Estero’s Single-Family Home Sales Surge in October; 2017 Remains Strongest Year Since 2010

Despite the after effects of the hurricane, forty-seven (47) single family homes were sold in Estero in October, up 42% from October 2016.  Year-to-date sales are up 8%. The five hundred twenty-three (523) homes sold so far this year represents the best annual start since 2010, when the ECCL first started tracking monthly sales.

Sales figures for 2017 and for each month for the previous two years are shown below.

At October 31, there were 387 listings of currently active, unsold homes (i.e., “inventory”). This is about a 7-month supply, down from levels early in the year, but unchanged from the last four months and near the levels in the second half of last year.  Pending sales totaled 60 homes which is the lowest level of 2017, reportedly due to hurricane damage repairs.

There were no distressed sales in October, while distressed sales in inventory at the end of the month remained near 1%, the lowest levels since 2012.

Continued thanks to Joe Pavich, Sr. of Realty World in Estero for supplying us monthly sales and inventory figures. 

Notes: 1) “Distressed sales” include short-sales and sales of bank owned property in which the bank receives less than their loan amount.  2) Figures include homes in Estero (excluding homes in the Estero portion of Pelican Landing, which are not separately shown in the MLS).  Also not included are figures for multi-family homes.

Source: Multiple Listing Service (“MLS”).

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