The real estate market in Bonita Springs and Estero in Southwest Florida is still a “seller’s market”, as evidenced by the average price of $515,000 this November, which is 15.3% higher than in 2021. Properties now spend an average of 31 days in the market, which is considerably more than 17 days last November. The prices have therefore increased and the sales terms have grown.
Steve Kolenda, Managing Broker at Berkshire Hathaway Florida Realty in Bonita-Springs, believes that sales are no longer urgent, which will limit the further price growth. For buyers, real estate is again a long-term investment and they select properties carefully. Sellers who accept this new reality will be able to dispose of their homes relatively quickly and at a fair price.
Suzanne McGuire, Broker and Owner at NextHome Coast2Coast, agrees that the most important thing in the current market is setting the right price. Sellers who lower it by 3 – 5% of the target level will spark bidding wars among buyers, eventually receiving the initial asking price.
The gradual increase of inventory, which currently equals 528 sales listings, promises some hope for buyers. After all, this is 89.9% more than last November. Despite the considerable difference, though, this number is still only a third of the pre-pandemic level.
Unlike many other markets, Bonita-Springs and Estero seem to be unaffected by Hurricane Ian. The reason is probably the prevalence of cash transactions, which have increased by 10.9% since last year, reaching 71.1%.
Local realtors and brokers note that buyers are now interested primarily in neighborhoods located farther from the sea, such as Stoneybrook and Bella Tera, as they strive to avoid severe damage to their future properties from torrential winds.
People, however, are still actively renting homes for a season and for the entire year. The hurricane has not affected their desire to come to Southwest Florida.
Real estate experts from Bonita Springs and Estero concur that this situation in the market will continue in 2023. The supply will increase incrementally but it will still be a “seller’s market”.