Loan limits will likely go up to $625K in 2022, but FHFA hasn’t announced it yet. Still, higher home values have convinced some lenders to boost loan limits now.WASHINGTON –
May 2019 Report ☘ Bonita Springs and Estero Markets ☘ Hoey Team ☘ eXp Realty
Dated: May 14 2019
Resale Values Continue to Rise Despite Increased Competition from New Construction
BONITA SPRINGS, Florida | May 3, 2019 – New construction communities in Estero and Bonita Springs are sprouting up like weeds overnight. In previous years, a main focal point when buying real estate in Southwest Florida was being within a mile or two of the beaches. “Location, Location, Location” is what this is most commonly referred to in the industry, as the resale value on a beach-centric home is increasingly larger than one beyond the sights of the shoreline. Although the resale value of a home is top priority to a buyer when making a purchase, it is not the only consideration. Agents in the SWFL market are finding that buyers are looking towards new construction communities more now than before as homes near the beach do not offer the same rich amenities and square footage at the same price point.
According to the Bonita Springs-Estero REALTORS® (B.E.R.) Media Committee, with reporting from the SWFLAMLS, year-to-date sales in new construction, pre-construction and under construction homes have increased 29.2% compared to this time last year. Consumers are reminded, if interested in new construction, always engage a REALTOR® from start to finish in order to assist in price negotiations, selecting the right lot and upgrades for future resale value.
Besides being able to purchase more home for the same dollar amount and living in new construction, buyers are migrating away from the beach because of the evolving community that is now the Village of Estero. Over the last decade, there has been tremendous growth in the Estero area, from the expansion of Florida Gulf Coast University (FGCU) to the migration of Hertz Global Headquarters. This alone, along with the opening of many new businesses, has brought more attention to Estero, therefore pushing for the need to build more homes. According to the Village of Estero website, there has been a 23% increase in households from 2014-2019. In layman’s terms, a large influx of people are deciding to make Estero their permanent residence. In addition to this, the average age of residents is decreasing, making Estero more desirable for families and working professionals.
When deciding where to purchase a new home, Estero is becoming more desirable for many reasons, but one that is critically important to families with young children is the ability to attend Estero schools when residing in the town. Thanks to the Estero Education Initiative, families living in Estero now have priority when choosing a school for their children to attend. Nick Batos, former Mayor of Estero and Councilman, states that “The Village of Estero has entered into a public private partnership agreement with Lee County Schools, serving the Estero students to augment and improve the educational opportunities offered to the students. This initiative will allow for additional educational, recreational and aesthetic experiences for our students while at the same time making Estero even more attractive and desirable for students, residents and business alike.” This creates a huge incentive for those considering the move to Estero as the rest of Lee County does not have priority over their school of choice.
Although the new construction market is an option, the resale market is still on an upturn compared to this time last year. Pending sales showed an increase of 9% from March 2018 as well as a 6.5% increase in new listings coming on the market. “Based on current market conditions, it appears that our REALTOR® members will have a busy summer” remarks B.E.R. CEO, Meighan Harris.
The Bonita Springs-Estero REALTORS® March 2019 Report shows these overall findings for both single-family homes and condominiums combined.
Month over Month Month over Month
March 2018 March 2019 % Change
New Listings 426 458 7.50%
Pending Listings 422 459 8.80%
Closed Listings 347 313 -9.80%
Median Closed Price $296,415 $299,560 1.10%
Average Days on Market 54 65 20.40%
12-Month Ending 12-Month Ending
March 2018 March 2019 % Change
New Listings 3.543 4,926 39%
Pending Listings 3,065 3,238 5.60%
Closed Listings 3,015 3,182 5.50%
Median Closed Price $291,000 $297,500 2.20%
Average Days on Market 62 60 -3.20%
*Current Active Listings 1,857
*Current Avg. Month's Supply 7.6
*Inventory calculations are based on property listings that exist within the Southwest Florida MLS. Only properties in zip codes 33928, 34134 and 34135 are included.
Single-family homes are tabulated with the building design of single family, villa detached or manufactured with land conveyed. Condo units are tabulated with a building design of low-rise, mid-rise, high-rise or villa attached.
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.
Barry & Kim with the Hoey Team ☘
Barry Hoey PA, REALTOR®, GRI
Full time Real Estate Broker Associate
Kimberly Zuponcic PA, Realtor
Full time Real Estate Sales Associate
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