Home prices cool

BONITA SPRINGS — The average sale price for existing homes in Bonita Springs and Estero fell in October, indicating the market there cooled last month.

The south Lee County area has been growing rapidly as the region between Fort Myers and Naples fills with new residents and businesses. For example, Hertz recently opened its new global headquarters in Estero.

The average sale price of an existing single-family home in South Lee County fell 7.4% to $399,339 in October compared with the same month one year ago, according to the Bonita Springs-Estero Association of Realtors. The average sale price of an existing condo fell 5.3% to $286,535 in the same period.

Still, the inventory of existing homes listed for sale continued to shrink in October and prices may once again resume their climb if demand continues to strengthen during the traditionally busy winter season. “Even though inventory is lower, it is a great time to buy as year-over-year prices are lower now but not likely to stay that way through January, February and March,” says Judi Gietzen, association president and broker owner of Elite Realty of SWFL, in a statement.

The decline in inventory of homes available for sale pushed the number of transactions down in October. Realtors in Bonita Springs and Estero helped sell 73 single-family homes in October, a 28% drop from the same month one year ago. Existing-condo sales fell 30% to 54 in the same period.

“The correlation between lower inventory levels and the number of closed sales is very clear,” says Gietzen, in the statement from the association. “The ever decreasing days on market is evidence of strong buyer activity in the market, but they are still facing some inventory challenges.”