01 Apr Bonita Bay Real Estate News | April 2024
As of April 1, 2024, there are 148 active listings in our area multiple listing service (MLS) in Bonita Bay; 9 more than last month.
For comparison, last year on April 1, there were 62 listings in Bonita Bay.
There are 47 single-family homes on the market from $699,500 to $5,850,000. The average list price is $2,446,989 and the average days on the market is 79. The combined days on the market is 111.
There are 58 listings in the carriage, mid-rise, townhouse, and attached villa market with prices ranging from $425,000 to $1,595,000. The average list price is $747,914 and the average days on the market is 79. The combined days on the market is 92.
In the high-rise market, there are 43 active listings in Bonita Bay ranging in price from $999,000 to $5,800,000. The average list price is $2,581,256 and the average days on the market is 119. The combined days on the market is 135.
Your Bonita Bay REALTOR®,
Ed Gongola
SUMMARY OF BONITA BAY HOME SALES
If you are considering selling your Bonita Bay home, here are some statistics that may help you decide to place your home on the market:
BONITA BAY CARRIAGE, MID-RISE, TOWNHOUSE AND ATTACHED VILLA HOMES
- Within the last 12 months, there were 67 sales with an average sales price of $702,358; these condos were on the market an average of 49 days; combined days on the market is 94.
- During the 12 months previous, there were 69 sales with an average sales price of condominiums was $668,236; these homes were on the market for 13 days; combined days on the market is 58.
BONITA BAY HIGH-RISES
- During the last 12 months, there were 59 sales with an average sales price of $2,616,257; these homes were on the market an average of 141; combined days on the market is 250.
- During the 12 months previous, there were 73 sales with an average sales price of $3,139,027; these homes were on the market for an average of 58 days; combined days on the market is 329.
SINGLE-FAMILY BONITA BAY HOMES
- During the last 12 months, there were 51 sales with an average sales price of $1,948,495; these homes were on the market an average of 43 days; combined days on the market is 107.
- During the 12 months previous, there were 42 sales with an average sales price of $2,091,292; these homes were on the market for an average of 38 days; combined days on the market is 108.
For a list of BONITA BAY homes sold in the last 12 months, click here.
For a list of BONITA BAY homes that are pending at the moment, click here.
April 2024 Market Update
DOWNING-FRYE: BUYERS HAVE A WIDER SELECTION
“So as our winter season starts winding down, what are we seeing in the market right now? First off, this is the time of year when we see a lot of price decreases,” said Mike Hughes, V. P. and Gen. Mgr. of Downing- Frye Realty, Inc. “Most of the changes right now are price decreases. With respect to pending sales, per the latest BER (Bonita/Estero Board) market report, we find that the pending sales are up slightly in the Bonita/Estero market over last year for the same period. If we jump over to the NABOR (Naples Board), we find that the pending sales are running slightly behind last year. Both the Naples and Bonita boards have reported a significant increase in listings for sale. As of their last released market reports, BER reported an 85% increase in listings and NABOR reported a 66.6% increase in listings compared to the same period the previous year. Easter has come and gone so now the local Realtors are starting to prepare for what we hope is a busy summer season. We do get a lot of visitors looking for property over the summer. This year they will have a wide selection to choose from.”
BONITA / ESTERO: RESURGENCE IN ACTIVITY
Recent improvements in inventory and shifts in buyer-seller dynamics are shaping the market landscape. The rising growth in Southwest Florida is bringing in new buyers from out-of-state, out- of-country, and even from the east coast of Florida. When understanding the statistics, New York is leading the pack followed by states like Michigan, Minnesota and Ohio.
Lifestyle preferences, economic growth, and currency strength were identified as key drivers behind the increased interest in the local real estate market. Additionally, apartment complex developments in Bonita Springs and Estero are not only being built but are benefitting from potential buyers settling on renting.
NAPLES AREA: COMPETITIVE AND FAVORABLE PRICING
The overall median closed price in Naples increased 5% to $625,000 in February from $595,188 in February 2023. (The median closed price in February 2019 was $335,000.) Total closed sales were down 9.3% this February compared to last February, while total pending sales were down 5.2% and new listings were up 24.9%. While February’s report showed an average of 69 days on market, it is nowhere near the 101 DOM reported in February 2019. Interestingly, average days on market during February was highest in the $5 million and over condominium market (99 DOM). The February Market Report showed a 103.4% increase in inventory for properties under $300,000, which could be due to investors off-loading rental properties in order to capitalize on the winter selling season.
