01 Jul Bonita Bay Real Estate News | July 2024
As of July 1, 2024, there are 101 active listings in our area multiple listing service (MLS) in Bonita Bay; 8 less than last month.
For comparison, last year on July 1, there were 51 listings in Bonita Bay.
There are 30 single-family homes on the market from $800,000 to $4,999,999. The average list price is $1,911,423 and the average days on the market is 116. The combined days on the market is 132.
There are 44 listings in the carriage, mid-rise, townhouse, and attached villa market with prices ranging from $399,000 to $1,200,000. The average list price is $701,598 and the average days on the market is 108. The combined days on the market is 132.
In the high-rise market, there are 31 active listings in Bonita Bay ranging in price from $999,999 to $5,399,000. The average list price is $2,327,603 and the average days on the market is 130. The combined days on the market is 149.
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 $695,556; these condos were on the market an average of 58 days; combined days on the market is 108.
- During the 12 months previous, there were 59 sales with an average sales price of condominiums was $695,338; these homes were on the market for 24 days; combined days on the market is 73.
BONITA BAY HIGH-RISES
- During the last 12 months, there were 60 sales with an average sales price of $2,210,343; these homes were on the market an average of 100; combined days on the market is 157.
- During the 12 months previous, there were 69 sales with an average sales price of $3,423,261; these homes were on the market for an average of 120 days; combined days on the market is 456.
SINGLE-FAMILY BONITA BAY HOMES
- During the last 12 months, there were 79 sales with an average sales price of $2,149,329; these homes were on the market an average of 41 days; combined days on the market is 118.
- During the 12 months previous, there were 43 sales with an average sales price of $2,105,064; these homes were on the market for an average of 30 days; combined days on the market is 86.
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.
July 2024 Market Update
DOWNING-FRYE: POSITIVE NEWS ABOUT JUNE’S SALES
“Even though there were only slight differences between our activity in June 2024 compared to June 2023,” said Mike Hughes, V. P. and Gen. Mgr. of Downing-Frye Realty, Inc. “the positive news is that our pending sales transactions in June 2024 were up 5% for the first twenty days of the month compared to last June. Of all this June’s pending sales, only 31% required a mortgage, whereas in June 2023, 35% required a mortgage. Regarding the high-end, which are transactions above $1 million, we had 25 pending sales in the first twenty days of June 2024 and 7 pending sales below $250,000. In June 2023, for the first twenty days, we had 25 high-end pending sales and 6 pending sales below $250,000. The average pending sale price in June 2024 was $987,000, and for June 2023 was $1,088,000. So, with all the negative news these days, to have this much positive activity is very welcome.”
BONITA / ESTERO: NEW LISTINGS DOWN
The Bonita Springs/Estero Realtors® reported May 2024 figures as compared to May 2023: For single- family homes: new listings were down 6.1% while pending sales were up 11.8%. The median sales price of $765,000 was up 9.3% and the average sales price of $1,075,215 was up 12.9%. Inventory was up 32.8% to 551 single-family homes for a 4.9-months’ supply. For Condominiums: new listings were down 5.7% and pending sales were also down 10.5%. The median sales price was up 0.6% to $450,000 and the average sales price was $620,950, up 5.9% from May 2023. Inventory was up 73.9% to 699 condos for a 7.1-months’ supply. On average, sellers received 96.1% of list price for single-family homes and 96.3% for condominiums.
NAPLES AREA: PRICE CLIMBS SLOWLY AS INVENTORY HEATS-UP
As competition grows in the Naples housing market – overall inventory increased 67.1% in May to 5,019 properties from 3,004 properties in May 2023 – monthly closed sales for the month decreased 12.2% to 907 closed sales from 1,033 closed sales in May 2023. New listings during May increased 18.4% to 1,201 new listings from 1,014 new listings in May 2023. In addition to 1,710 price decreases reported in May, the median closed price was $650,000, the same as the median closed price reported in April, which enjoyed 2,365 price decreases. Comparatively, the median closed price increased 8.3% to $650,000 from $600,000 in May 2023. Also, properties in the $300,000 and below price category increased 104% to 308 from 151 in May 2023. Similarly, properties for sale in the $300,000 to $500,000 price category increased 90.1% to 1,032 from 543 in May 2023.
MARCO ISLAND AREA: INVENTORY UP IN MAY
TheMarcoIslandAreaAssoc.ofRealtors®reported May 2024 figures as compared to May 2023: The inventory of 644 properties was up 35%; the number of sales (116) was up 21%; the median sales price for homes was $1.69M (down 11%), for condos was $725K (down 2%), and for lots was $375K (down 19%). The sales volume was $157M (up .2%).
FLORIDA: NEW LISTINGS, MEDIAN PRICES UP
In March, closed sales of existing single-family homes statewide totaled 23,435, down Sales of single-family homes fell by less than 1% in May compared to the previous year, while townhouse and condo sales dropped by more than 8.5%. The median sale price for single-family homes in Florida was around $426,000, slightly over a 1.5% increase from May of last year. For townhouses and condos, the median sale price rose by 1.5% to $330,000. New listings of single-family home listings were up by over 15% in May, and for townhouses and condos, new listings grew by nearly 14% year-over-year.
