Pine Island Florida and the Real Estate Market

The Greater Pine Island market area consists of three different communities - Bokeelia, St. James City, and Matlacha. When you return to my website, click on the red button on the home page that is labeled Pine Island, which will give you more information on these communities. Pine Island is unincorporated . . . we have no cities and only pay county taxes.

Bokeelia is everything from Pine Island Road in the Center to the north end of the Island. There are 130 active residential listings in Bokeelia, including single family homes, manufactured homes, condos, and duplexes . . . waterfront and off-water. These properties range from $49,000 for a manufactured home to $1,875,000 for a bayfront estate. The median priced home in Bokeelia is $279,000.

There were 6 residential sales in Bokeelia in January, 2009, ranging from $27,900 for a manufactured home to $325,000 for a canalfront home.

In this same area of Bokeelia, there are 212 active vacant land listings ranging from $13,000 for a lot to $699,000 for a 7.71 acre commercial property. There was only one land sale in January . . . a one-half acre developed lot (cleared, septic, well, electric) that sold for $26,000.

St. James City is everything from Pine Island Road in the Center to the south end of the Island. There are 158 active residential listings in St. James City, including single family homes, manufactured homes, and condos . . . waterfront and off-water ranging from $53,500 for a manufactured home to $1,700,000 for a bayfront home. The median price for a home in St. James City is $269,900.

There were 5 residential sales in St. James City in January, 2009, ranging from $95,000 for a manufactured home to $265,000 for a single family home.

There are 129 vacant land listings in St. James City ranging from $22,900 for a lot to $1,400,000 for a 3.87 acre commerical property in the Center. There were 2 land sales in January . . . $20,200 for a one-half acre in the Alaska Streets and $162,500 for a 5-acre property on Stringfellow Road.

Matlacha is a waterfront community between the mainland and Little Pine Island heading west before you get to Pine Island. There are 49 active residential listings in this area ranging from $75,000 for a small one bedroom/one bath home on a canal to $2,500,000 for a bayfront home.
The median price for a home in Matlacha is $359,400.

There was one residential sale in Matlacha in January - a bayfront home that sold for $830,000.

There are 11 vacant land listings in Matlacha ranging from $135,000 to $499,000 . . . and no land sales in January.

In the Greater Pine Island area of Bokeelia, St. James City, and Matlacha . . . we currently have 337 residential properties on the market . . . and with 12 sales in January - that gives us a 28 month (2.33 year) supply and an absorption rate of 4%. We have been affected by the short sales, bank foreclosures, and auctions, which have continued to drive down the prices, but buyers are still waiting to buy!

Active land listings for the area number 352 . . . with only 3 sales in January . . . gives us a 117.33 month (9.78 years) supply and an absorption rate of 1%.

My prediction is that sellers must reduce their prices in order to sell in this market and clear out the huge inventory. Buyers have told me, "We're starting over . . . sellers need to get realistic about their prices"!