Bonita Bay Sales and Market Report January - June 2009
Comparing 2008 sales to 2009 sales activity in Bonita Bay, we find some interesting trends for the period of 01/01/2009 through 07/01/2009.
Sales YTD in 2009 are down over 2008 by an average of 43%. A total of 56 units have closed in 2009 compared to the same time in 2008 with 98 closings. The average sale price in 2008 was $886,367 compared with an average sale price in 2009 of $803,754 an approximate 9.4% drop. The average days on market in 2008 from January through June was 207 compared to 224 in 2009.
What can we contribute to the decrease in units sold?
Sellers continue to be less responsive in 2009 to our declining market. Over the past two and half years many Bonita Bay sellers were chasing the market down and consequently their homes were on the market extended periods of time. This delay in pricing their home at market resulted in accepting offers substantially lower than their original list price. Many sellers made significant price reductions at the end of season to try to "catch-up" with the declining market but were too late to attract buyers searching for the appropriately priced home, during Season (January-April).
Sales YTD in 2009 are down over 2008 by an average of 43%. A total of 56 units have closed in 2009 compared to the same time in 2008 with 98 closings. The average sale price in 2008 was $886,367 compared with an average sale price in 2009 of $803,754 an approximate 9.4% drop. The average days on market in 2008 from January through June was 207 compared to 224 in 2009.
What can we contribute to the decrease in units sold?
Sellers continue to be less responsive in 2009 to our declining market. Over the past two and half years many Bonita Bay sellers were chasing the market down and consequently their homes were on the market extended periods of time. This delay in pricing their home at market resulted in accepting offers substantially lower than their original list price. Many sellers made significant price reductions at the end of season to try to "catch-up" with the declining market but were too late to attract buyers searching for the appropriately priced home, during Season (January-April).
Buyers confidence in investing in Bonita Bay has significantly changed due to the problems with the club and Back Water Jack's. Buyers continue to feel the market has not reached the bottom.
2009 Year to Date Inventory and Analysis
The current listed inventory as of this writing is 194 homes. Assuming the current 2009 absorption rate of 43% for 2010, 110 homes will not sell.
Obvious Conclusion: Wise sellers will have to price their home at today's fair market price to get their home sold in 60 to 90 days compared to an average of 224 days last year. We are experts in helping you do just that.
Important Advice to Sellers in Today's Market
What we have learned and what we as sellers must accept, whether we like it or not, during this declining market is: "What sellers need and what they want does not establish market value. What a buyer will pay establishes market value."
Statistics in every home category vary significantly. For specific details on your home and neighborhood call us toll free at 888-869-2888 or locally at 239-498-2888!
Below you will find closed sales for Bonita Bay through the end of June 2009
posted by The Dillard Team @ 9:47 AM
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