01 Feb Bonita Bay Real Estate News | February 2024
As of February 1, 2024, there are 120 active listings in our area multiple listing service (MLS) in Bonita Bay; 27 more than last month.
For comparison, last year on Feb. 1, there were 43 listings in Bonita Bay.
There are 35 single-family homes on the market from $725,000 to $6,750,000. The average list price is $2,885,629 and the average days on the market is 78. The combined days on the market is 90.
There are 45 listings in the carriage, mid-rise, townhouse, and attached villa market with prices ranging from $425,000 to $1,150,000. The average list price is $739,468 and the average days on the market is 56. The combined days on the market is 61.
In the high-rise market, there are 40 active listings in Bonita Bay ranging in price from $999,000 to $5,900,000. The average list price is $2,509,525 and the average days on the market is 106. The combined days on the market is 133.
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 69 sales with an average sales price of $690,057; these condos were on the market an average of 40 days; combined days on the market is 85.
- During the 12 months previous, there were 70 sales with an average sales price of condominiums was $649,682; these homes were on the market for 13 days; combined days on the market is 57.
BONITA BAY HIGH-RISES
- During the last 12 months, there were 67 sales with an average sales price of $3,027,525; these homes were on the market an average of 123; combined days on the market is 320.
- During the 12 months previous, there were 68 sales with an average sales price of $2,556,088; these homes were on the market for an average of 56 days; combined days on the market is 238.
SINGLE-FAMILY BONITA BAY HOMES
- During the last 12 months, there were 55 sales with an average sales price of $2,039,777; these homes were on the market an average of 40 days; combined days on the market is 107.
- During the 12 months previous, there were 39 sales with an average sales price of $2,260,660; these homes were on the market for an average of 34 days; combined days on the market is 101.
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.
February 2024 Market Update
DOWNING-FRYE: ACTIVE HIGH-END MARKET
“Although Downing-Frye Realty, Inc. had a solid year for sales in 2023, December’s pending sales were a little tepid, not just with our company but in the area in general,” said Mike Hughes, V. P. and Gen. Mgr. of Downing-Frye Realty, Inc. “However, in January, we saw Downing-Frye’s pending sales transactions go up 79% from 87 in December to 155 pending sales for the month of January! When comparing Downing- Frye’s sales activity this January to the previous January, we see that high-end pending sales transactions increased quite a bit, going from 28 pending sales during January 2023 to 38 pending sales during January 2024. This is encouraging for our high-end market. All in all, we are off to a great start, and I’m optimistic that this will be a more active year for sales.”
BONITA / ESTERO: 2023 OVERVIEW
Buyers had a sense of hesitation in the 2023 Bonita Springs/Estero market. Factors included high interest rates, low inventory and the 2022 hurricane after effects. The number of homes available for sale was 75.2% higher when comparing 2023 to the prior year. Median prices seemed to hold steady but strong with only a 6.7% increase. List price received in 2023 averaged 96.6% which was 3.3% less than 2022. Pending sales decreased by 10.3% and closed sales decreased by 9.3%, both factors pointing to a slower, normalizing market and buyer sensitivity due to the drastic changes the previous years brought. The days a property stayed on the market in 2023 was an average of 45 days. In 2022 that number was at 19 days and in 2021 it was 39 days.
NAPLES AREA: HOME INVENTORY RISING
Overall inventory of homes in Naples for December increased 45.9% to 3,949 properties from 2,706 properties in December 2022, which means more options for buyers in 2024; especially in the condominium market, which reported a 78.7% increase in inventory. Closed sales in 2023 decreased 13.6% to 8,816 closed sales from 10,206 closed sales in 2022. Even though the Naples area housing market faced several challenges in 2023 like rising interest rates, rising insurance rates, and rising inflation, it still enjoyed a 9.7% increase in overall median closed price in December to $631,000 from $575,000 in December 2022. (In comparison, according to the National Association of Realtors, the median existing- home price in the U.S. increased 4.4% in December to $382,000 from $366,000 in December 2022.)
MARCO ISLAND AREA: 2023 RESULTS
The Marco Island Area Assoc. of Realtors® reported 2023 figures as compared to 2022: The inventory of 460 properties was up 64%; the number of sales was down 13%; the median sales price for homes was $1.65M (down 8%) and for condos was $721K (up 6%), and the sales volume was $1.2B (down 7%).
FLORIDA: NEW RESIDENTS; NEW JOBS
Florida Realtors® Chief Economist Dr. Brad O’Connor said, “The state’s economy churned out new jobs at one of the highest rates of any state, and throughout the year, both retirees and working-age adults and their families continued to move here in droves from elsewhere in the country.” Statewide closed sales of existing single-family homes at the end of 2023 totaled 257,679, down 10.3% compared to the 2022 year-end level, and for existing condo-townhouses, 105,411 units sold, down 16%. The statewide median sales price for single-family existing homes at the end of 2023 was $410,000, up 1.9% from the previous year, and for condo-townhouse properties was $322,500, up 5.2%.
USA: PENDING HOME SALES CLIMB
“The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices,” said Lawrence Yun, NAR chief economist. “Job additions and income growth will further help with housing affordability, but increased supply will be essential to satisfying all potential demand. Home sales are projected to rise significantly in each of the next two years as the market steadily returns to normal sales activity.”
Real Estate Trends: What’s in Store for 2024?
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View the December 2023 Market Statistics |
“Intermarket sales – like downsizing or upsizing – by current homeowners in Naples didn’t occur at the same rate we once enjoyed in pre-pandemic years,” added Vellano. “People who are locked into a mortgage at 3 percent are very reluctant to let it go.”
In response, Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., commented, “More choices don’t seem to outweigh the other factors facing buyers right now, and so buyer sense of urgency has diminished. It isn’t like 2021 when a home would be listed and sold in the same day. Plus, many people today are hoping the Fed will drop rates again. But I always remind people that ‘if you see a property you like, there are likely many others who will like it too.’ As we say in the business, ‘marry the house and date the rate’ as you can always look into refinancing if rates go down.”
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. |