Bonita condo prices jump 51%

BONITA SPRINGS — Prices for existing condos and townhomes surged in Bonita Springs and Estero, as the area between Fort Myers and Naples continues to boom.

According to the Bonita Springs-Estero Association of Realtors, the average price of condos and townhomes rose 50.9%, to $392,293 in April compared with April 2014. By contrast, the average price of an existing single-family home rose a more modest 3.9% in April, to $499,866 compared with the same month one year ago.

Bonita Springs and Estero are in south Lee County, between Fort Myers and Naples. The fast-growing area is the future home of Hertz, which is building a corporate headquarters in Estero.

“The average sale price in both single family home and condominium markets continue to increase compared to 2014,” says Judi Gietzen, president of the association and broker and owner of Elite Realty of SWFL, in a statement. “However, available inventory remains a challenge for buyers who are in the market right now.”

The association reports inventory of available single-family homes dropped 21% in April compared to the same month one year ago. That's 4.9 months supply at the current sales pace. For condos and townhomes, the inventory fell 13.2%, to just 3.9 months' supply.

Homes have sold at a faster rate, too. The association reported single-family homes spent a median of 44 days on the market in April, a 22.8% decrease compared with April 2014. Condos and townhomes spent a median of 42 days on the market in April, a 6.7% decrease compared with the same month one year ago.