01 Sep Bonita Bay Real Estate News | September 2023
As of September 1, 2023, there are 39 active listings in our area multiple listing service (MLS) in Bonita Bay; 5 less than last month.
For comparison, last year on September 1, there were 17 listings in Bonita Bay.
There are 11 single-family homes on the market from $1,375,000 to $6,995,000. The average list price is $3,189,364 and the average days on the market is 101. The combined days on the market is 134.
There are 12 listings in the carriage, mid-rise, townhouse, and attached villa market with prices ranging from $389,000 to $799,000. The average list price is $602,550 and the average days on the market is 84. The combined days on the market is 110.
In the high-rise market, there are 16 active listings in Bonita Bay ranging in price from $1,290,000 to $5,450,000. The average list price is $2,960,750 and the average days on the market is 203. The combined days on the market is 218.
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 58 sales with an average sales price of $685,180; these condos were on the market an average of 33 days; combined days on the market is 79.
- During the 12 months previous, there were 94 sales with an average sales price of condominiums was $610,375; these homes were on the market for 10 days; combined days on the market is 51.
BONITA BAY HIGH-RISES
- During the last 12 months, there were 63 sales with an average sales price of $3,250,405; these homes were on the market an average of 122; combined days on the market is 438.
- During the 12 months previous, there were 67 sales with an average sales price of $2,020,812; these homes were on the market for an average of 31 days; combined days on the market is 87.
SINGLE-FAMILY BONITA BAY HOMES
- During the last 12 months, there were 49 sales with an average sales price of $2,229,934; these homes were on the market an average of 35 days; combined days on the market is 106.
- During the 12 months previous, there were 47 sales with an average sales price of $2,105,601; these homes were on the market for an average of 35 days; combined days on the market is 102.
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.
September 2023 Market Update
DOWNING-FRYE: SALES ACTIVITY STEADY
“As we slowly move into the fall season, we are seeing several trends emerge,” said Mike Hughes, V. P. and Gen. Mgr. of Downing-Frye Realty, Inc. “Lately, more mortgage offers are being accepted, which is encouraging news for buyers who require financing. We are also seeing fewer high end pending sales, which is fairly normal for this time of year. We are still getting high end deals but not at the pace that we usually see in the winter months. This has been a very good year for the high end market. We expect to see a number of high end listings hit the market when we get closer to the end of October. Sales activity has been steady. In the fall season, the summer visitors are largely gone and the winter visitors are not yet here. This is the time of year when there are not a lot of visitors. That being said, we still expect to have 100-150 pending sales in September as well as in October. Southwest Florida is still very desirable for many buyers. For sellers, this is a great time to list your property for sale. The overall listing inventory is still very low compared to what we have seen historically.”
BONITA / ESTERO: PRICES CONSISTENT
New listings are down 5.1% from July 2022 to 2023. Pending sales are up 5.6% from 2022 and they also jumped 8.2% from June 2023. Closed unit sales are down 17% from last year, but median prices are up .7%. Overall, prices have remained fairly consistent since April of 2022. Days on market is up 170% from last July and continuing the upward trend from May 2023. Inventory is up 22.6% from July 2022 but continuing to trend downward from 2023’s high point in March. Sales prices as a percentage of list price are down 2.1 points from last July and despite high interest rates the number of financed transactions in July as a percent of total transactions have hit their highest point in 2 years. The median closed sales price in July was $533,750.
NAPLES AREA: PRICES STEADY IN JULY
Home sales activity in Naples has remained steady for the past year despite several interest rate increases. Yet, even as cash sales for homes in Naples decreased from 66.7% in January to 53.5% in July, the overall median closed price of homes in the first seven months of 2023 has continued to increase compared to most months in the first seven months of 2022. Eighty-one fewer homes sold in July compared to July 2022, an 11.9% decrease to 600 closed sales from 681 closed sales while pending listings (homes under contract) in July increased 6.3% to 798 pending listings from 751 pending listings in July 2022, illustrating the market’s steadiness. Also, the percent of list price received this July is steady at 96.1% compared to 97.9% in July 2022. In July, days on market increased 115.4% to 56 days from 26 days in July 2022, the lowest reported in the history of NABOR®’s Market Reports.(Pre-pandemic, days-on-market averaged over 100 days.)
MARCO ISLAND AREA: 64% CASH BUYERS
The Marco Island Area Assoc. of Realtors® reported July 2023 figures: 29 homes were sold for the median sell price of $2M, averaging 65 days on the market; 20 condos were sold for the median sell price of $805K, averaging 75 days on the market; 4 lots were sold with the median sell price of $298K, averaging 169 days on the market. The total inventory at the end of July 2023 was 446 properties (up 30% from June 2022).
FLORIDA: PRICES UP, INVENTORY IMPROVING
Florida’s housing market in July reported improving inventory levels and statewide median sales prices consistent with values of a year ago. The single-family home median price was $415K at a 2.8 months’ supply. The condo median price was $319K with a 3.6 months’ supply. Closed sales of existing single-family homes statewide totaled 22,198, down 6.4% year-over-year, while existing condo- townhouse sales totaled 8,463, down 9.4% from July 2022. “Interest rates were on the rise throughout 2022, and as they increased, housing market activity declined,” says Florida Realtors Chief Economist Dr. Brad O’Connor. “So, the deeper we get into 2023, the more favorable the numbers will look compared to 12 months ago.”
