Bonita Springs, FL housing market

Is it a buyer’s or seller’s market in Bonita Springs, FL?

It is considered a buyer’s market right now. Housing inventory is up since last year, which means supply is less constrained. Mortgage rates are 6.9%, making the average house payment $3,903, which is $174 lower than a year before.

Total months of housing supply available for sale is 8.6 months, up 87% from 4.6 month(s) in October 2023.

Months of Supply

The Months of Supply housing metric is an estimate of how long it would take to sell all the homes for sale relative to the number of homes sold each month. Historically, 5 to 6 months is the average. You may also hear this metric referred to as the "absorption rate."

Lower months of housing supply typically signal a seller’s market whereas when months of supply is greater than 6 months typically signal a buyer’s market.

Sales to Listing Ratio

Sales to Listing Ratios are an indicator of supply and demand. It is all the completed sales in the past month divided by the total number of active listings.

In a balanced real estate market, the total number of home sales to active listings ratio is between 0.12 and 0.2 while markets with a ratio higher than 0.2 favors seller’s, as homes are selling fast and there is limited inventory, while markets below 0.12 favor home buyers because there is a larger supply of homes to purchase.

Selling a house in Bonita Springs, FL

Home values have decreased by 13.4% since last year, and the number of days it takes to sell a home has increased from 50 days in October 2023 to 66 days in October 2024.

The best time to sell your home in Bonita Springs is in November, when homes sell fastest and for the most money.

Sellers typically pay the commission of both the listing and buyer’s agents, which typically total 5-6% of the home sale price. That’s $31,800 paid in commission to the real estate agents. You’d also need to factor in closing costs, plus other fees and your mortgage payoff amount, to calculate the net proceeds from your home sale.

Buying a house in Bonita Springs, FL

Homes in Bonita Springs have a median price of $530,000, which means you’ll need $53,000 for a 10% down payment. Housing costs have decreased 13.4% in the past year. When you’re several months out and have your down payment saved, make sure to get pre-approved for a mortgage and find a real estate agent.

Home values are only one part of the home affordability equation. When buying a house in Bonita Springs, don’t forget to also account for closing costs, which are typically 3-4% of the home cost. In addition to a down payment of $53,000 you should have $21,200 as well as budget for cash reserves, moving expenses and ongoing homeownership costs for home maintenance and repairs or HOA fees.

Bonita Springs home values are 47.2% cheaper than Naples and 22.6% more expensive than the state median home value.

Bonita Springs, FL housing market FAQs

• Are Bonita Springs home prices dropping or rising?

  Home prices in Bonita Springs are dropping overall. Median home prices are down 13.4% since October 2023 and down 3.1% in the past 3 years.

• Is Bonita Springs a seller’s market in October 2024?

  The Bonita Springs housing market is not a seller’s market, it’s considered a buyer’s market. Homes in Bonita Springs stayed on the market for 66 days in October 2024.

• Is Bonita Springs a buyer’s market in October 2024?

  The Bonita Springs housing market is is a buyer’s market. Homes in Bonita Springs stayed on the market for 66 days in October 2024, slower than 49 days a year prior.

• When is the best time to buy a house in Bonita Springs?

  The best time to buy a house in Bonita Springs is in August when homes sell for 94% of the list price.

• When is the best time to sell a house in Bonita Springs?

  The best time to sell a house in Bonita Springs is in November when homes sell for 95.8% of the list price and go pending in 30 days.