01 Apr Bonita Bay Real Estate News | April 2023
As of February 1, 2023, there are 52 active listings in our area multiple listing service (MLS) in Bonita Bay; 9 more than last month.
For comparison, last year on February 1, there were 13 listings in Bonita Bay.
There are 12 single-family homes on the market from $989,999 to $5,200,000. The average list price is $3,038,625 and the average days on the market is 62. The combined days on the market is 80.
There are 16 listings in the carriage, mid-rise, townhouse, and attached villa market with prices ranging from $529,000 to $890,000. The average list price is $659,463 and the average days on the market is 28. The combined days on the market is 29.
In the high-rise market, there are 24 active listings in Bonita Bay ranging in price from $1,250,000 to $5,300,000. The average list price is $2,579,083 and the average days on the market is 102. The combined days on the market is 109.
A reminder, you have access to the most comprehensive website devoted to Bonita Bay, BonitaBayRealty.com. I’ve included maps, floor plans, photos, and descriptions of each neighborhood within this desirable community.
Please contact me for all your real estate needs in Bonita Bay. With over 35 years of helping buyers and sellers in SWFL, my experience will be invaluable in this fast-moving, low-inventory market.
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 66 sales with an average sales price of $653,933; these condos were on the market an average of 13 days; combined days on the market is 58.
- During the 12 months previous, there were 92 sales with an average sales price of condominiums was $471,164; these homes were on the market for 28 days; combined days on the market is 83.
BONITA BAY HIGH-RISES
- During the last 12 months, there were 60 sales with an average sales price of $2,790,400; these homes were on the market an average of 55; combined days on the market is 304.
- During the 12 months previous, there were 102 sales with an average sales price of $1,592,359; these homes were on the market for an average of 89 days; combined days on the market is 146.
SINGLE-FAMILY BONITA BAY HOMES
- During the last 12 months, there were 42 sales with an average sales price of $2,196,399; these homes were on the market an average of 34 days; combined days on the market is 98.
- During the 12 months previous, there were 82 sales with an average sales price of $1,799,060; these homes were on the market for an average of 49 days; combined days on the market is 123.
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.
Meet Ed Gongola and discover how he can help you with his concierge style of service when buying or selling your home.
March 2023 Market Update
DOWNING-FRYE: LISTINGS ON THE RISE
February presented more choices as overall inventory increased 131.4% to 2,835 properties from 1,225 properties in February 2022. February’s overall median closed price was the same as January’s: $600,000. Overall pending sales in February decreased 16.8% to 1,241 pending sales from 1,480 pending sales in February 2022. Overall closed sales during February decreased 17.2% to 682 closed sales from 824 closed sales in February 2022. And showings decreased 15% in February to 36,574 showings from 43,032 showings in February 2022. Unlike most of America, the majority of February’s home sales in Naples were cash sales (62.1% in Naples vs. 28% nationwide). Days on market for February increased 129.2 percent to 55 days from 24 days.
BONITA / ESTERO: MARKET HOLDS STRONGLY
New listings (445) were up 5.5% in February compared to February 2022, along with a 20.5% increase in the median sales price to $575,000. The market has changed, “If you have a home you are focusing on, now would be the time to try and buy and take it off the market, because you may be too late if you wait for off-season,” said Jerry Murphy, Managing Broker of Downing-Frye’s Bonita Springs office. Over two-thirds of February’s sales were cash sales, while sales prices averaged 97.5% of the listed prices.
NAPLES AREA: INVENTORY UP; PRICES STEADY
February presented more choices as overall inventory increased 131.4% to 2,835 properties from 1,225 properties in February 2022. February’s overall median closed price was the same as January’s: $600,000. Overall pending sales in February decreased 16.8% to 1,241 pending sales from 1,480 pending sales in February 2022. Overall closed sales during February decreased 17.2% to 682 closed sales from 824 closed sales in February 2022. And showings decreased 15% in February to 36,574 showings from 43,032 showings in February 2022. Unlike most of America, the majority of February’s home sales in Naples were cash sales (62.1% in Naples vs. 28% nationwide). Days on market for February increased 129.2 percent to 55 days from 24 days.
