01 Jun Bonita Bay Real Estate News | June 2024
As of June 1, 2024, there are 109 active listings in our area multiple listing service (MLS) in Bonita Bay; 25 less than last month.
For comparison, last year on June 1, there were 60 listings in Bonita Bay.
There are 30 single-family homes on the market from $800,000 to $5,895,000. The average list price is $2,230,100 and the average days on the market is 111. The combined days on the market is 129.
There are 46 listings in the carriage, mid-rise, townhouse, and attached villa market with prices ranging from $449,000 to $1,200,000. The average list price is $703,628 and the average days on the market is 94. The combined days on the market is 114.
In the high-rise market, there are 33 active listings in Bonita Bay ranging in price from $999,000 to $5,399,000. The average list price is $2,476,603 and the average days on the market is 137. The combined days on the market is 151.
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 65 sales with an average sales price of $707,869; these condos were on the market an average of 53 days; combined days on the market is 101.
- During the 12 months previous, there were 67 sales with an average sales price of condominiums was $684,914; these homes were on the market for 20 days; combined days on the market is 67.
BONITA BAY HIGH-RISES
- During the last 12 months, there were 63 sales with an average sales price of $2,285,443; these homes were on the market an average of 103; combined days on the market is 168.
- During the 12 months previous, there were 71 sales with an average sales price of $3,351,465; these homes were on the market for an average of 111 days; combined days on the market is 434.
SINGLE-FAMILY BONITA BAY HOMES
- During the last 12 months, there were 74 sales with an average sales price of $2,137,949; these homes were on the market an average of 42 days; combined days on the market is 119.
- During the 12 months previous, there were 44 sales with an average sales price of $2,179,267; these homes were on the market for an average of 33 days; combined days on the market is 92.
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.
June 2024 Market Update
DOWNING-FRYE: BUYERS HAVE MORE PROPERTIES TO CHOOSE FROM THIS SUMMER
“The month of May was our best month of the year for closings,” said Mike Hughes, V. P. and Gen. Mgr. of Downing-Frye Realty, Inc. “In May, Downing-Frye agents had 209 closings. This is normally a good month for our agents as many of the pending sales from our winter season are starting to close. Looking back a year, May 2023 was also our best month of 2023 for closings. With all of these closings, our listing inventory dipped slightly, which was somewhat expected. We had 868 listings at the end of April and this dropped to 820 listings at the end of May, amounting to a 5% drop in listing inventory from one month to the next. Downing-Frye agents are now getting ready for the summer season. Our Downing-Frye inventory of listings has increased roughly 20% over the last year. With this increase in inventory, our summer visitors will enjoy a larger selection than what they saw last summer.
BONITA / ESTERO: MEDIAN PRICES ARE HIGHER
The Bonita Springs/Estero Realtors® reported April 2024 figures as compared to April 2023: For single-family homes: new listings were down 9.7% and pending sales were down 5.4%. The median sales price of $847,000 was up 18.2% and the average sales price was up 28.6% to $1,070.033. Inventory was up 44.1% to 614 single-family homes for a 5.5-months’ supply. For Condominiums: new listings were up 14.4% while pending sales were down 10.6%. The median sales price was up 5.9% to $512,000 and the average sales price was $625,280, down 12% from April 2023. Inventory was up 84.9% to 734 condos for a 7.4-months’ supply.
NAPLES AREA: INVENTORY HIKE SWELLS SALES
The payoff of months of rising inventory was finally realized in April as closed sales increased 3.8 percent to 999 closed sales from 962 closed sales in April 2023. Demand for the Naples lifestyle increased during the pandemic, which depleted inventory for homes in the under $300,000 market – there were 315 homes for sale under $300,000 in April. Conversely, demand for luxury properties has soared, especially in the $500,000 to $1.5 million price category, which increased 68.1% compared to April 2023 and occupy the highest number of properties available (2,410) in the current inventory. For April, the overall median closed price increased 4% to $450,000 from $425,000 in April 2023. April reported 2,365 price decreases, which decreased the median closed price 3.2% in the single family home market to $793,750 from $820,000 in April 2023. The average new construction entry level price today is around 450,000 in Southwest Florida.
MARCO ISLAND AREA: INVENTORY CONTINUES INCREASING
The Marco Island Area Assoc. of Realtors® reported April 2024 figures as compared to April 2023: The inventory of 648 properties was up 38%; the number of sales (104) was down 5%; the median sales price for homes was $1.75M (up 15%), for condos was $720K (down 19%), and for lots was $1.1M (up 48%). The sales volume was $175M (up 11%).
FLORIDA: NEW LISTINGS, MEDIAN PRICES UP
In March, closed sales of existing single-family homes statewide totaled 23,435, down 10.4% year- over-year, while existing condo-townhouse sales totaled 9,332, down 16.6% over March 2023. The statewide median sales price for single-family existing homes in March was $420,600, up 3.9% from the previous year, and for condo-townhouse units was $330,000, up 3.1%. On the supply side of the market, inventory (active listings) rose in March as well as for 1Q 2024. Single-family existing homes were at a 4.1-months’ supply while condo-townhouse properties were at a 6.6-months’ supply.