USA: RECORD MEDIAN PRICE IN MAY
Existing-home sales slipped 0.7% in May to a seasonally adjusted annual rate of 4.11 million. Sales descended 2.8% from one year ago. The median existing-home sales price jumped 5.8% from May 2023 to $419,300 – the highest price ever recorded and the eleventh consecutive month of year-over- year price gains. The inventory of unsold existing homes grew 6.7% from the previous month to 1.28 million at the end of May, or the equivalent of 3.7 months’ supply at the current monthly sales pace. “Eventually, more inventory will help boost home sales and tame home price gains in the upcoming months,” said NAR Chief Economist Lawrence Yun.
Price-Climb Slows as Inventory Heats-Up for Summer
As competition grows in the Naples housing market – overall inventory increased 67.1 percent in May to 5,019 properties from 3,004 properties in May 2023 – monthly closed sales for the month decreased 12.2 percent to 907 closed sales from 1,033 closed sales in May 2023.
Broker analysts reviewing the May 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), are closely monitoring the number of monthly price decreases to see whether it could turn the tide and improve sales this summer. One thing was certain in the May Market Report: summer buyers will have many more options than winter buyers.
New listings during May increased 18.4 percent to 1,201 new listings from 1,014 new listings in May 2023. “There were more price decreases than new listings in May,” Jeff Jones, Broker at Keller Williams Naples, pointed out. “Price reductions are good for our market. It tells us that sellers are finally realizing the market today won’t support aspirational pricing.”
In addition to 1,710 price decreases reported in May, the median closed price was $650,000, the same as the median closed price reported in April, which enjoyed 2,365 price decreases. Comparatively, the median closed price increased 8.3 percent to $650,000 from $600,000 in May 2023.
“The list price decreases are a signal that we are moving toward pricing that reflects today’s home values,” said Molly Lane, Senior Vice President at William Raveis Real Estate, who added, “This also indicates to us that local REALTORS® are doing a great amount of market research and using good salesmanship to get their sellers over the finish line.”
Another benefit of rising inventory and list price decreases has been the rise in the number of properties for sale in the lower end of the market. For May, properties in the $300,000 and below price category increased 104 percent to 308 from 151 in May 2023. Similarly, properties for sale in the $300,000 to $500,000 price category increased 90.1 percent to 1,032 from 543 in May 2023.
Qualifying Obstacles
Brokers, including Wes Kunkle, President and Managing Broker at Kunkle International Realty, recognize the many challenges facing home buyers today. In addition to record-high home prices, which have increased 83 percent (month/month) since 2019, Kunkle said “buyers are having a difficult time qualifying for loans. The demand is out there, it’s just that many people are either not able to come up with the down payment or realize the burden of additional high-item expenses like homeowners insurance and association fees prohibit them from purchasing a home.”
Mike Bone, Area Sales Manager, D.R. Horton, agreed with Kunkle, “About 40 percent of the buyers we see at our new home developments in Southwest Florida are unable to qualify for loans. Even with rate buydown programs and cash incentives, we are seeing enormous financing challenges.”
The NABOR® May 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:
A Different Seller/Buyer Dynamic
Unlike other cities in the U.S. where home sales are driven by people relocating for work, Naples has always been a lifestyle destination. “People live here because they want to. People are not moving here for jobs,” said Kunkle. In response, Mike Hughes, Vice President and General Manager for Downing- Frye Realty, Inc., added, “That means we have a different mix of sellers and buyer here. A majority of our sales are second homes. That said, these sellers don’t have an urgency to sell or won’t risk someone stealing it. On the other hand, second home buyers don’t have an urgency to buy because they have the time and cash to wait until they find exactly what they want.”
Another challenge for buyers and sellers in Naples during 2024, and across Florida, will be condominium sales. As Jillian Young, President, Premiere Plus Realty, explained, “By December 31st, the structural integrity reserve law requires all Florida condominiums three stories and higher and 25 to 30 years old have a milestone inspection and use the results to guide them to maintain financial reserves that will pay for future maintenance, inspections and repairs. The burden to raise these funds will require mandatory assessments on current and future owners. Sellers will need to take into account the additional cost to maintain the reserves.”
Geographic Standouts
In May, the median closed price for a single family home in the Naples Beach area (34102, 34103, 34108) decreased 26.1 percent to $2,262,500 from $3,062,500. Conversely, the median closed price for a single family home in the South Naples area (34112, 34113) increased 43.6 percent to $930,000 from $647,500. The lowest median closed price reported during May was in the Central Naples (34104, 34105, 34116) condominium market, which increased only 1.4 percent to $355,000 from $350,000 in May 2023.
| View the May 2024 Market Statistics |
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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. |
