01 Feb Bonita Bay Real Estate News | February 2025
As of February 1, 2025, there are 173 active listings in our area multiple listing service (MLS) in Bonita Bay; 29 more than last month.
For comparison, last year on Feb. 1, there were 120 listings in Bonita Bay.
There are 50 single-family homes on the market from $779,000 to $5,499,000. The average list price is $2,163,900 and the average days on the market is 96. The combined days on the market is 106.
There are 70 listings in the carriage, mid-rise, townhouse, and attached villa market with prices ranging from $374,900 to $1,690,000. The average list price is $711,569 and the average days on the market is 115. The combined days on the market is 161.
In the high-rise market, there are 53 active listings in Bonita Bay ranging in price from $849,000 to $6,599,000. The average list price is $2,223,377 and the average days on the market is 111. The combined days on the market is 122.
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 60 sales with an average sales price of $691,181; these condos were on the market an average of 81 days; combined days on the market is 134.
- During the 12 months previous, there were 70 sales with an average sales price of condominiums was $691,056; these homes were on the market for 40 days; combined days on the market is 85.
BONITA BAY HIGH-RISES
- During the last 12 months, there were 50 sales with an average sales price of $2,167,008; these homes were on the market an average of 118; combined days on the market is 186.
- During the 12 months previous, there were 69 sales with an average sales price of $3,081,799; these homes were on the market for an average of 118 days; combined days on the market is 312.
SINGLE-FAMILY BONITA BAY HOMES
- During the last 12 months, there were 84 sales with an average sales price of $2,217,814; these homes were on the market an average of 43 days; combined days on the market is 110.
- During the 12 months previous, there were 55 sales with an average sales price of $2,039,777; these homes were on the market for an average of 40 days; combined days on the market is 107.
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.
PENDING SALE IN 1 DAY! |
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February 2025 Market Update
DOWNING-FRYE: CASH BUYERS HAPPY WITH INCREASED INVENTORY
“It should be an interesting year for real estate,” said Mike Hughes, V. P. and Gen. Mgr. of Downing-Frye Realty, Inc. “2025 started out down some as last January we had 155 pending sales and this January we have 130 pending sales. So far, for February, our pending sales are ahead of last February. Why I think it will be interesting is several factors. First, we have a lot more product this year as we finished January of 2025 with 960 listings. Last January we had 811 listings. That is a 19% increase in inventory. This increase in listings should be attractive to buyers. Second, I sense that we have had a number of buyers and sellers sitting on the fence for the last two years, mostly due to interest rates. How long are they willing to sit on the fence? I believe that we will start seeing some buyers and sellers start to get active again. Not sure how interest rates will play out this year but right now we have a lot of cash buyers that are happy with the inventory that is available to them! Keep in mind that if interest rates start declining significantly, many buyers could be in bidding wars.”All in all, the Realtor community is looking forward to an active 2025 real estate market.”
BONITA / ESTERO: DECEMBER ACTIVITY
The Bonita Springs/Estero Realtors® reported December 2024 figures as compared to December 2023: For single-family homes: new listings were up 23% and pending sales were also up by 58.7%. The median sales price of $689,950 was down by 9.5% and the average sales price of $929,597 was up 1.5%. Inventory was up 33.3% to 725 single-family homes for a 6.6-months’ supply. For Condominiums: new listings were up 38%, and pending sales were up by 15.6%. The median sales price was down 10.2% to $424,250 and the average sales price was $587,421, down 9.1%. Inventory was up 66.7% to 857 condos for a 9.7-months’ supply. On average, sellers received 95% of list price for single-family homes and 95.2% for condominiums.
NAPLES AREA: AS DESIRABLE AS EVER
The Naples area housing market ended the year strong. Sellers, whose confidence in the Naples housing market was demonstrated in a 26% increase in new listings for December; as well as buyers, whose appreciation of the increased inventory resulted in a 7.4% increase in pending sales during December, reaped the benefits of a housing market that is delivering on its reputation.A significant year- end achievement was that 10,090 properties had gone under contract (pending) and 7,966 homes transferred ownership (closed). For December, overall closed sales increased 4.6% to 594 closed sales from 568 closed sales in December 2023 (57.9% were cash sales). Overall inventory increased 35.7% to 5,695 properties from 4,198 properties in December 2023. With more options for buyers, days on the market increased 42.4% to 84 days compared to 59 days in December 2023. The December report also showed 1,076 price decreases for the month, making properties more attractive for buyers during season.
MARCO ISLAND AREA: INVENTORY AND SALES, UP
The Marco Island Area Assoc. of Realtors® reported December 2024 figures as compared to December 2023: Listings of single family homes were up 4%, condo listings were up 21% and lot listings were down 25%, for a total of 588 listings. Closed sales of single family homes were up 18% and condos were up 7%. The median sales price for homes was up 1%, condos were down 4% and lots were down by 15%. The total sales volume for 2024 was $67M compared with $64M in 2023.
