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Bonita Bay Real Estate News | May 2023

01 May Bonita Bay Real Estate News | May 2023

Posted at 08:03h in Bonita Bay, Ed Gongola, Real Estate News, Seaglass at Bonita Bay by
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As of  May 1, 2023, there are 55 active listings in our area multiple listing service (MLS) in Bonita Bay; 7 less than last month.
 
For comparison, last year on May 1, there were 10 listings in Bonita Bay.
 
There are 14 single-family homes on the market from $800,000 to $5,200,000. The average list price is $2,445,925 and the average days on the market is 70. The combined days on the market is 106.
 
There are 14 listings in the carriage, mid-rise, townhouse, and attached villa market with prices ranging from $505,000 to $1,100,000. The average list price is $709,529 and the average days on the market is 56. The combined days on the market is 56.
 
In the high-rise market, there are 27 active listings in Bonita Bay ranging in price from $899,000 to $5,875,000. The average list price is $2,834,941 and the average days on the market is 111. The combined days on the market is 112.
 
 
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 67 sales with an average sales price of $678,571; these condos were on the market an average of 16 days; combined days on the market is 61.
  • During the 12 months previous, there were 85 sales with an average sales price of condominiums was $538,720; these homes were on the market for 9 days; combined days on the market is 50.
 
BONITA BAY HIGH-RISES
  • During the last 12 months, there were 60 sales with an average sales price of $3,239,233; these homes were on the market an average of 103; combined days on the market is 426.
  • During the 12 months previous, there were 82 sales with an average sales price of $1,823,206; these homes were on the market for an average of 73 days; combined days on the market is 126.
 
SINGLE-FAMILY BONITA BAY HOMES
  • During the last 12 months, there were 39 sales with an average sales price of $2,146,545; these homes were on the market an average of 35 days; combined days on the market is 96.
  • During the 12 months previous, there were 67 sales with an average sales price of $1,843,015; these homes were on the market for an average of 31 days; combined days on the market is 91.
 
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.

May 2023 Market Update

DOWNING-FRYE: HIGH-END MARKET STILL ACTIVE
“The April 2023 Downing-Frye Realty, Inc. pending sales showed that the high-end market is still very active,” said Mike Hughes, V. P. and Gen. Mgr. of Downing-Frye Realty, Inc. “We had 29% of our pending sales contracts in the $1 Million and above price range. There were 51 pending sales contracts in this high-end price range for the month. 
 
In April we had a lot of closings, which would be normal for this time of year. In March 2023, we had 717 listings in our company inventory. At the end of April, we had 716 listings! Despite the high number of closings, the inventory of listings stayed almost the same as the previous month. The bottom line is that there are still a lot of new properties coming on the market these days. We are starting to see more mortgage offers being accepted, which is refreshing as many of the sales have been cash deals for the last two years. Buyers who require financing are now having a better chance for their offer to be accepted. 
 
We are now preparing for what we hope to be a busy summer season. Stay tuned!” 
 
BONITA / ESTERO: ACTIVE, STRONG MARKET
The end of March marked six months since Hurricane Ian passed through the Bonita Springs- Estero area and despite the still present negative effects of the storm, the real estate market continues to hold strong and be busy. Comparing March 2023 to March 2022, medium closed prices are up 19.8% sitting at $575,000, months supply of inventory is up 166.7%, active inventory is up 104% and although there was no increase in new listings, the 2023 YTD shows a 1.7% increase in new listings.
 
NAPLES AREA: INVENTORY INCREASING
Closed sales of homes in Naples during the first quarter of 2023 exceeded closed sales reported in the first quarter of 2019 (pre-COVID) when inventory levels were nearly three times the current level. Overall inventory in March increased 92.4% to 2,900 properties from 1,507 properties in March 2022. While still historically low at 3.6 months of inventory, overall inventory in Naples has continued to increase ever since it bottomed out at 0.8 months of inventory in December 2021. During that same time period, the overall median closed price increased 7.3% to $615,000 from $573,000 in March 2022.
 
