions. In years past, nearly $3 billion have diverted out of the Sadowski Fund for state budget shortfalls, however as of March 14th , 2020, the program will be fully funded and used as intended in 2020.
Area brokers also advise that if recent stock market activity is causing concern, the real estate market is historically and currently a stable investment. “We’ve had some clients expressing concerns about the current stock market,” stated Kevin Jarrett, 2020 BER President. “We continue to remind them that real estate is a stable investment in this market and can also be another viable investment option.”
In February 2020, the Bonita Springs and Estero residential real estate market saw notable increases in pending and closed sales for both single family homes and condominiums. Market wide, inventory levels were down 29.5 percent, which is a continuing trend.
There were also 285 price repositions for single-family homes and 226 price repositions for condominiums. Realtor.com also reported over 17 million residential real estate search result page views in February 2020 for the Bonita Springs and Estero market, which is 13 percent over last month – also a trend that is continuing upwards in 2020.
The bottom line? Savvy buyers and sellers are still motivated and with the assistance of their local REALTORS®, are utilizing the latest tech tools to take advantage of current market opportunities while staying safe.
The Bonita Springs-Estero REALTORS ® February 2020 Report shows these overall findings for both single family and condominiums combined.
Month over Month
Month over Month % Change 2/2019 2/2020
New Listings 493 521 5.7
Pending Sales Units 340 476 40.0
Closed Sales Units 206 300 45.6
Median Closed Price $289,500 $306,920 6.0
Average Days on Market 90 87 -3.3
YTD 2019 2020 % Change
New Listings 1,140 1,110 -2.6
Pending Sales Units 597 852 42.7
Closed Sales Units 412 509 23.5
Median Closed Price $290,000 $307,500 6.0
Average Days on Market 85 81 -4.7
Current Active Inventory 2,265 1,596 -29.5
Months' Supply of Inventory 8.5 5.3 -37.6
To ensure your next real estate transaction in the Bonita Springs or Estero market is a success, please email Kim or Barry with the Hoey Team ☘ Brokered by eXp Realty ator, Call/Text the Hoey Team: (239)-360-5527 with questions or for more info on Bonita-Estero or any other part of SW Florida where we specialize.
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Barry Hoey PA, REALTOR®, GRI
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