01 Oct Bonita Bay Real Estate News | October 2024
As of October 1, 2024, there are 91 active listings in our area multiple listing service (MLS) in Bonita Bay; 10 more than last month.
For comparison, last year on Oct. 1, there were 45 listings in Bonita Bay.
There are 27 single-family homes on the market from $749,000 to $5,750,000. The average list price is $2,291,778 and the average days on the market is 115. The combined days on the market is 144.
There are 36 listings in the carriage, mid-rise, townhouse, and attached villa market with prices ranging from $374,900 to $1,200,000. The average list price is $704,072 and the average days on the market is 118. The combined days on the market is 158.
In the high-rise market, there are 28 active listings in Bonita Bay ranging in price from $899,000 to $5,399,000. The average list price is $2,344,714 and the average days on the market is 121. The combined days on the market is 123.
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 68 sales with an average sales price of $686,270; these condos were on the market an average of 62 days; combined days on the market is 114.
- During the 12 months previous, there were 58 sales with an average sales price of condominiums was $700,783; these homes were on the market for 32 days; combined days on the market is 80.
BONITA BAY HIGH-RISES
- During the last 12 months, there were 58 sales with an average sales price of $2,210,820; these homes were on the market an average of 100; combined days on the market is 164.
- During the 12 months previous, there were 74 sales with an average sales price of $3,302,135; these homes were on the market for an average of 124 days; combined days on the market is 439.
SINGLE-FAMILY BONITA BAY HOMES
- During the last 12 months, there were 80 sales with an average sales price of $2,053,738; these homes were on the market an average of 44 days; combined days on the market is 114.
- During the 12 months previous, there were 48 sales with an average sales price of $2,173,766; these homes were on the market for an average of 31 days; combined days on the market is 100.
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.
October 2024 Market Update
BONITA / ESTERO: AUGUST ACTIVITY
The Bonita Springs/Estero Realtors® reported August 2024 figures as compared to August 2023: For single-family homes: new listings were up 20.1% and pending sales were up 3.4%. The median sales price of $667,500 was down 10.9% and the average sales price of $887,032 was up 1.9%. Inventory was up 34% to 532 single-family homes for a 4.9-months’ supply. For Condominiums: new listings were up 2.9%, and pending sales were down 11.4%. The median sales price was down 1.1% to $450,000 and the average sales price was $590,406, down 2.5% from August 2023. Inventory was up 62.2% to 571 condos for a 6.1-months’ supply. On average, sellers received 94.3% of list price for single-family homes and 95.2% for condominiums.
NAPLES AREA: STEADY AUGUST MARKET
The median closed price for homes in Naples during August was $600,000; the same price reported in July 2024 and August 2023. Sellers continue to adjust their prices to better reflect today’s housing market. In March, Naples enjoyed 5,283 properties in inventory. Yet by the end of August, inventory had decreased 28% to 4,127 properties. Though compared to August 2023, inventory has increased 40.3% from 2,942 properties. As expected, new listings, which fuel overall inventory, have also been decreasing since March. But, while down 5.4% compared to last August, new listings increased 6.5% compared to July 2024. Overall closed sales in August decreased 27.8% to 524 closed sales from 726 closed sales in August 2023. In the $5 million+ category, condominium sales increased 28.1% in August compared to the year ago figure, and single family homes sales in this price category increased 3.2%. Incidentally, the median closed price in this price category decreased 13.5% in August to $6,095,000 from $7,050,000 in August 2023. Overall, the median closed sales price was $600,000, the same as the year ago figure.
MARCO ISLAND AREA: MEDIAN SALES PRICES UP
The Marco Island Area Assoc. of Realtors® reported August 2024 figures as compared to August 2023: The inventory of 458 properties was up 4%; the number of sales (59) was down 8%; the median sales price for homes was $1.7M (up 26%), and for condos was $750K (up 22%).The sales volume was $83M (down 6% from $88M last year).
