Ammunition for Condo Buyers…

South Lee home, condo sales drop

By MARK S. KRZOS • News Press • July 13, 2010

10:30 A.M. — Home and condo sales in south Lee County have slowed to a trickle after a busy spring.

The Bonita Springs-Estero market generally remained unchanged in all eight areas of monthly evaluation.

Experts believe the combination of no more government assistance combined with fewer residents in the summer have set the base line for the next several months.

Single family homes listed dropped from 191 in May to 152 in June. This represents a 20 percent drop and is part of an overall reduction in inventory. Single family home sales topped out at 90 units sold which were the second highest months of sales in 2010.

Of the 201 condominiums that came on the market, 84 were sold. The condo inventory remains high with 117 more coming into the market than sales out, said Bill Barnes, chief executive officer of the Bonita Springs-Estero Association of Realtors.

This trend is accounted for as Americans continue to unload, “non essential” assets such as boats, planes, condo’s and extra cars, Barnes said.

In other areas:

• Condominiums less than $200,000 have sold at a rate of 84 per month for two consecutive months. These condo sales are, however, down from more than 100 unit sales per month during the season.

• Condominiums priced at more than $1 million are barely selling at all. For the first time in 2010 no condos sold.

• Single family homes priced at $1 million or more didn’t fare much better. In June, three homes in that price range sold — the lowest in a monthly period in 2010. But overall, 2010 has been a good year with $37 million dollars of homes sold in the Bonita-Estero market.

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