01 Feb Bonita Bay News
Stabilization is the word for 2014.
In 2012 we saw recovery. In 2013 we experienced transition as traditional sales significantly outweighed distressed sales (short sales and foreclosures) and sellers took over the reins. Now, in 2014, our market has stabilized with home prices recovered, activity strong, and demand high.
So, what does this mean for buyers and sellers?
No one can accurately predict how the market will continue, although many experts have weighed in on the subject. What we do know is homes in Southwest Florida are selling and days on market is shrinking. Demand for homes is driven less by investors and more by end users. Additionally, home prices, continue to increase, though at a more modest rate recently. Interest rates have risen and many speculate that they will continue to do so this year, and yet they are still at historical lows giving buyers who don’t want to part with their hard-earned cash an opportunity to borrow. And finally, the extreme cold up north this winter is driving more people our way.
If you’ve been thinking about selling, I’m sure you are struggling with the choice to possibly hold off for higher prices. And while all signs seem to be pointing that way, we simply do not know where prices will be in the future. Demand is high now, the competition is low, and the buyers are here. My question to you is, why wait?
Inventory remains low. As of December 31, 2013, in all of Bonita Bay, there were only 132 homes and condos for sale (according to the Multiple Listing Service). Today, as of February 1, 2014, there are 139 for sale.
Bonita Bay’s single-family homes continue to hold at 8 months worth of inventory as of February 1. And condos in Bonita Bay continue to show 5 months of supply.
This chart shows how inventory has dropped over the course of the past 12 months.
Whether buying or selling, if you are looking for Realtor representation, think of me.
Your Bonita Bay Realtor,