FLORIDA: INVENTORY UP; PRICES EASE
As 2024 ended, Florida’s housing market continued to show more new listings as well as stabilizing median prices. In December, closed sales of single- family homes statewide totaled 20,784, up 12.8% from December 2023, while existing condo- townhouse sales totaled 7,169, down only 0.5% year-over-year. The statewide median sales price for single-family existing homes was $415,000, up 1.2% from the previous year, and for condo-townhouse units was $315,000, down 4.5% over the year-ago figure.
USA: EXISTING-HOME-SALES UP
Existing-home sales rose 2.2% in December to a seasonally adjusted annual rate of 4.24 million, the strongest pace since February 2024 (4.38 million). Sales grew 9.3% from one year ago, the largest year- over-year gain since June 2021 (+23.0%). The median existing-home sales price progressed 6.0% from December 2023 to $404,400, the 18th consecutive month of year-over-year price increases and biggest year-over-year growth since October 2022 (+6.5%). The inventory of unsold existing homes dropped 13.5% from the previous month to 1.15 million at the end of December, or the equivalent of 3.3 months’ supply at the current monthly sales pace.
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®
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“If we go by the general rule of thumb that five to six months of supply is a balanced market, single-family homes ended 2024 still just barely in a seller’s market at 4.7 months of supply, while condos and townhouses are now firmly in buyer’s market territory, at 8.2 months’ supply,” O’Connor said.
At the end of the year at the county level, one-year growth in single-family inventory levels was fairly uniform across the state, with most counties falling in the 25 to 35% range. One-year growth in active listings of condos and townhouses was strongly positive across the state as of the end of 2024, but some areas have seen more of an increase than others.
“In 2024, several challenges weakened demand for housing in Florida, including the fact that mortgage rates remained elevated along with property insurance rates,” O’Connor said.
Florida’s housing market was disrupted by several hurricanes during the year, from Hurricane Debby to the almost back-to-back devastation of Hurricanes Helene and Milton.
Other challenges that impacted the state’s residential real estate market last year were:
- Domestic in-migration still above the long-term trend, but is slowing down
- Statewide job growth slowed, but remained quite strong
- International buyer demand remained tepid
- Issues impacting the condo market, specifically reserve requirements and insurability
Looking back at the year, December was a good month for existing single-family home sales, and that strong performance put the statewide total at nearly 253,000 statewide single-family closed sales for the year, 1.9% below 2023’s total of nearly 258,000 sales, but also the fewest annual sales since 2014. According to O’Connor, there was little variation across the state in 2024, as most counties only saw small year-over-year declines.
Annual closed sales in the condo and townhouse category came in at more than 94,000 for 2024, a 10.5% decline compared to the prior year.
“Multiple factors were responsible for the underperformance of this category throughout the year, including concerns about insurance coverage and reserve requirement compliance giving some prospective buyers cold feet,” he said. “The result was the lowest number of condo and townhouse sales we’ve seen for any year in Florida since 2010.
“Declines were most prominent in coastal counties along both the Atlantic and the Gulf. The lone bright spot was in the I-4 Corridor in the exurban areas between Tampa and Orlando, and further north into The Villages and Ocala. These areas actually saw condo and townhouse sales grow in 2024 compared to 2023.”
Looking at new listings, over 360,000 single-family homes came onto the market in 2024, a 9.5% increase compared to 2023. However, the chief economist noted that 2023 was characterized by abnormally low levels of new listings relative to recent years. The number of single-family new listings in 2024 was more comparable to new listings from 2018 to 2022.
O’Connor added, “As was the case with closed sales, county-level changes in the number of new listings were fairly uniform across the state in 2024, with the key difference being that new listings were on the rise while closed sales were mostly on the decline.”
Year-over-year growth in new listings of condos and townhouses slowed in the second half of 2024, especially when compared to the first half of the year, he said, noting that because of the surge of new listings that occurred in the early months of 2024, the annual count of new condo and townhouse listings came in more than 11% higher than 2023’s count.
“That increase is not much larger than the 9.5% increase we saw for single-family homes, though, and it suggests that the narrative of panicked condo owners across the state scrambling to sell in the face of the new state-mandated reserve requirements has been a bit overblown,” O’Connor said. “We do think the requirements are having an impact on the market, but this impact is being felt more so on the buyer side than on the seller side.”
With new listings growing and sales declining, inventory levels for both the single-family category and the condo and townhouse category ended the year slightly above the typical levels reported during the pre-pandemic period of 2014 to 2019.
“Inventory is still largely moving along an upward trajectory so we should continue to watch it as we move into the spring buying season here in Florida,” he said.
The monthly median price for closed sales of single-family homes did not change much over the past eight months, reflecting the balance in the market for this property type; it was $420,000 at the end of 2024, up 2.4% from the previous year. The median price for condos and townhouses, which was $320,000 at the end of 2024 (down 0.8% from 2023), was lower than a year ago in each of the last six months – which tracks with what months’ supply says about this property type being in buyer’s market territory.
