Bay Watch Magazine – Property Values | December 2024
Compared to the last few years we are experiencing a unique set of circumstances as they relate to the real estate market. COVID-19 and its aftermath are behind us, we aren’t processing a destructive hurricane as we did in 2022…. and the 2024 Presidential Election is now behind us. Dare we ask, are we returning to a period of normalcy?
In Property Values, we reflect on the conversations we have with folks when they ask, “What is happening in the real estate market?” There are the conversations how the market has cooled and prices are down from a 2023 peak. This is accurate; however, we see many positive directional indicators.
Yes, inventory has increased. There are currently 116 resale properties for sale while at this time last year there were 74. Buyers having a little more choice isn’t a terrible thing. The sales activity remains steady. 197 sales have closed in Bonita Bay in the last 365 days. During the previous 365 days there were 192 closed sales.
The average days on market for a property that sells in Bonita Bay is currently 119 days while at this time last year it was 45 days. However, if you are a seller you can still control your own destiny. Properties that sell in less than 30 days presently have an average number of days on market of 15 days. Properties that take longer than 30 days to sell average 136 days on market. Point being, going on the market at the proper price is imperative.
It can be documented that prices are down in various segments, but market conditions truly vary from one street to the next. Consult your preferred real estate professional for a market analysis and to determine what this means for you. And more good news, data gathered via the Multiple Listing Service shows that property viewings/showings of homes for sale are steadily increasing this fall.
Together we’ll see how the upcoming real estate activity unfolds. Here’s to a healthy, enjoyable and prosperous 2024-2025 season.