MARCO ISLAND AREA: 70% CASH BUYERS
The Marco Island Area Assoc. of Realtors® reported February 2023 figures: 29 homes were sold for the median sell price of $1.6M (sales down 24% from February 2022) averaging 50 days on the market; 25 condos were sold for the median sell price of $455K (sales down 31% from February 2022) averaging 35 days on the market; 7 lots were sold with the median sell price of $1.35M (sales down 30% from February 2022) averaging 127 days on the market. The total inventory at the end of February 2023 was 472 properties (up 164% from February 2022).
FLORIDA: INVENTORY & MEDIAN PRICES UP
Economic uncertainty, inflation and interest rates fluctuating above 6% impacted the state’s housing sector in February. Closed sales of single-family homes totaled 18,627, down 21.3% year-over-year, while existing condo-townhouse sales totaled 7,665, down 30.2% from February 2022. In February, the statewide median sales price for single-family existing homes was $395,000, up 3.5% from the previous year; for condo-townhouse units, it was $315,000, up 8.6% over February 2022. Statewide inventory in February was higher than a year ago for both existing single-family homes, up 131.4%, and for condo-townhouse units, up 106%. The supply of single-family existing homes was at 2.7-months’ while existing condo/townhouse properties were at a 3.2-months’ supply.
USA: EXISTING HOME SALES SURGE
February’s existing home sales registered the largest monthly percentage increase since July 2020, up 14.5% over the previous month. “Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines,” said NAR Chief Economist Lawrence Yun. “Moreover, we’re seeing stronger sales gains in areas where home prices are decreasing and the local economies are adding jobs. Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of properties.” Properties typically remained on the market for 34 days in February, with 57% of homes sold in February on the market for less than a month.
Sources: The Bonita Springs-Estero REALTORS®/SWFLMLS, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS® and Marco Island Area Assoc. of REALTORS®
Florida’s Housing Market: Inventory, Median Prices Up in February
FLORIDA’S HOUSING MARKET IN FEBRUARY CONTINUED TO SHOW INCREASING INVENTORY (ACTIVE LISTINGS) AND HIGHER MEDIAN PRICES COMPARED TO A YEAR AGO, ACCORDING TO FLORIDA REALTORS®’ LATEST HOUSING DATA.
Still, economic uncertainty, inflation and interest rates fluctuating above 6% impacted the state’s housing sector. Closed sales of single-family homes statewide last month totaled 18,627, down 21.3% year-over-year, while existing condo-townhouse sales totaled 7,665, down 30.2% from February 2022, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
“The 30-year fixed mortgage rate was in the 6- to 6.5% range for much of January, which helped spur some renewed activity in the existing home sales market,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “While closed sales were still down substantially year over year, the numbers for February were much more favorable than what we saw in January.
“One area where we worsened compared to last month, however, was in new listings. The last time there were this few new listings in the month of February was in 2013, in both property type categories. This lack of new listings kept inventories from expanding much at all. Single-family inventory actually declined month-over-month though it was still higher year-over-year.”
In February, the statewide median sales price for single-family existing homes was $395,000, up 3.5% from the previous year; for condo-townhouse units, it was $315,000, up 8.6% over February 2022. The median is the midpoint; half the homes sold for more, half for less.
“The supply of for-sale homes is slowly building, which is easing inventory constraints in many markets across the state,” said 2023 Florida Realtors® President G. Mike McGraw, a broker-associate with RE/MAX Central Realty in Apopka. “As more inventory becomes available, it will begin to ease some of the pressure on home prices – and that helps buyers dealing with higher interest rates and affordability challenges.
“Working with a local Realtor means consumers have an expert guide who can help them understand the complex and emotional process of buying or selling a home.”
Statewide inventory in February was higher than a year ago for both existing single-family homes, increasing by 131.4%, and for condo-townhouse units, up 106%. The supply of single-family existing homes was at a 2.7-months’ supply while existing condo-townhouse properties were at a 3.2-months’ supply last month.