FLORIDA: AUGUST TRENDS
In August, the Florida single family home market was fairly calm, with closed sales declining by just a little over 1% year over year. New listings of single-family homes in August were up by over 2% compared to a year ago, and the median sale price declined by less than 1%. The nearly $412,000 median sale price for single family homes is still significantly above pre-pandemic levels. New listings of townhouses and condos in August were up a little under 2% compared to a year ago. The median sale price of $310,000 for townhouses and condos was down a little over 4% year over year. The current supply is 7.2 months for townhouses and condos and 4.5 months for single-family homes.
USA: HOME SALES UP IN AUGUST
Pending home sales ascended 0.6% in August. Month over month, contract signings rose in the Midwest, South and West but dropped in the Northeast. “A slight upward turn reflects a modest improvement in housing affordability, primarily because mortgage rates descended to 6.5% in August,” said NAR Chief Economist Lawrence Yun. “However, contract signings remain near cyclical lows even as home prices keep marching to new record highs. The median home price of condominiums is cheaper, yet the condominium market is underperforming compared to the single-family market. Rising maintenance and insurance costs have lessened the appeal for condominiums.”
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Applications are being accepted for grant funding through the National Association of Realtors®’ (NAR) Realtors Relief Foundation and the Florida Realtors®’ Disaster Relief Fund assistance programs for victims of Hurricanes Milton and Helene.
The Realtors Relief Foundation (RRF) program is open to any Florida resident who sustained damages
The RRF housing assistance grant is separate from the DRF assistance program but is administered by the Florida Realtors Disaster Relief Fund trustees.
Realtors Relief Foundation assistance:
Assistance through the RRF is available to qualified applicants for one of the following options:
- Monthly mortgage expense for the primary residence that was damaged during Hurricane Helene and/or Hurricane Milton in September/October 2024; or
- Rental cost due to displacement from the primary residence resulting from Hurricane Helene and/or Hurricane Milton in September/October 2024.
- Submit only one application if you were impacted by Hurricane Milton and Hurricane Helene
- Maximum grant amount per household is $1,000
RRF applications for Hurricane Helene and Hurricane Milton close April 2, 2025. Recipients must be full-time Florida residents and U.S. citizens or legally admitted for residence in the United States.
Other immediate needs, assistance for homes and businesses
- Disaster Unemployment Assistance: Florida residents who lost their job, can’t get to work, can’t work due to an injury, were going to start a job but can’t be due to the storm or if they are now the main household supporter because the previous one died may be eligible for DUA assistance. Applicants should be aware they will apply for regular unemployment assistance and then be denied that assistance. That denial will then trigger the application for DUA assistance. DUA is not yet available for Hurricane Milton but should become available in the near future. Click here to apply.
- Help with food, supplies, home repairs and more: Activate Hope connects the private sector, nonprofits and government to help Floridians get back on their feet following a natural disaster. Fill out the form here to get help.
- Muck outs, tree and debris removal and tarps: The Crisis Cleanup program connects residents with volunteers from local relief organizations, community groups and faith communities. Call (844) 965-1386. The hotline will remain open through Friday, October 25, 2024.
- Red Cross: The 24-hour hotline can connect individuals with free or reduced cost assistance. Call 1-800-Red Cross (1-800-733-2767) or click here.
- Florida Small Business Emergency Bridge Loan: For short-term, zero-interest loans to “bridge the gap” between a disaster and when a business has secured longer term recovery funding. Click here for more information. Call 833-832-4494 or email EmergencyBridgeLoan@commerce.fl.gov with questions.
- Small Business Association disaster loans: Federal assistance is available for all businesses, homeowners, renters and private nonprofits located in declared disaster areas. SBA disaster loans can be used for personal and business losses not covered by insurance or funding from the Federal Emergency Management Agency (FEMA) and business operating expenses that could have been met had the disaster not occurred. Click here for more information.
- Affordable rentals: Visit www.FloridaHousingSearch.org or call 1-877-428-8844 for information about affordable rental properties. The site is continually updated with accurate listings.