MARCO ISLAND AREA: MORE INVENTORY
The Marco Island Area Assoc. of Realtors® reported February 2024 figures as compared to February 2023: The inventory of 602 properties was up 25%; the number of sales (77) was up 26%; the median sales price for homes was $1.4M (down 12%) and for condos was $730K (down 51%), and the sales volume was $105M (down 2%).
FLORIDA: INCREASED ACTIVITY IN FEBRUARY
Florida’s housing market had more new listings, more inventory and higher median prices in February compared to a year ago. Closed sales of single-family homes statewide last month totaled 19,040, up 2.2% from February 2023, while existing condo- townhouse sales totaled 7,471, down 2.5% year-over- year. In February, the statewide median sales price for single-family existing homes was $415,000, up 5.1% from the previous year; for condo-townhouse units, it was $325,000, up 3.2% over February 2023. Statewide inventory in February was higher than a year ago for both existing single-family homes, up 36.5%, and for condo-townhouse units, up 73.3%.
USA: PENDING HOME SALES INCREASE
Pending home sales increased 1.6% in February. Month over month, contract signings climbed in the Midwest and South but sank in the Northeast and West. Compared to one year ago, pending home sales declined in all U.S. regions. “There will be a steady rise in inventory from recent growth in home building. Additionally, many sellers, who delayed listing in the past two years, will begin to put their homes on the market,” said NAR Chief Economist Lawrence Yun.
Study: Mid-April is Prime-Time for Sales
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View the February 2024 Market Statistics |
Market Report Standouts
Upon observation, the February Market Report shows median closed price decreased for condominiums located in the Naples Beach (34102, 34103, 34108); Central Naples (34104, 34105, 34116); and Immokalee/Ave Maria areas. And the area with most closed sales of single family homes in February was East Naples (34114, 34117, 34120 and 34137), which also reported the highest inventory of available properties (1,125).
While February’s report showed an average of 69 days on market, it is nowhere near the 101 DOM reported in February 2019. Interestingly, average days on market during February was highest in the $5 million and over condominium market (99 DOM). According to Carroll, months of inventory for neighborhoods west of US 41 tend to be higher as these communities are oversaturated with spec homes. “Inventory of homes in Aqualane Shores is 3.5 years; and in Port Royal is 2.9 years.”
Broker analysts reviewing the report recommend that homebuyers discuss getting a pre-listing appraisal with their REALTOR® so they can compare prices of homes currently listed along with a comparison of recently sold properties to help them determine a realistic market price. This offers the advantage of positioning their listing price accurately to sell successfully.
If you are looking to buy or sell a home in Naples, contact a Naples REALTOR® who has the experience and knowledge to provide an accurate market comparison or negotiate a sale. A REALTOR® can ensure your next purchase or sale in the Naples area is a success. Search for your dream home and find a Naples REALTOR® on Naplesarea.com. The Naples Area Board of REALTORS® (NABOR®) is an established organization (Chartered in 1949) whose members have a positive and progressive impact on the Naples Community. NABOR® is a local board of REALTORS® and real estate professionals with a legacy of nearly 60 years serving 6,000 plus members. NABOR® is a member of the Florida Realtors and the National Association of REALTORS®, which is the largest association in the United States with more than 1.3 million members and over 1,400 local board of REALTORS® nationwide. NABOR® is structured to provide programs and services to its membership through various committees and the NABOR® Board of Directors, all of whose members are non-paid volunteers.
The term REALTOR® is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribe to its strict Code of Ethics.
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Why Chose Me as Your REALTOR®?
To learn more about me and my real estate business and Bonita Bay real estate specifically, I encourage you read the About Ed section as well as the Testimonial section of the site. Over the years, my clients have expressed their satisfaction in my services and I’ve showcased their kind words so you can determine if I am the right REALTOR® to represent you.If you are curious as to my sales success, visit my Sold Homes page. This gives a clear picture of exactly what I’ve accomplished and, more importantly, what I can accomplish for you. |