01 Apr Bonita Bay Real Estate News | April 2022
Posted at 08:03h in Bonita Bay, Ed Gongola, Real Estate News, Seaglass at Bonita Bay, Uncategorized
As of April 1, 2022, there are 13 active listings in our area multiple listing service (MLS) in Bonita Bay; the same as last month.
For comparison, last year on April 1, there were 27 listings in Bonita Bay.
There are 4 single-family homes, ranging in price from $899,000 to $6,500,000. The average list price is $3,016,000 and the average days on the market is 92. The combined days on the market is 92.
In the carriage, mid-rise, townhouse, and attached villa market, there are 2 active listings in Bonita Bay, both priced at $575,000. The average days on the market and the combined days on the market are both 4 days.
In the high-rise market, there are 7 active listings in Bonita Bay ranging in price from $1,499,000 to $4,650,000. The average list price is $3,563,429 and the average days on the market is 44. The combined days on the market is 83.
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.
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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 $504,870; these condos were on the market an average of 14 days; combined days on the market is 69.
- During the 12 months previous, there were 96 sales with an average sales price of condominiums was $393,627; these homes were on the market for 87 days; combined days on the market is 164.
BONITA BAY HIGH-RISES
- During the last 12 months, there were 83 sales with an average sales price of $1,715,656; these homes were on the market an average of 87; combined days on the market is 140.
- During the 12 months previous, there were 89 sales with an average sales price of $1,283,778; these homes were on the market for an average of 156 days; combined days on the market is 250.
SINGLE-FAMILY BONITA BAY HOMES
- During the last 12 months, there were 76 sales with an average sales price of $1,876,105; these homes were on the market an average of 41 days; combined days on the market is 114.
- During the 12 months previous, there were 80 sales with an average sales price of $1,554,042; these homes were on the market for an average of 103 days; combined days on the market is 178.
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.
April 2022 Market Update
DOWNING-FRYE: BUYER DEMAND CONTINUES TO STAY STRONG
“March 2022 saw Downing-Frye agents have over $219 million in closed sales volume,” said Mike Hughes, Vice President and General Manager of Downing-Frye Realty, Inc. “With this sales volume, Downing-Frye agents closed over $488 million in the first quarter of the year. The numbers certainly could be higher if there was more listing inventory. With a tight inventory of listings and strong buyer demand, many open houses are seeing a lot of visitor traffic. Multiple offers are quite common these days. A lot of times the winning buyer has to offer more than the list price to secure the property. Many of our listings are going under contract quickly. One issue that sellers need to think about is where will they move to? Downing-Frye has seen a decline in rental listings this year. Many of the landlords are cashing out and selling with the new buyer retaining the property rather than continue using the property as a rental. As we said earlier, the properties for sale inventory of listings remains tight. Downing-Frye agents look forward to this unusual market. A market like this gives us the ability to show the consumer our worth. We are off to a good start this year!”
BONITA / ESTERO: DEMAND STILL STRONG
New summer inventory is expected, but the question is: Will it be enough to satisfy demand? For the month of February 2022, REALTOR.com reported over 29 million search result page views in the Bonita Springs and Estero markets, a testament to the area’s popularity. In comparing February 2022 with February 2021: the median closed sales price was up 34.9 percent to $479,000; active inventory was down 74.2 percent to 217 listings; and the number of new listings was slightly higher at 407 units. Less than one-month’s supply of inventory was available in February 2022.
NAPLES AREA: HOME VALUES HITTING RECORD HIGHS
The overall median closed price in February was $550,000, a 37.5 percent increase over the median closed price in February 2021. The high demand for homes is demonstrated by the number of showings in February, which was 43,032. When divided by the number of homes in inventory during February (1,176), this translates to 36 showings per home. For perspective, in 2019 there were 2.9 showings per home. The data also shows that homes sold fast in February, within 23 days on the market, and the percent of list price received was 100.6 percent, which pleased many sellers. It is only due to a lack of inventory that home sales in Naples did not fare as well as last February. Single-family closed sales were down by 25.2 percent, and condo closed sales were down by 50.5 percent.
