01 Apr Bonita Bay Real Estate News | April 2020
As of April 1, 2019, there are 120 active listings in MLS in Bonita Bay; 9 less than last month. There are 34 single-family homes ranging in price from $525,000 to $5,495,000. The average list price is $2,099,171 and the average days on the market is 157. The combined days on the market is 225. In the carriage, mid-rise, townhouse, and attached villa market, there are 36 active listings in Bonita Bay. Prices range from $280,000 to $655,900. The average list price is $402,000. The average of days on the market is 106. The combined days on the market is 139. In the high-rise market, there are 50 active listings in Bonita Bay ranging in price from $650,000 to $6,750,000. The average list price is $1,700,438 and the average days on the market is 234. The combined days on the market is 271.
Whether you are buying or selling, if you are looking for REALTOR® representation, think of me.
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 83 sales with an average sales price of $389,202; these condos were on the market an average of 82 days; combined days on the market is 135.
- During the 12 months previous, there were 79 sales with an average sales price of condominiums was $375,243; these homes were on the market for 95 days; combined days on the market is 177.
BONITA BAY HIGH-RISES
- During the last 12 months, there were 50 sales with an average sales price of $1,304,825; these homes were on the market an average of 194 days; combined days on the market is 270.
- During the 12 months previous, there were 46 sales with an average sales price of $1,490,739; these homes were on the market for an average of 181 days; combined days on the market is 457.
- During the last 12 months, there were 61 sales with an average sales price of $1,189,651; these homes were on the market an average of 126 days; combined days on the market is 207.
- During the 12 months previous, there were 80 sales with an average sales price of $1,089,302; these homes were on the market for an average of 103 days; combined days on the market is 192.
Meet Ed Gongola and discover how he can help you with his concierge style of service when buying or selling your home.
APRIL 2020 MARKET UPDATE
PENDING SALES COMPLETED
“Incredibly, our closed sales volume for the first quarter will top $400 million,” said Mike Hughes, Vice President of Downing-Frye Realty, Inc. “Our closed sales volume is UP substantially compared to the first quarter of 2019, when we closed $331 million. We’ve now put another Coronavirus week behind us, which means that we are one week closer to being out of this dilemma. I am proud of our Downing Frye family of agents and staff who are working through this historic event. Once we get through this – and we will – I feel that the country will breathe a sigh of relief and the economy will come roaring back. One thing is certain, and that is the enduring desire to live in Southwest Florida.”
BONITA /ESTERO: MARKET HOLDING STRONG
While area brokers report that some out of town visits from potential buyers have been postponed, many potential buyers and sellers are taking advantage of the numerous technological tools offered by their agents for viewing properties, signing documents and communicating. Another opportunity now available are lower interest rates on mortgages. Additionally, for the first time since 2007, the Florida House and Senate have agreed to fully fund the Sadowski fund, assisting first-time homebuyers in accessing funds for a down payment. Area brokers also advise that if recent stock market activity is causing concern, the real estate market is historically and currently a stable investment. Feb 2020 vs Feb 2019: pending sales up 40 percent, closed sales up 45.6 percent.
FLORIDA: HOUSING MARKET IN GOOD POSITION
Florida’s housing market reported more closed sales, higher median prices, more pending sales and higher pending inventory in February 2020 compared to a year ago. Statewide median sales prices for both single-family homes and condo-townhouse properties in February rose year-over-year for 98 months-in-a-row. The statewide median sales price for single-family existing homes was $270,000, up 8 percent from the previous year. For the condo-townhouse market in February, statewide closed sales totaled 8,842, up 10.8 percent from the level a year ago. Florida Realtors Chief Economist Dr. Brad O’Connor said that while the state’s housing market in February was strong, the biggest question now is what the future holds over the next few months. He said that’s impossible to know at this time. “Most of our traditional forecasting tools will be rather useless in the near term until there is a better handle on our local, state, and federal governments’ plan to both combat the virus and shield the economy.”
