Bonita Bay Real Estate News | August 2020

Bonita Bay Real Estate News | August 2020

As of August 1, 2020, there are 91 active listings in our area multiple listing service (MLS) in Bonita Bay; 7 more than last month. There are 21 single-family homes ranging in price from $499,000 to $4,995,000. The average list price is $2,380,662 and the average days on the market is 133. The combined days on the market is 213. In the carriage, mid-rise, townhouse, and attached villa market, there are 30 active listings in Bonita Bay. Prices range from $265,000 to $725,000. The average list price is $388,860. The average of days on the market is 120. The combined days on the market is 179. In the high-rise market, there are 40 active listings in Bonita Bay ranging in price from $640,000 to $6,750,000. The average list price is $1,729,895 and the average days on the market is 239. The combined days on the market is 259.

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 72 sales with an average sales price of $401,558; these condos were on the market an average of 85 days; combined days on the market is 148.
  • During the 12 months previous, there were 79 sales with an average sales price of condominiums was $367,161; these homes were on the market for 84 days; combined days on the market is 142.
 
BONITA BAY HIGH-RISES
  • During the last 12 months, there were 48 sales with an average sales price of $1,382,634; these homes were on the market an average of 150 days; combined days on the market is 267.
  • During the 12 months previous, there were 53 sales with an average sales price of $1,415,349; these homes were on the market for an average of 214 days; combined days on the market is 446.
 
SINGLE-FAMILY BONITA BAY HOMES
  • During the last 12 months, there were 55 sales with an average sales price of $1,288,765; these homes were on the market an average of 105 days; combined days on the market is 191.
  • During the 12 months previous, there were 66 sales with an average sales price of $1,040,873; these homes were on the market for an average of 153 days; combined days on the market is 238.
 
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.


August 2020 Market Update

SUMMER SALES SIZZLE

“We’re selling as many properties as we’re listing,” said Mike Hughes, Vice President of Downing-Frye Realty, Inc. “We began the year with 1,006 properties for sale and now we have 1,010, but in the meantime we’ve had 1,513 closed transactional sides. This summer has exceeded all expectations. Comparing this June and July to the same period last year, our pending sales volume is UP 71 percent with $310 million in pending sales volume compared to $181 million during the same period last year. Our pending sale transactions are up 33 percent with increases in every price range. Notably, pending sales above $1,000,000 are up 120 percent, and single family homes continue to be the most desirable property type.”

BONITA /ESTERO: DEMAND HIGH, INVENTORY LOW

As of June 2020, the days on market decreased by 18 percent, as pending sales increased by 44.7 percent. New listings increased by 59.4 percent over June 2019, but area brokers say the new inventory is still not enough to keep up with increasing buyer demand. In comparing June 2020 with June 2019, pending sales are up 44.7 percent and the median closed sales price of $325,000 is up 6.6 percent. The current inventory stands at 1,272 available properties, which is down 20.8 percent from last year, and represents 4.6 months supply.

FLORIDA: STRONG MARKET POINTS TO RECOVERY

June’s closed sales of single-family homes statewide rose 1.3 percent year-over-year, totaling 27,650, while condo-townhouse sales decreased 10.9 percent, for a total of 8,996. In June, the statewide median sales prices for all housing types rose year-over-year for 102 consecutive months. The statewide median sales price for single-family existing homes was $282,000, up 4.4 percent from the previous year. Florida Realtors Chief Economist Dr. Brad O’Connor said, “Statewide new pending sales of single-family homes were up 23.2 percent year-over-year. Meanwhile, new pending sales of condo-townhouse units rose 19.8 percent compared to June 2019. Several factors are playing into this renewed demand for housing, but by far, the most important factors are record-low mortgage interest rates and the release of all the pent-up demand from our derailed spring buying season.”

USA: SALES CLIMB IN JUNE

Existing-home sales rebounded at a record pace in June, showing strong signs of a market turnaround after three straight months of sales declines caused by the ongoing pandemic. “The sales recovery is strong, as buyers were eager to purchase homes and properties that they had been eyeing during the shutdown,” said Lawrence Yun, NAR’s chief economist. “This revitalization looks to be sustainable for many months ahead as long as mortgage rates remain low and job gains continue.” The median existing-home price for all housing types in June was $295,300, up 3.5 percent from June 2019 ($285,400). Total housing inventory at the end of June totaled 1.57 million units, up 1.3 percent from May, but still down 18.2 percent from one year ago (1.92 million). Properties typically remained on the market for 24 days in June, seasonally down from 26 days in May, and down from 27 days in June 2019. Sixty-two percent of homes sold in June 2020 were on the market for less than a month.
 
Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®. 

 

June Market Activity Sets the Stage for Strong Summer Sales

Naples, Fla. (July 24, 2020) – According to the June 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), pending sales (homes under contract) increased 61.3 percent compared to June 2019, with single-family homes being the home choice for a majority of buyers. Broker analysts reviewing the report also noted that new listings during June increased 25.8 percent compared to June 2019, which indicates growing consumer confidence for both sellers and buyers leading into the summer Naples real estate market.
 
The everlasting desirability of the Naples real estate market was undeniable in June, especially in the single-family home market where pending sales increased 83.9 percent to 835 pending sales from 454 pending sales in June 2019. Pending sales of condominiums during June increased 38.7 percent to 634 pending sales from 457 pending sales in June 2019.
 
“The Naples residential market is showing signs of rebounding after a temporary pause in activity caused by the pandemic during the latter part of March, and through April and May,” said Budge Huskey, CEO, Premier Sotheby’s International Realty. “Naples seems to be the beneficiary of a migration of people making life changes and coming to our market. Contributing factors are our low density and coastal properties.”
 
While closed sales in May were down nearly 50 percent compared to May 2019, closed sales in June decreased only 4.6 percent to 881 closed sales from 923 closed sales in June 2019. However, according to Brenda Fioretti, Managing Broker with Berkshire Hathaway Home Services Florida Realty, “June had the third highest number of showings this year, behind the historically high showing months of January and February. In comparison, there were 36,912 showings in June compared to 42,299 showings in January and 44,137 showings in February.”
 
Before the pandemic, the number of closed sales of single-family homes and condominiums was about equal each month; but the June Market Report revealed a shift in buyer preference to single family homes compared to June 2019, as closed sales of single-family homes increased 2.9 percent to 498, while closed sales in the condominium market decreased 12.8 percent to 383. This trend could be attributed to buyers wanting a larger home with more space to accommodate working from and sheltering at home.
 
Inventory decreased 27.6 percent to 4,739 homes in June from 6,547 homes in June 2019. The majority of this depletion was reported in the single-family home market, which decreased 34.5 percent, while the condominium market had a decrease in inventory of 20.3 percent. The report also showed the largest drop in inventory occurred in the $300,000 to $500,000 single family home market, which decreased 47.7 percent in June compared to June 2019.
 
As a result of heightened buyer demand, the median closed price increased 8.2 percent to $357,000 in June from $330,000 in June 2019. Bill Coffey, Broker Manager of Amerivest Realty Naples, remarked, “The overall median closed price increased in June because the luxury market is hot this summer, and the level of demand is driving up the prices, particularly in the $1 million and above market.”
 
Coffey’s comment was validated by other brokers reviewing the report including Huskey and Phil Wood, President & CEO of John R. Wood Properties, who both claimed their offices saw multiple offer situations in the luxury market during June. Fioretti added that her agents reported multiple offers in every price point during June.
 
Wood added that closed sales for the year are not yet on track with last year’s activity due to the pandemic, yet he’s optimistic because “as of June, the number of closed sales were only 400 less than last year at this time.” He added, “When the stock market dropped at the beginning of the pandemic, high-end buyers hit pause. But the stock market is strong today and these buyers – who we typically only see during high season – are seeking to buy luxury properties in Naples this summer.”
 
The NABOR® June 2020 Market Reports provide 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: 
Despite a decrease in overall inventory for June, the report showed geographic areas where new listings grew including the Naples Beach area (34102, 34013, 34018), which added 260 new properties to its inventory compared to 159 new property listings added during June 2019. But supply is simply not keeping up with demand as overall inventory for the Naples Beach area decreased 16.1 percent.
 
The market data indicates that now is a good time to sell, as the number of showings and pending sales are increasing, and prices are also rising! If you are looking to buy or sell a home in Naples, contact a Naples REALTOR® who has the ability to provide a virtual showing, an accurate market comparison or negotiate a sale. A REALTOR® can ensure your next purchase or sale in the Naples area is a success.
 