MARCO ISLAND AREA: MEDIAN PRICE UP
The Marco Island Area Assoc. of Realtors® reported that February 2022 compared to February 2021 showed the following: Total inventory (175 properties) was down 62 percent, closed sales (84 properties) were down by 46 percent with a volume sold of $122.2 million, down 9 percent. The February median sales price for homes was $1.9 million (up 76 percent), for condos was $518,000 (down 7 percent), and for lots was $715,000 (up 79 percent).
FLORIDA: TIGHT SUPPLY; MEDIAN PRICE UP
In February, closed sales of single-family homes statewide totaled 23,661, down 1.2 percent year-over-year, while existing condo-townhouse sales totaled 10,975, down 3.6 percent over February 2021. The statewide median sales price for single-family existing homes was $381,481, up 21.1% from the previous year, and for condo-townhouse units was $290,000, up 24.3 percent. In the face of higher mortgage rates, price growth is expected to eventually slow, said Dr. O’Connor, Florida Realtors Chief Economist. “We should expect sales next month to be below last year’s levels, but still well above pre-pandemic levels,” he said.
USA: PENDING HOME SALES DOWN AGAIN
Pending home sales slipped in February, marking four consecutive months of transaction decreases. The Northeast was the only area that reported an increase. “Pending transactions diminished in February mainly due to the low number of homes for sale,” said Lawrence Yun, NAR’s chief economist. “Buyer demand is still intense, but it’s as simple as ‘one cannot buy what is not for sale.’ Also, the surge in home prices combined with rising mortgage rates can easily translate to another $200 to $300 in mortgage payments per month, which is a major strain for many families already on tight budgets.” Yun forecasts mortgage rates to be about 4.5-5 percent for the remainder of the year and expects about a 7-percent reduction in home sales in 2022 compared to 2021.
Sources: The Bonita Springs-Estero REALTORS®/SWFLMLS, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS® Marco Island Area Assoc. of REALTORS®
New-Home Market Was Broken Before Pandemic
Builders once kept up with demand, but Great Recession cutbacks and worker losses created major problems exacerbated by new pandemic-created challenges.
Almost every real estate economist has said for years that “We need more new homes” to end problems such as rising home prices and housing for low-incomes Americans.
However, the housing market continues to face low inventory and high home prices, and experts continue to hope that home builders can increase supply. The lack of new-home inventory doesn’t just impact the new-home industry – it also pushes more buyers into the existing-inventory home market.
But builders haven’t been able to keep up. They point to supply chain disruptions. Lennar says those disruptions have slowed quarterly production cycles by two weeks for two consecutive quarters.
“The ability to actually build and deliver homes has been slowed by the supply chain that is all but broken, by the workforce that is short in supply, and the intense competition for scarce entitled land assets. Therefore, the supply of homes has remained quite limited and is not prone to overbuilding,” according to Lennar Executive Chairman Stuart Miller.
Similar reports were delivered by Texas-based builder D.R. Horton and Georgia-based PulteGroup to their investors. Their reports acknowledged the challenge of skyrocketing lumber costs, weakened labor forces, and issues sourcing building materials and appliances.
“Just about every housing analyst and housing economist right now agrees that we need to add more housing, and it’s not just single-family housing – we need to build more townhouses, more missing middle duplex type housing, and more apartments,” says National Association of Home Builders Chief Economist Robert Dietz. “There’s no single scalable solution that’s going to solve the problem. It’s going to require years to fix the problem, and buyers will be priced out in the process.”
Redfin Deputy Chief Economist Taylor Marr says inflated lumber costs and supply chain issues have increased the cost of building a home by 22% over the past year alone. Dietz also points to the costs associated with inflation, which reached 7.9% in February, making it harder for privately owned home builders to secure the loans they need to withstand higher material costs and the financial risk that comes with increasing completion timelines.
Source: Inman (03/28/22) McPherson, Marian
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Sellers are Taking Advantage of Home Values Hitting Record High
More sellers are motivated to enter the market as home values continue to rise as a result of limited inventory and high demand in the Naples area. According to the February 2022 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), the overall median closed price in February was $550,000, a 37.5 percent increase over the median closed price in February 2021. The high demand for homes is demonstrated by the number of showings in February, which was 43,032. When divided by the number of homes in inventory during February (1,176), this translates to 36 showings per home. For perspective, in 2019 there were 2.9 showings per home. The data also shows that homes sold fast in February, within 23 days on the market, and the percent of list price received was 100.6 percent, which pleased many sellers.
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.