Bonita Springs-Estero Market Heats Up as International Summer Shuffle Approaches
May 28, 2019 – As the summer months approach the Bonita Springs-Estero areas of Lee County, REALTORS® are faced with what once was “quiet season,” now known as the summer shuffle. The number of homes for sale has increased 5.9 percent compared to April 2018, showing a related increase in seller’s confidence as we enter the summer. Adam Ruud, managing broker of Domain Realty in Bonita Springs, states “what agents are finding is that more and more homes are being sold in the summer months than years prior. Whether it be families deciding to permanently move to the Bonita Springs-Estero area before school starts, northerners making purchases to be ready for the winter, or an influx of foreign buyers on summer holidays, the market remains strong even when the population decreases after the winter months.”
A big contributing factor to the local market in the summer months is the influx of foreign buyers. Southwest Florida sees a large population of buyers from Canada and Europe during the summer months, not just those here for a seasonal vacation. According to Florida REALTORS®, foreign buyers made up 19 percent of the entire market in Florida for 2018 and the average sale price for a foreign-buyer-bought home increased 10 percent in 2018. Based on these statistics from last year’s season, B.E.R. REALTORS® are anticipating a strong summer for international purchases. The biggest incentive to buy, especially from Europeans, is the tax cuts they receive and the value of their dollar. By having a permanent residence in Florida, foreigners can invest in the market and claim residency in Florida. Because of this, many foreigners open businesses here and contribute even further to the local economy. Additionally, with the value of the Euro being higher than the USD, agents are seeing mostly cash transactions when dealing with foreign buyers, leading to an increase in cash deals during the summer month giving sellers an incentive to list their homes.
Agents in the Bonita Springs-Estero market that deal with international buyers regularly find that these transactions are much more fluid and concise, compared to those more local buyers. “Foreign buyers almost always know exactly what type of real estate property they are searching for. Whether it’s a condo on the beach or a new construction home out east, they tend to have more of an exact idea of what they want to buy, making the process much faster and seamless from search to closing,” according to B.E.R. board president and CEO of Focus Real Estate, Ursula Weinkauff.
Other contributing factors to the strong summer market in Bonita Springs-Estero is the need for families to move before the new school year begins. With the new Estero Education Initiative, giving Estero residents priority over school of choice, agents have seen an uptick in Lee and Collier county locals migrating to the specific area of 33928. According to the Village of Estero website, there has been a 23% increase in households from 2014-2019.
The Bonita Springs-Estero REALTORS® April 2019 Report shows these overall findings for both single-family homes and condominiums combined.
Month over Month Month over Month
April 2018 April 2019 % Change
New Listings 423 381 -9.9%
Pending Listings 357 387 8.4%
Closed Listings 400 385 -3.8%
Median Closed Price $315,000 $301,500 -4.3%
Average Days on Market 51 68 33.3%
12-Month Ending 12-Month Ending
April 2018 April 2019 % Change
New Listings 2,141 1,972 -7.9%
Pending Listings 1,435 1,442 0.5%
Closed Listings 1,204 1,110 -7.8%
Median Closed Price $298,000 $295,750 -0.8%
Average Days on Market 55 63 14.5%
*Current Active Listings 1,850
*Current Avg. Month’s Supply 6.8
To ensure your next real estate transaction in the Bonita Springs or Estero market is a success, contact a B.E.R. member by visiting BonitaEsteroRealtors.com.
Attributions given by B.E.R. Media Committee members Ursula Weinkauff, Joseph Pavich Sr., Angela Parker, Chris Maccarone, Becky Jaarda, Adam Ruud and Julie Ross.
*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.
The Bonita Springs-Estero REALTORS® Multiple Listing Service (MLS) syndicates to LISTHUB, which distributes to 2,000+ real estate search websites.
Founded in 1966, the Bonita Springs-Estero REALTORS® is a local trade organization of over 1000 REALTORS® and more than 150 affiliated industry members. Bonita Springs-Estero REALTORS® is part of the National Association of REALTORS® and Florida REALTORS® and provides its members with a wide range of services designed to educate and empower members and consumers alike through the opportunity to sell or purchase real property. It also provides the public with up-to-the-minute real estate reports, trends and information about the Bonita Springs and Estero real estate market.
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