MARCO ISLAND AREA: 68% CASH BUYERS
The Marco Island Area Assoc. of Realtors® reported March 2023 figures: 40 homes were sold for the median sell price of $1.7M (sales down 25% from March 2022) averaging 72 days on the market; 55 condos were sold for the median sell price of $655K (sales down 11% from March 2022) averaging 66 days on the market; 10 lots were sold with the median sell price of $543K (sales down 32% from March 2022) averaging 106 days on the market. The total inventory at the end of March 2023 was 472 properties (up 142% from March 2022). 
 
FLORIDA: MEDIAN PRICES RISE
In March, closed sales of existing single-family homes statewide totaled 26,161, down 15% year-over-year, while existing condo-townhouse sales totaled 11,188, down 23.5% over March 2022. The statewide median sales price for single-family existing homes in March was $405,000, up 2.1% from the previous year, and for condo-townhouse units was $320,000, up 3.9% over the year-ago figure. Florida Realtors Chief Economist Dr. Brad O’Connor said, “Florida continues to be a hot spot for residential purchases by buyers from both in state and out of state, and buyers are finding significantly more inventory available than last year. That said, inventory does remain well below pre-pandemic levels in most Florida market areas.
 
USA: PENDING HOME SALES DOWN IN MARCH
Pending home sales dropped in March, down 5.2% from February. Month over month, contract signings fell in three U.S. regions but increased slightly in the South. Pending home sales retreated in all four regions compared to one year ago. “The lack of housing inventory is a major constraint to rising sales,” said NAR Chief Economist Lawrence Yun. “Multiple offers are still occurring on about a third of all listings, and 28% of homes are selling above list price. Limited housing supply is simply not meeting demand nationally. Sales in the second half of the year should be notably better than the first half as job gains continue and more favorable mortgage rates are expected,” said Yun. “Sales of new homes are already matching 2019 pre-COVID activity and are expected to increase in 2023, largely due to plentiful inventory in this segment of the market.” 
 
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®

Are Floridians More Optimistic than Rest of U.S.?

By Kerri Smith
 

Florida’s housing market in February continued to show increasing While Americans’ attitudes declined a bit in Jan., a monthly UF study of Floridians found a 1.4-point increase overall with an uptick in expectations for the future.

In January, consumer sentiment among Floridians increased 1.4 points to 65.4 from December’s revised figure of 64. At a national level, sentiment increased over five points. Yesterday, the Conference Board noted a slight dip in overall Americans’ optimism.
 
“The increase in consumer sentiment in January stems from improvements in Floridians’ expectations about the future, particularly their expectations of a year from now,” says Hector Sandoval, director of the Economic Analysis Program at UF’s Bureau of Economic and Business Research.
 
Sandoval calls those views “consistent with a falling inflation outlook. After peaking at 9.1% in June, inflation has steadily declined to 6.5% in December. It is expected that price pressures will continue to ease over the next few months, preventing households from experiencing further hardships.
 
Among the five components that make up the index, four increased and one decreased.
 
Current conditions: Floridians’ opinions about current economic conditions in January were mixed. Views of personal financial situations now compared with a year ago increased 1.1 point from 54.6 to 55.7. On the other hand, opinions as to whether it’s a good time to buy a major household item like an appliance decreased three-tenths of a point from 55.2 to 54.9.
 
Future conditions: Outlooks about expected future economic conditions were positive. Prospects for individual’s personal finances a year from now increased 3.3 points from 76.5 to 79.8. Similarly, expectations about U.S. economic conditions over the next year increased 1.6 points from 62.9 to 64.5.
 
This long-range optimism even extended five years into the future. Views of U.S. economic conditions over the next five years increased 1.1 points from 70.9 to 72.
 
Meanwhile, the Florida labor market continued to strengthen in December, with more jobs being added. According to the latest Florida jobs report, the unemployment rate ticked down by 0.1 percentage point in December, reaching 2.5% – only one-tenth of a percentage point above the lowest rate on record.
 
In line with this, the number of Florida workers seeking unemployment benefits is hovering around pre-pandemic levels, indicating a tightening labor market.
 