USA: FEBRUARY SALES JUMP 6.5%
For the 8th straight month, overall sales greatly increased year-over-year, up 7.2 percent from a year ago (5.38 million in February 2019 vs. 5.77 million in February 2020.) “February’s sales of over 5 million homes were the strongest since February 2007,” said Lawrence Yun, NAR’s chief economist. “I would attribute that to the incredibly low mortgage rates and the steady release of a sizable pent-up housing demand that was built over recent years.” Yun noted that February’s home sales were encouraging but not reflective of the current turmoil in the stock market or the significant hit the economy is expected to take because of the coronavirus and corresponding social quarantines. He added, “These figures show that housing was on a positive trajectory, but the coronavirus has undoubtedly slowed buyer traffic and it is difficult to predict what short-term effects the pandemic will have on future sales. For the past couple of months, we have seen the number of buyers grow as more people enter the market. Once the social-distancing and quarantine measures are relaxed, we should see this temporary pause evaporate, and will have potential buyers return with the same enthusiasm.”
Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®.
Florida Realtors: Feb. Single-Family Sales Up 9.1%
Condo sales up 10.8% year-to-year. Statewide median price for single-family homes up 8% to $270K; condo median price up 6.7% to $200K.
ORLANDO, Fla. – Florida’s housing market reported more closed sales, higher median prices, more pending sales and higher pending inventory in February 2020 compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 20,693 last month, up 9.1% from February 2019.
“February was a strong month for Florida’s housing market, continuing the trends we have seen previously, such as historically low mortgage rates and tight for-sale inventory,” says 2020 Florida Realtors President Barry Grooms, a Realtor and co-owner of Florida Suncoast Real Estate Inc. in Bradenton. “New pending sales for single-family existing homes rose 12.5% last month and new pending sales for condo-townhouse units increased 13.9%.
“Of course, with COVID-19 spreading in Florida and across the globe, all of our lives have been affected. Last week, Gov. Ron DeSantis issued a state-of-emergency declaration so that the state could more effectively gather resources and receive federal help to combat the pandemic and offer aid. We don’t yet know how Florida businesses, including the real estate industry, will be impacted. But we do know that Realtors stand with their communities and will continue to do whatever we can to help in these uncertain times. And, as experts in their local markets, Realtors continue to serve as a valued source of information for homebuyers and sellers.”
Statewide median sales prices for both single-family homes and condo-townhouse properties in February rose year-over-year for 98 months-in-a-row. The statewide median sales price for single-family existing homes was $270,000, up 8% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $200,000, up 6.7% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in January 2020 was $268,600, up 6.9% from the previous year; the national median existing condo price was $248,100. In California, the statewide median sales price for single-family existing homes in January was $575,160; in Massachusetts, it was $405,000; in Maryland, it was $288,000; and in New York, it was $300,000.
Looking at Florida’s condo-townhouse market in February, statewide closed sales totaled 8,842, up 10.8% from the level a year ago. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
Data shows that Florida’s housing market experienced another solid month of growth in February, according to Florida Realtors Chief Economist Dr. Brad O’Connor.
“Historically low mortgage interest rates continued to serve as the principal driver of growth in the housing market last month,” he says. “Freddie Mac reported all-time lows in February for both 30- and 15-year fixed-rate loans, checking in at 3.47% and 2.97% percent, respectively. These lower rates have helped relieve some of the pent-up demand for affordable homes caused by the housing shortage, and they also aided in a revival of demand in the upper tier of the market. Consequently, price growth has actually accelerated in recent months, including in February.”
He said that while the state’s housing market in February was strong, the biggest question now is what the future holds over the next few months.
“However, that’s impossible to know at this time, given that Florida – and the rest of the world – face the enormous challenge of fighting a global pandemic,” says O’Connor. “The emergence of the coronavirus is a perfect example of what we might call a ‘black swan’ event, which for economists means a very rare, difficult-to-predict event that originates from outside of the economic realm but imposes a massive shock to the economy. Most of our traditional forecasting tools will be rather useless in the near term until there is a better handle on our local, state, and federal governments’ plan to both combat the virus and shield the economy.”
