This report analyses the Median Price and Sales per quarter since 2019, along with the Sales by Price point, Price per Sq.Ft., and the Days properties were on the market before receiving an offer (DTO). Median numbers are used in all calculations.
Click BONITA BAY 2023 MARKET REPORT and 5-YEAR REVIEW to donwload a copy of this report.

Median Price and Sales
The median price of the Single Family homes sold in Bonita Bay more doubled from just under $1.2 million in 2019 to $2.5 million in 2022 and 2023.
Sales increased from 2019 to 2021 and have since dropped back below pre-pandemic levels.

The median price of the Villas sold in Bonita Bay increased more than 90% from $554,100 in 2019 to over $1 million in 2023.
The number of sales has fluctuated in recent years, but the overall number is quite small.

The median price of the Condos sold in Bonita Bay more than doubled from just under $500,000 in 2019 to $831,000 in 2022. On the surface, the median price jumped to $1.275 million in 2023, but the 41 sales at Omega boosted the median price. Without those sales, the 2023 median price would have been $820,000, still an increase of 67%.

Single Family Sales by Price
Another way to look at sales is the distribution by price. In 2019, 43% of Single Family sales were under $1 million and by 2023 that had dropped to just 6%. Conversely, the share of sales over $2 million went from 11% to 60% in the same period.

Villa Sales by Price
In 2019, 84% of Villa sales were under $750,000, dropping to just 14% in 2023. The biggest increase came in sales over $1 million, which went from 11% in 2019 to 55% in 2023.

Condo Sales by Price
In 2019, 51% of all Condo sales were under $500,000 and that dropped to just 3% in 2023. Sales over $1 million went from 26% of the total in 2019 to 58% in 2023.

Price per Sq Ft (PSF) and Speed of Sales (Days to Offer Accepted – DTO)
PSF is another way to look at sales.
The PSF:
almost doubled for SFs, from $329 in 2019 to $641 in 2023;
for Villas doubled from $243 in 2019 to $491 in 2023;
for Condos (excluding Omega) increased 73% from $238 in 2019 to $411 in 2023

Sales quickened dramatically from 2019 to 2022, before slowing in 2023.

Current Inventory at the start of high season represents around 7 months of supply, compared with a market deemed to be in equilibrium between buyers and sellers with 6 months of supply.

The chart below shows the number of active listings (green line) and the months of supply (blue line) over the last 5 years

John Donne wrote:
“No man is an island,
Entire of itself,
Every man is a piece of the continent,
A part of the main.”

In like vein, communities like Bonita Bay are part of the “main” – Bonita Springs.

This chart and table show median prices since 2000.The median price did not exceed the 2006/07 peaks until 2021 for SFs and until 2022 for Villas and Condos. While the market conditions are vastly different from the earlier period, the slope of the increases from 2001-2005 and 2019-2022 is eerily similar. Over the whole of this century, the compound growth rate has been 5.7% for SFs, 4.0% for Villas and 5.1% for Condos. Unfortunately, the price appreciation has come in violent bursts rather than steady annual increases.

While the numbers are dramatic, the sample size in nearly all cases is small, especially for Single Family homes and Villas.
Also, there are different property types in Bonita Bay and prices vary from community to community, depending upon which properties sell in any time period, and that can lead to exaggerated movement.( viz. Omega in 2023.)
Thus, the trend is more important than the exact numbers.
Also, there are multiple communities in Bonita Bay – Single Family, Villa and Condo – and prices will vary from community to community. Condition is always important in determining price, but that is even more true in Southwest Florida based upon the demographics of many of the buyers. And, with the market returning to more normal conditions, pricing is again important.