“Prices have been declining over the second half of 2022 as the Fed swiftly increased interest rates,” says Sandoval. “Despite this, the U.S. economy grew at an annual rate of 2.9% in the last quarter of 2022.”
 
Inflation, however, remains well above the Federal Reserve target of 2%.” While the Fed will likely raise rates this week, it’s not expected to be a large increase similar to last year.
 
Still, “continued increases in interest rates will ultimately slow down the economy and trigger a recession,” adds Sandoval.
 
Sandoval remains positive, though, “Looking ahead, with the assumption the labor market remains robust, we expect consumer sentiment to improve slowly as inflation pressures continue to ease.”
 
The index used by UF researchers is benchmarked to 1966, which means a value of 100 represents the same level of confidence for that year. The lowest index possible is a 2, the highest is 150.
 
© 2023 Florida Realtors®

March Housing Market Report Has a Silver Lining

Closed sales of homes in Naples during the first quarter of 2023 exceeded closed sales reported in the first quarter of 2019 (pre-COVID) when inventory levels were nearly three times the current level. According to the March 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), overall inventory in March increased 92.4 percent to 2,900 properties from 1,507 properties in March 2022. While still historically low at 3.6 months of inventory, overall inventory in Naples has continued to increase ever since it bottomed out at 0.8 months of inventory in December 2021. 

Broker analysts reviewing the report like Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., speculate that “even though buyers today are facing headwinds like high interest rates, rising property and flood insurance rates, and low inventory levels, these factors are not diminishing people’s desire to live in Naples.” 
 
Cindy Carroll, SRA, of Carroll & Carroll Appraisers & Consultants, LLC, who advocates against comparing activity today to activity during the COVID-boom years (2020-2022), said she is “comforted by the fact that our area shows resilience to 2019. Homebuyers shouldn’t get too hung up on the months of inventory number reported because it fluctuates wildly depending on where you want to buy a home in Naples. For example, the Port Royal area has a 1.3 year supply today. The truth is we are heading back to 2019; a time when the housing market was stable, foundational, and logical. That is what should be happening, and it is.”
 
With this more accurate comparative method in mind, closed sales decreased 16.5 percent to 1,017 closed sales from 1,218 closed sales in March 2022; but compared to March 2019, closed sales increased 2.6 percent. Pending sales in March decreased 14.5 percent to 1,377 pending sales from 1,611 pending sales in March 2022; but compared to March 2019, pending sales increased 22 percent.
 
While new listing growth was relatively static in the first quarter of 2023, Wes Kunkle, President and Managing Broker at Kunkle International Realty, believes some potential sellers in Naples are sitting on the fence because they fear a possible recession may impact their home’s value and/or want to wait and see whether interest rates drop. New listings during March decreased 17.9 percent to 1,369 new listings from 1,667 new listings in March 2022; but compared to March 2019, new listings for the month decreased only 2.5 percent. Yet according to Adam Vellano, a Naples Sales Manager at Compass Florida, “the price decreases reported in March were by sellers who failed to price their homes competitively when they originally listed them, but very few of these decreases were below today’s comps.”
 
The NABOR® March 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:  
The overall median closed price in March increased 7.3 percent to $615,000 from $573,000 in March 2022.
 
This increase was driven by the condominium market, which had a 5.9 percent increase in its median closed price. Interestingly, the median closed price for single-family homes in March reported no increase compared to March 2022. Iterated by top brokers who review the market report each month, it’s impossible to categorize the Naples area housing market as either a buyers or sellers market today. However, an experienced Naples REALTOR® understands the comparative market differences of each unique neighborhood.
 
Kunkle added that it’s become a “hard decision to sell a home if you have a mortgage at a 3 percent interest rate when today’s rates are over 6 percent.” However, according to Freddie Mac, the average 30-year fixed rate mortgage since 1971 is 7.75 percent. Further, Sherry Stein, CRB, Managing Broker, Berkshire Hathaway HomeServices, was quick to point out that “the average sales price in Naples in March 2019 was $597,081, but today it’s $1,018,469.”
View the March 2023 Market Statistics
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.

The Essential Guide to Hurricane Preparedness

Do you know where your batteries are? It’s also the last day to save on hurricane supplies’ sales taxes.