- State Housing Initiatives Partnership (SHIP) program: Temporary relocation, rental assistance, debris removal and/or home repairs are available through SHIP programs administered through local governments. Click here for more information.
- Free WiFi: Comcast and Spectrum announced free public Wi-Fi access points across Florida. For more information visit Finder.wifi.xfinity.com or Spectrum Out-of-Home WiFi Map.
Insurance claims to date
As of Friday (Oct. 11), the total estimated insured losses in Florida for Hurricane Milton were $586,465,025. Of the 43,897 claims so far, 38,032 are for residential property damage. The number of claims and estimated losses are expected to increase in the coming weeks. For now:
- Claims under private flood insurance policies: 66 (most flood policies are through FEMA’s Flood Insurance Program, not private)
- Claims closed with payments to policyholders: 39
- Claims closed without payments to policyholders: 18
- Commercial property claims: 301
- Percent of claims closed: 1.5%
As of Friday (Oct. 11), the total estimated insured losses in Florida for Hurricane Helene were $1,197,629,809. Of the 119,489 claims so far, 51,529 are for residential property damage. The number of claims and estimated losses are expected to increase in the coming weeks. For now:
- Claims under private flood insurance policies: 3,534 (most flood policies are through FEMA’s Flood Insurance Program, not private)
- Claims closed with payments to policyholders: 14,981
- Claims closed without payments to policyholders: 12,112
- Commercial property claims: 2,530
- Percent of claims closed: 22.7%
Other disaster relief available
The DRF is also continuing to accept applications for other severe weather events:
- Hurricane Debby on August 5, 2024; applications close February 5, 2025.
- Flash flooding in South Florida on June 11, 2024; applications close December 12, 2024.
- Tornado events in North Florida on May 10, 2024; applications close November 11, 2024.
Those interested in helping disaster victims can donate to the DRF securely online. If you prefer to mail in a tax-deductible donation, make your check payable to “Florida Realtors Disaster Fund, attention Dave Garrison,” and send the check to:
Florida Realtors Disaster Relief Fund
PO Box 725025
Orlando, FL 32872-5025
© 2024 Florida Realtors®
Naples Housing Market Remains Steady in August
The median closed price for homes in Naples during August was $600,000; the same price reported in July 2024 and August 2023. According to the August 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), there were 1,096 price decreases during August. While this is the lowest number of price decreases reported for a month so far in 2024, it does indicate that sellers are continuing to adjust their prices to better reflect today’s housing market. And even though monthly inventory levels have risen compared to 2023 statistics (40.3 percent in August), they have been decreasing over the last five months; but broker analysts speculate this trend is short lived.
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A Few Market Standouts
Upon reviewing the August report, Jillian Young, President of Premiere Plus Realty, said, “Sales of properties over $5 million are performing better than other price categories NABOR® tracks. Though it’s taking longer for them to sell.”
Condominium sales in this top price category increased 28.1 percent to 41 condominiums over $5 million in August compared to 32 condominiums over $5 million in August 2023. Single family home sales in this price category for August increased 3.2 percent to 161 single family homes over $5 million from 156 single family homes over $5 million in August 2023. Incidentally, the median closed price in this price category decreased 13.5 percent in August to $6,095,000 from $7,050,000 in August 2023.
Jeff Jones, Broker at Keller Williams Naples, agreed with Young’s statement adding, “Days on market for properties over $1 million have risen to 97 days compared to our market average of 82 days. And while the report shows that we have six months of inventory; in the $1 million and above market, there is eight months of inventory.”Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., responded by stating that, “Days on market may be up 51.9 percent, but historically, this is still low. The norm for our area is 90 to 110 days.”
Jones concluded by stating, “Buyers of condominiums should work closely with a REALTOR® to determine the full cost of ownership. Especially for condos three stories and higher that are 25 years or older, the costs of ownership may rise significantly due to flood disclosures and insurance costs, and the results of milestone structural inspections, which may require associations increase reserves or reveal some imminent and costly repair needs.”
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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. |