USA: PENDING SALES IMPROVE
Pending home sales improved in July, up 0.9% from June, but fell in all four U.S. regions compared to one year ago. “Jobs are being added and, thereby, enlarging the pool of prospective home buyers. However, rising mortgage rates and limited inventory have temporarily hindered the possibility of buying for many,” said NAR Chief Economist Lawrence Yun.
Why Do Some Floridians Forgo Flood Coverage?
By Mahsa Saeidi
One owner hit by Hurricane Idalia doesn’t have flood insurance and doesn’t plan to get it. It’s not the home’s first flood, and “We just wash it out and move along.”
Hurricane Idalia flooded parts of Tampa Bay from Bayshore to Crystal River. In its aftermath, 8 On Your Side noticed something unexpected. Some families in the most high-risk flood zones did not have flood insurance.
Investigator Mahsa Saeidi talks with one man who’s glad he skipped the coverage, despite all that water.
We all know that Hurricane Idalia brought a surge. At one point, the River Walk, on the Hillsborough River, was completely under water. Insurance brokers say that is exactly why you need flood coverage but not all storm victims agree.
Just a few yards from Crystal River, 8 On Your Side found a quaint home on the canal. Unlike the mansions up on stilts, this one-story structure was right on the ground. In the front yard, we met Mark Wheeler cleaning up Idalia’s mess.
“Back in Hermine and ‘93 you would’ve seen a pile about three times this big,” said Mr. Wheeler. This home has been in Mr. Wheeler’s family since 1985, so it’s not his first rodeo.
“This the third flood we went through,” he said. “We just wash it out and move along.”
Mr. Wheeler showed us the damage. The family has done a lot of hurricane prep. Of course, the furniture is always placed up high on saw horses. But years ago, Mr. Wheeler says they made changes to the interior of the home to protect it from water. The floors can handle floods.
“It’s a concrete base that’s seamless,” he said.
The cabinets were redone: no particle board, it’s 100% wood. To help flood-proof the walls, the family replaced the sheet rock.
“Over here you can see the PVC board,” he said.
But perhaps the biggest change: The family doesn’t have flood coverage. They dropped it years ago and they’re not alone. As rates have climbed, other storm victims tell 8 On Your Side they don’t think paying for flood insurance is worth it.
“If you go five years without a flood, that more than covers the little bit of cost to patch up things,” said Mr. Wheeler.
Insurance brokers say it’s a risky move. But if you don’t have a mortgage, it’s your choice.
You should note that a standard homeowners policy does not cover floods. Most people that carry flood get it through the National Flood Insurance Program or NFIP. According to data provided by NFIP, most of the folks living inland opt out of coverage. But in Pinellas County, one out of four homes is insured.
In Hillsborough and Sarasota counties, it’s close to one in five.
As for Mr. Wheeler, he says with each flood, the clean-up gets easier.
“Next time the trim will be put on with screws so we can just pop the screws out,” he said.
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Home Prices Hold Steady in July
While much of America grapples with unfamiliarly high interest rates that have stalemated the resale home market, broker analysts reviewing the July 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), point to data that shows home sales activity in Naples has remained steady for the past year despite several interest rate increases. Yet, even as cash sales for homes in Naples decreased from 66.7 percent in January to 53.5 percent in July, the overall median closed price of homes in the first seven months of 2023 has continued to increase compared to most months in the first seven months of 2022.
The July Market Report’s total sales data showed 81 fewer homes sold in July compared to July 2022, an 11.9 percent decrease to 600 closed sales from 681 closed sales. On the other side of the spectrum, pending listings (homes under contract) in July increased 6.3 percent to 798 pending listings from 751 pending listings in July 2022, which illustrates our market’s steadiness. Also, the percent of list price received this July is steady at 96.1 percent compared to 97.9 percent in July 2022. In July, days on market increased 115.4 percent to 56 days from 26 days in July 2022, the lowest reported in the history of NABOR®’s Market Reports. Incidentally, before the pandemic, days on market averaged over 100 days (104 days in July 2019).
“Fortunately, new listings continue to be steady each month,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. “But they aren’t replenishing inventory at the rate we need, and so inventory has been dropping for each of the last four months.”
New listings in July decreased 15.4 percent to 810 new listings from 957 new listings in July 2022. Before the pandemic, new listings supplemented an already very healthy inventory level. Data showed there were 5,200 properties for sale in Naples in July 2019 compared to 2,583 properties listed for sale in July 2023. But while new listings, closed sales, and pending sales activity have almost returned to 2019 levels, overall inventory has not.
As inventory faded away during the homebuying frenzy of the pandemic years, median closed prices rose by over 50 percent. In July 2019, the median closed price in Naples was $325,000. But in July 2023, the median closed price increased 9.2 percent to $595,000 from $545,000 in July 2022.
“I don’t think sales in our area have stalemated,” said Hughes. “Looking at the data, we’re no better and no worse than we were a year ago. In fact, historically speaking, we’re only 500 sales off from the number of closed sales reported in the first seven months of 2019. And that’s with half the inventory. This says so much about resiliency and the desirability of homeownership in our area.”
The NABOR® July 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 (singlefamily and condominium) findings for 2023:
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The report also showed 199 pending listings went back on the market in July. According to Jillian Young, President, Premiere Plus Realty, “Just because your offer is not chosen doesn’t necessarily mean that the home you want is off the table. It may come back onto the market. If you can afford to buy a home do it because prices may not decline and if interest rates drop, then you will face more competition when it happens.”
Brokers like Hughes recommend working with a REALTOR® who can assist you in putting in back up offers and exploring your financing options. “You can always consider refinancing if interest rates drop. Plus, adjustable rate and hybrid loans are another good option today.”
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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. |