Hurricane season begins on June 1st and lasts six months, with storm threats typically peaking in August and September. But a major storm can target any part of Florida at any time.
 

Hurricane knowledge

First, know your hurricane facts and understand common terms used during hurricane forecasts. Storm conditions can vary on the intensity, size and even angle.
 
Tropical depressions are cyclones with winds of 38 mph. Tropical storms vary in wind speeds from 39-73 mph while hurricanes have winds 74 mph and greater.
 

Storm terms:

      • Tropical storm watch: Tropical storm conditions are possible in the area.
      • Hurricane watch: Hurricane conditions are possible in the area. Watches are issued 48 hours in advance of the anticipated onset of tropical storm force winds.
      • Tropical storm warning: Tropical storm conditions are expected in the area.
      • Hurricane warning: Hurricane conditions are expected in the area. Warnings are issued 36 hours in advance of tropical storm force winds.
      • Eye: Clear, sometimes well-defined center of the storm with calmer conditions.
      • Eye wall: Surrounding the eye, contains some of the most severe weather of the storm with the highest wind speed and largest precipitation.
      • Rain bands: Bands coming off the cyclone that produce severe weather conditions such as heavy rain, wind and tornadoes.
      • Storm surge: An often underestimated and deadly result of ocean water swelling as a result of a landfalling storm, and quickly flooding coastal and sometimes areas further inland.

Hurricane forecasts

Predicting a tropical cyclone’s path can be challenging – there are many global and local factors that come into play. Forecasters’ computers take huge amounts of data and try to predict where the storm will go and usually are 2-3 days out. This is where you hear the terms “computer models” and “spaghetti models” being used. Generally, the forecast track or path is given using the average consensus of these models.
 
The National Hurricane Center has the most up-to-date information on tropical cyclone developments, forecasts and weather alerts, discussions analyzing the data and more.
 

Hurricane kits

It’s important to create a kit of supplies you could take with you if forced to evacuate. This kit will also be useful if you are able to stay in your home but are affected by the storm, such as through a power loss. One common trend seen when hurricanes are approaching is a wide-spread panic. If you prepare a kit ahead of time, you can alleviate a lot of the potential stress of a very chaotic situation.

Recommended hurricane kit items:

      • Nonperishable food (enough to last at least 3 days)
      • Water (enough to last at least 3 days)
      • First-aid kit (include prescription medication)
      • Personal hygiene items and sanitation items
      • Flashlights (have extra batteries)
      • Battery operated radio
      • Waterproof container with cash and important documents
      • Manual can opener
      • Lighter or matches
      • Books, magazines, games for recreation
      • Special needs items: pet supplies and baby supplies, if applicable
      • Cooler and ice packs
      • An evacuation plan

Securing a home

      • Cover all windows with hurricane shutters or wood. Note: While tape can prevent glass from shattering everywhere, it does not prevent the window from breaking
      • If possible, secure straps or clips to securely fasten your roof to the structure of your home.
      • Trim all trees and shrubs, and clear rain gutters.
      • Reinforce garage doors
      • Bring in outdoor furniture, garbage cans, decorations and anything else not tied down
      • If winds become strong, stay away from windows and doors, and close, secure and brace internal doors.

Power outages

In the event a storm leaves you without power, there are a few things to consider:
      • Gas: Make sure your car’s tank is full far in advance of an approaching storm. Most people wait until the last minute, rush to get extra gas for cars and generators, and gas stations can run out.
      • Money: ATMs can run out of money if everyone tries to use them quickly, and they can shut down completely if the power goes out.
      • Cell phones: Charge cell phones pre-storm and limit use if the power goes out.
      • A/C: Try to prevent as much light from entering and warming the house by covering up windows on the inside. If you have back-up or battery-operated fans, don’t run them unless you’re in the room.
      • Water: Fill bathtubs and large containers with water for washing and flushing only.
      • Food: Turn your fridge temperature down and/or freeze any food or drinking water that can be frozen if you expect a power outage.
 
© 2023 Florida Realtors®
 

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.
 
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