USA: PENDING HOME SALES SLUMP IN APRIL
Pending home sales decreased 7.7% in April. “The impact of escalating interest rates throughout April dampened home buying, even with more inventory in the market,” said NAR Chief Economist Lawrence Yun. “But the Federal Reserve’s anticipated rate cut later this year should lead to better conditions, with improved affordability and more supply. Home prices are hitting record highs, but the pace of gains should decelerate with more supply. However, the prospect of measurable home price declines appears minimal.”
Inventory Hike Helps April Home Sales Swell
According to the April 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), the 2,365 price reductions in April stimulated sales in the right direction. Growth in inventory does not appear to be slowing down either, as new listings in April increased 16.3 percent to 1,335 new listings from 1,148 new listings in April 2023.
“There are three things that could really help our market if they trended in the right direction: mother nature, insurance and interest rates,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. “But those are out of our control.”
Broker analysts including Dominic Pallini, Broker at Vanderbilt Realty, Inc., believe, “Interest rates are likely to stay above 5 percent for a long time.” But Jeff Jones, Broker at Keller Williams Naples, added that there is good news on the insurance front as “nine new companies have recently entered the Florida market, and 19 others have said they will lower rates or at least not increase them in 2025.”
The New Average
Demand for the Naples lifestyle increased during the pandemic, which depleted inventory for homes in the under $300,000 market – there were 315 homes for sale under $300,000 in April. Conversely, demand for luxury properties have soared, especially in the $500,000 to $1.5 million price category, which increased 68.1 percent compared to April 2023 and occupy the highest number of properties available (2,410) in the current inventory.
“The average closed price in Naples is over $1 million,” remarked Budge Huskey, CEO, Premier Sotheby’s International Realty.
However, according to the report, closed sales influencing the overall average price growth was in the Naples Beach area. For April, the average closed price of single family homes in communities located in the Naples Beach area (34102, 34103, 34108) increased 61.6 percent to $4,309,475 from $2,666,512 in April 2023. That said, this area was also where a large majority of properties sold for less than original list price as the percent of list price received decreased to 93.3 percent for single family homes and 94.8 percent for condominiums. This indicates sellers are reducing prices to meet the market.
Future Fit & Forward
According to the April report, the average monthly inventory in Naples is back to its familiar pre-pandemic level. April’s inventory increased 68.1 percent to 5,240 properties from 3,118 properties in April 2023. And the months supply of homes is up to 7.3 months. Huskey commented, “Typically, we begin to see prices slide once the months supply gets above 6 months, but we’re not seeing this in our market today. Inventory is growing, and prices remain stable.”
“Home values have doubled since 2019,” said Cindy Carroll of Carroll & Carroll Appraisers & Consultants, LLC. “And there’s no indication that homeowners are at risk of losing this growth in value.”
Carroll went on to say that there will be spots in the county that will experience a slight loss in value, but nothing on a large scale or that would take us back to pre-pandemic prices. “I am unable to find anything in my research that is alarming. The thing we have to focus on now is re-educating our sellers on home prices today. Their home’s value has likely increased, but the number of price reductions each month tells me that prices are still starting out too high. If a home is not priced competitively when it’s listed, sellers will likely need to lower the price to meet the market.”
“It’s time to shake off the COVID years,” said Sherry Stein, CRB, Managing Broker, Berkshire Hathaway HomeServices. “Compared to 2019, we are doing great today with higher inventory, low days on market, and remarkable increases in overall home values.”
As more high-end buyers discover the allure of Naples, broker analysts do not foresee the median closed price decreasing dramatically. For April, the overall median closed price increased 4 percent to $450,000 from $425,000 in April 2023. Though price adjustments are moving the needle in certain markets. April reported 2,365 price decreases, which decreased the median closed price 3.2 percent in the single family home market to $793,750 from $820,000 in April 2023.
The NABOR® April 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 (singlefamily and condominium) findings for 2024:
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| View the April 2024 Market Statistics |
Busting Assumptions
The cost to build is higher than before the pandemic too. According to Mike Bone, Area Sales Manager, D.R. Horton, “The average new construction entry level price today is around $450,000 in Southwest Florida.”
The heightened cost to repair or rebuild is a primary factor in rising insurance rates. Yet, with more buyers in Naples paying cash – 65.4 percent of all transactions recorded in April – insurance and interest rates may not be as great an obstacle as some assume.
Growth in overall closed sales in April is a positive omen that the Naples real estate market is on track to outperform sales in 2023. “Historically, May has the highest number of closings,” said Huskey. Molly Lane, Senior Vice President at William Raveis Real Estate remarked, “If we can continue the growth we saw in April closed sales in May, this portends good things to come for our market.”
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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. |