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.47% in February 2020, down from the 4.37% averaged during the same month a year earlier.
To see the full statewide housing activity reports, go to Florida Realtors’ Statistics and Research section on floridarealtors.org. Realtors also have access to local market stats (password protected) on Florida Realtors’ website
© 2020 Florida Realtors®
February Housing Activity Reflects Naples Enduring Desirability
Naples, Fla. (March 27, 2020) – Despite state recommendations to practice self distancing, the housing market in the Naples area continues to breathe with life. The February 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), showed overall closed sales increased 29 percent to 789 closed sales in February 2020 compared to 610 closed sales in February 2019. Admittedly, this report reflects comparable activity in February 2020 – which preceded self-distancing recommendations due to COVID-19 – but it is a glimpse at our market’s significant and enduring desirability.
“We have a resilient real estate market that was proven during the last recession,” said Dominic Pallini, Broker at Vanderbilt Realty, who was the President of NABOR® during Hurricane Irma in 2017. “This interruption should end in a few months; not seven to ten years.”
Like many professionals, REALTORS® in Naples are working remotely or from home and using creative solutions to stay connected to their buyers and sellers. Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty, remarked that “some offices are closed, but we are all still in business!”
In an industry that is already technology-focused and adept, NABOR® and its members are continuing efforts to help foster the sale of homes, all while following the Centers for Disease Control guidelines. NABOR® is also providing new digital resources during the coronavirus outbreak to help keep the public and real estate professionals connected and safe.
Overall pending sales in February increased 43 percent to 1,526 pending sales compared to 1,068 pending sales in February 2019! There were also 32,712 showings by agents in Collier Collier during February, which is roughly 11,000 more showings than reported in February 2019.
Wes Kunkle, President and Managing Broker at Kunkle International Realty, keeps an eye on market activity daily by analyzing activity in the Southwest Florida MLS and said on March 25, 2020, that “the MLS data is showing an average of 25 new pending sales every day.”
Fioretti said her firm is “currently focusing our efforts on closing pending transactions because February’s pending sales were so strong and many buyers and sellers are eager to successfully close on their properties.”
Fioretti added that “there are many important tasks that must be completed in order to have a successful closing, such as inspections, appraisals, final walk through, meeting lender requirements, Homeowner Association applications and approval and more.” She predicts that March closings should be strong as a result of strong February pending sales, and the vigorous efforts of REALTORS®, lenders, and closing agents.
February’s Market Report also shows a renewed and growing interest in condominium sales, which saw pending sales increase 45 percent to 802 pending sales in February 2020 compared to 552 in February 2019.
Budge Huskey, President, Premier Sotheby’s International Realty, agreed with Fioretti that March’s closed sales will be strong as “most everywhere there is respect for the need to foster closings of pending sales.”
Properties priced between $1 million and $2 million reported the highest increase in closed sales (21 percent) for the 12-months ending February 2020 than any other price category. Single-family home sales in the $1 million to $2 million price category had the highest increase among all properties reported with a 27 percent increase (12-months ending February 2020)! However, condominiums priced above $2 million had the highest increase in closed sales for its property type, reporting a 20 percent increase (in the 12-months ending February 2020). These increases are in line with what broker analysts predicted in January that many buyers are rebalancing their portfolios and pulling money out of the stock market to buy homes.
Overall median closed prices increased 3 percent in February to $345,000 compared to $335,000 in February 2019. Broken down by property type, median sales prices rose 5 percent for single family homes and nearly 7 percent for condominiums in February 2020 compared to February 2019. Fioretti added that “price increases in February were expected due to the low inventory we are still experiencing.”
Because the federal government enacted stricter standards for financing following the recession in 2008, “most buyers in the last ten years have purchased homes using cash or conventional financing with significant down payments,” said Adam Vellano, West Coast Sales Manager, BEX Realty – Florida. “This has created larger amounts of equity in the market and, with our current balanced inventory, we can absorb a short disruption.”