February 2023 market reports
© 2023 Florida Realtors®
Inventory Up and Prices Hold Steady in February
BUYERS LOOKING FOR HOMES IN NAPLES DURING FEBRUARY WERE MET WITH MORE CHOICES AS OVERALL INVENTORY INCREASED 131.4 PERCENT TO 2,835 PROPERTIES FROM 1,225 PROPERTIES IN FEBRUARY 2022. BROKER ANALYSTS REVIEWING THE FEBRUARY 2023 MARKET REPORT BY THE NAPLES AREA BOARD OF REALTORS® (NABOR®), WHICH TRACKS HOME LISTINGS AND SALES WITHIN COLLIER COUNTY (EXCLUDING MARCO ISLAND), ATTRIBUTE SOME OF THE RISE IN INVENTORY TO HURRICANE IAN AS MANY SELLERS WERE FORCED TO ADDRESS AND REMEDY DAMAGE CAUSED BY THE STORM BEFORE THE PROPERTY WAS READY TO WELCOME BUYERS. FEBRUARY’S OVERALL MEDIAN CLOSED PRICE IS THE SAME AS JANUARY’S MEDIAN CLOSE PRICE OF $600,000.
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The gap in sales activity year over year continues to close thanks to continued confidence in the Naples real estate market. Overall pending sales in February decreased 16.8 percent to 1,241 pending sales from 1,480 pending sales in February 2022. Overall closed sales during February decreased 17.2 percent to 682 closed sales from 824 closed sales in February 2022. And showings decreased 15 percent in February to 36,574 showings from 43,032 showings in February 2022.
“February’s report revealed to us that there are still a considerable number of sellers who listed their property prematurely instead of fixing storm-related issues because they didn’t want to ‘miss out’ on winter buying season,” said Adam Vellano, a Naples Sales Manager at Compass Florida. “This decision is backfiring because buyers today are less willing to accept and pay full price for a home in Naples with major defects.”
Wes Kunkle, President and Managing Broker at Kunkle International Realty, responded to Vellano’s remarks by adding, “We’re not seeing ‘as is’ contracts anymore like we did last year. Contract cancellation rates went up in February which tells me that sellers need to either fix the problems found during inspections or become more agreeable to negotiate on the price.”
The NABOR® February 2023 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings for 2023:
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As days on market for February increased 129.2 percent to 55 days from 24 days, the report’s pending sales data startled broker analysts initially because it reflected several sales contracts that were cancelled numerous times during the month. This behavior led the brokers to discuss possible causes and, in addition to the reasons outlined above by Vellano and Kunkle, a consensus was reached that, as described by Budge Huskey, CEO, Premier Sotheby’s International Realty, “people are sitting tight because there is a degree of uncertainty surrounding interest rates, banking stability, and heightened concern that we may still encounter a recession.”
“A lot of people are watching the news with concern about our banking system,” said Sherry Stein, CRB, Managing Broker, Berkshire Hathaway HomeServices. “Though in this current climate, a real estate purchase can be viewed as a viable investment alternative.”
Although unlike most of America, the majority of home sales in Naples are cash sales [62.1 percent in February] so the financial market’s uncertainty may benefit our housing market if high-net worth families turn to real estate as a more secure place to invest their wealth.
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What’s ‘In’ with Buyers? Natural Light, Outdoor Spaces?
A desire for natural lighting and functional outdoor spaces rule many homebuyers’ list of features, according to the 2022 Home Design report by the remodeling platform Fixr.
The report surveyed 47 home designers – and 98% cited natural lighting as their clients’ most preferred home feature, followed by home offices (96%) and usable outdoor spaces (92%).
Experts believe that natural lighting coincided with homeowners’ desire for more energy-efficient thermal insulation (86%) and HVAC systems (75%).
However, pandemic preferences such as swimming pools, solar panels and smart home features were cited by just 18%, 20%, and 43%, respectively.
“By creating a functional outdoor living space, you have more usable areas on your property to enjoy,” the report noted. “This can allow you to entertain, relax or exercise without having to go anywhere, increasing enjoyment in your home.”
The report also found that the average homeowner spends about $3,500 to transform their spare room into a desirable work-from-home space.
Other features preferred by homeowners include home security systems (76%), spare rooms (68%), privacy features including automatic blinds and fences (63%), and multi-use garages (42%).
© 2023 Florida Realtors®
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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. |