Still, throughout the year, the median price for this category remained above 2022 levels.
According to O’Connor, “It will take significantly more inventory to threaten the large gains in price appreciation that occurred in between 2020 and 2022. Overall, the 2024 Florida housing market saw mostly modest declines in sales and little change in the way of home prices. Even though there were some fluctuations in mortgage rates, they remained in the high range relative to recent years. The most significant changes occurring in 2024 were the widening performance gap between the single-family market and the condo and townhouse market and the overall rise in inventory levels.”
Going into 2025, interest rates are still going to dictate much of how the market performs, but the challenges from 2024 are still factors facing Florida’s housing sector over the coming months, he said.
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The median closed price in the single family home market increased 2.3 percent to $767,500 from $750,000 in December 2023. Both sellers, whose confidence in the Naples housing market was demonstrated in a 26 percent increase in new listings for December; and buyers, whose appreciation of the increased inventory resulted in a 7.4 percent increase in pending sales during December, reaped the benefits of a housing market that is delivering on its reputation. According to the December 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), 15,459 new listings were added to the market (a 15.7% increase) in 2024. Also a significant year-end achievement, 10,090 properties went under contract (pending) and 7,966 homes transferred ownership (closed). For December, overall closed sales increased 4.6 percent to 594 closed sales from 568 closed sales in December 2023. Of all sales recorded during December, 57.9 percent were cash sales. Overall inventory increased 35.7 percent to 5,695 properties from 4,198 properties in December 2023. With more options for buyers, days on the market increased 42.4 percent to 84 days compared to 59 days in December 2023. “During the 10 years prior to the pandemic, the days on market averaged 90 to 120 days,” said Adam Vellano, Managing Director of South and Southwest Florida at Compass Florida. “We are also at 8.6 months of inventory in December, and on the path toward a more traditional and balanced market.” (“Months of inventory” is calculated by dividing the inventory by the number of closed sales in one month.) The Cool Breeze of Change To provide equitable comparisons during 2024, broker analysts at NABOR® used market report data from 2019 as it was the last year when activity was not influenced by a pandemic or hurricane. But one factor will make it difficult to continue this practice: the balance of inventory has shifted. In 2019, the majority of the area’s inventory was in the $300,000 and below price category (1,535 properties in December 2019 compared to 427 properties in December 2024). But today, most of the inventory available is in the $500,000 to $1.5 million price category (1,216 properties in December 2019 compared to 2,609 properties in December 2024). “When interest in homeownership in Naples spiked following the pandemic, properties on the low end sold fast,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. “The demand resulted in an increase in overall home values for our area. Where we sit today, there are now fewer single family homes for sale priced below $300,000 than single family homes for sale priced above $5 million.” Selling the Dream “The number of home sales in December could have been higher for our area, but many homeowners are not willing to surrender mortgages they obtained when interest rates were very low,” said Jillian Young, President, Premiere Plus Realty. Dr. Shelton Weeks, Lucas Professor of Real Estate and Director of the Lucas Institute for Real Estate Development & Finance at Florida Gulf Coast University responded by stating, “Historically, a 7 percent interest rate is very good. If we look at the data today, the job market is strong, but inflation is not under control yet so there is some probability of rate increases this year.” The NABOR® December 2024 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 2024:
Demographic Standouts According to the December report, the $500,000 to $1.5 million price category reported the highest number of closed sales (3,862) during 2024. The East Naples area (34114, 34117, 34120, 34137) reported the highest number of single family home closed sales (1,542) for the year, with a median closed price of $650,000. The North Naples area (34109, 34110, 34119) reported the highest number of condominium closed sales (1,073) for the year, with a median closed price of $489,000. The December report also showed 1,076 price decreases for the month, which could make properties more attractive for buyers during season. In fact, median closed prices for condominiums in the Naples Beach area (34102, 34103, 34108) decreased 29.6 percent in December to $950,000 from $1,350,000 in December 2023. A relatively new standout that may continue to impact the cost of condo ownership in Naples is the new law requiring residential condominium associations to complete structural integrity reserve studies for buildings that are three or more stories tall. It also requires associations to have sufficient reserves to cover major repairs and to conduct a survey of reserves every decade. Depending on the age of the property, the findings of these reports could result in condominium associations assessing higher fees on owners to fund the reserves and repair costs. Assessment increases may be a factor in the median closed price decrease for condominiums in the Naples Beach area during December. “Make sure you work with a REALTOR® who understands these new laws and can obtain projected assessment costs from an association before you view a property,” said Terrilyn Van Gorder, President of NABOR®, and Broker Associate at John R. Wood Properties. “I make it a habit to also check with a development’s clubhouse operator to find out what’s included in monthly fees and whether there are any major renovations planned in the near future that could result in a member dues increase.” |
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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. |