 
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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NAR Survey: 9 of 10 Realtors Say Market Is Recovering

92% of Realtors have buyers who returned or never left; 18% saying buyers never left. Chief Economist Yun says the RE market has “seen a swift rebound of activity.”

WASHINGTON – A new survey from the National Association of Realtors® (NAR) finds that nine out of 10 Realtor members believe their market is recovering from the pandemic shutdown as economies start to reopen.
NAR’s 2020 Market Recovery Survey polled agents about their residential and commercial real estate markets and found that 92% said a portion of their buyers have either returned (9%) or never left the market (18%). Realtors in small towns and rural areas were more likely to report no pause in buyer activity, and they were also more likely to report a stronger return of buyers to the market.
 
“The residential market has seen a swift rebound of activity as numerous states have begun to ease mandatory stay-at-home orders,” says Lawrence Yun, NAR’s chief economist. He says many buyers and sellers paused in the early stages of the pandemic, but “Realtors nationwide were able to quickly pivot, embracing technology and business practices to ensure the home buying process continued in a safe manner.”
 
Sellers
Most Realtors (89%) said they had sellers who either returned to the market or never delisted their property, with 24% saying their sellers never left. However, suburban and urban markets saw fewer sellers returned to the market.
Two-thirds said that sellers’ timelines to sell haven’t changed, while 23% said they have sellers who feel more urgency to sell.
 
Buyers
Of those Realtors working with buyers, 54% said their timelines to purchase a home haven’t changed, though 27% said they see even more urgency today.
Yun says many buyers’ plans were stalled during the pandemic, and “that has led to more urgency and a pent-up demand to buy” now. “After being home for months on end – in a home they already wanted to leave – buyers are reminded how much their current home may lack certain desired features or amenities.”
In some cases, respondents reported changes in buyers’ preferences: 24% of Realtors have buyers who shifted their preferred location due to the coronavirus. Among those Realtors, 47% said they now preferred a house in the suburbs, 39% cited rural areas, and 25% said smaller towns.
 
Some buyers changed the features they want in their ideal home, according to 35% of surveyed Realtors. The most common changes are a desire for a home office, space to accommodate more family members – older adult relatives, newborns or pets – larger homes with more personal space and bigger yards suitable for a garden.
 
More than one in 10 buyers (13%) want a bigger home, changing their search to accommodate that desire. The shift is highest in urban markets at 16%. In addition:
  • 33% have adjusted their commuting needs, with 22% less concerned about their commute
  • 7% want to live close to bike trails that connect them to work
  • 5% have a greater concern about parking and more concern for a location that allows them to drive to work
 
Commercial Realtors
Some commercial Realtors said they’re contending with hardships. Only 19% of property managers received all rent payments on time, and only 36% of individual landlords have received rent on time.
Three out of four commercial members said some leases were terminated or tenants asked to delay rental payments, with the greatest share (56%) in non-essential retail establishments, followed by the office sector (38%). However, grocery stores are faring well, the least cited of the commercial properties at 4%.
“Consumers have been forced to move away from buying in stores and are now doing much more shopping from home,” says Yun. “Unfortunately, this has come at the detriment of commercial property owners.”
But Yun also sees the change as an opportunity in the industrial warehouse market with Americans relying more on home delivery services. As economies reopen, 44% of NAR members expect demand for industrial properties to increase, and 35% expect the demand for multi-family properties to increase. On the other hand, 72% expect demand for non-essential retail to decline and 66% expect office usage to decrease.
 
The biggest concern for small businesses, according to 83% of commercial members, is a lack of profitability due to a decrease in customers. A majority of Realtors also expressed concern with:
  • 66%: A resurgence of the outbreak forcing another shutdown
  • 61%: Protecting the health of employees
  • 59%: Challenges implementing social-distancing measures
 
COVID-19
While the pandemic caught the housing market off-guard, the NAR survey found that many members are now prepared if another surge occurs: 39% are somewhat prepared for a second wave, and 19% reporting they are “very prepared.”
 
Of those Realtors who think there might be a resurgence, 30% said they’re more prepared now because they know what to expect, and 27% have changed business practices in some way to prepare for another bout of the virus.
 
 © 2020 Florida Realtors®
  By Kerry Smith
 



 
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.

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