Vellano added that we are not facing a housing crisis like what we experienced in 2008 because we don’t have a lot of highly leveraged owners with second mortgages that will be forced into foreclosure.
Vellano added that we are not facing a housing crisis like what we experienced in 2008 because we don’t have a lot of highly leveraged owners with second mortgages that will be forced into foreclosure.
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Feb 2019 | Feb 2020 | CHANGE |
| Total closed sales (year/year) | 610 | 789 | +29.3% |
| Total pending sales (homes under contract) (year/year) | 1,068 | 1,526 | +42.9% |
| Median closed price (year/year) | $335,000 | $345,000 | +3.0% |
| Total active listings (inventory) | 8,160 | 5,825 | -28.6% |
| Average days on market | 101 | 95 | -5.9% |
| Single-family closed sales (year/year) | 300 | 376 | +25.3% |
| Single-family median closed price (year/year) | $403,750 | $425,500 | +5.4% |
| Single-family inventory | 4,134 | 2,868 | -30.6% |
| Condominium closed sales (year/year) | 310 | 413 | +33.2% |
| Condominium median closed price (year/year) | $265,000 | $283,250 | +6.9% |
| Condominium inventory | 4,026 | 2,957 | -26.6% |
The February 2020 Market Report also showed a 6-month supply of inventory for properties under $500,000, while properties priced above $500,000 are at an 8-month supply. Interestingly, there is currently a 14-month supply of inventory for properties priced above $2 million.
“The February report is a continuation of the incredible pace of the market we saw in January, with impressive results across all categories and price ranges,” said Huskey. “These figures reflect the market in advance of the coronavirus impact, which will no doubt be evident in March. The reality is business is continuing, albeit at a far slower pace as the REALTOR® community and the public enact the recommended precautionary steps to ensure the situation is short-lived. But, the first two months of the year confirmed that Naples is more desirable than ever, an attraction which will be sustained long after concerns of the virus have passed.”
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.
Scammers Try to Dupe Homeowners Who Need Help
Scammers love stressed people in need, and they’ve deployed a range of spoofing and other tactics that offer financial aid to panicked homeowners.
NEW YORK – Scam artists see struggling homeowners as easy marks right now, and they’re reportedly using multiple methods, including spoofing tactics, to trick them using offers of financial aid.
Freddie Mac warned this week of a scam: Borrowers were receiving fraudulent calls supposedly from Freddie Mac and being offered low interest rates and other false promises. Freddie Mac says it never reaches out to consumers over the phone with a refinancing opportunity or a new loan offer.
Knowing that some homeowners are struggling economically thanks to the COVID-19 pandemic, scammers may call owners with offers of immediate relief from foreclosure or help with programs that can temporarily suspend their mortgage payments.
Freddie Mac, Fannie Mae and many private lenders actually are offering programs to help homeowners have trouble right now – but those calls need to be initiated by the owner.
“Spoofing is when a caller deliberately falsifies the information transmitted to your caller ID in an effort to disguise their identity while pretending to be someone else,” Freddie Mac warns in a statement about the growing scam. Through spoofing, a homeowner’s cell phone could actually say the call is coming from Freddie Mac.
“During times of distress, it is important to be on your guard against fraud schemes,” Freddie Mac says in a post.
Tips from Freddie Mac to help homeowners avoid being scammed:
- If a call comes from an unknown number, let it go to voicemail. If it’s important, the caller will leave a message.
- If you answer and receive a robocall, don’t press any numbers. Hang up.
- Never give out any personal, financial, or other sensitive information unless you’ve verified the caller is a legitimate source.
Be cautious of numbers on your caller ID since scammers can make any name or number appear.
Source: “Avoiding Fraud: Call Spoofing,” Freddie Mac (March 25, 2020) and “Avoid Getting Caught Up in Coronavirus Scams Involving Your Mortgage,” Forbes.com (March 26, 2020)
© Copyright 2020 INFORMATION INC., Bethesda, MD (301) 215-4688
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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. |
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