Bonita Bay Real Estate News | January 2020

Bonita Bay Real Estate News | January 2020

As of January 1, 2019, there are 117 active listings in MLS in Bonita Bay; 8 more than last month. There are 29 single-family homes ranging in price from $529,900 to $5,999,000. The average list price is $2,260,686 and the average days on the market is 169. The combined days on the market is 237. In the carriage,  mid-rise, townhouse,  and attached villa market, there are 40 active listings in Bonita Bay. Prices range from $199,000 to $699,000. The average list price is $415,408. The average of days on the market is 131. The combined days on the market is 151. In the high-rise market, there are 48 active listings in Bonita Bay ranging in price from $715,000  to $6,750,000. The average list price is $1,734,198 and the average days on the market is 218. The combined days on the market is 252.

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 $372,088; these condos were on the market an average of 76 days; combined days on the market is 140.
     
  • During the 12 months previous, there were 92 sales with an  average sales price of condominiums was $376,831; these homes were on the market for 109 days; combined days on the market is 186.

BONITA BAY HIGH-RISES

  • During the last 12 months, there were 46 sales with an average sales price of $1,282,821; these homes were on the market an average of 205 days; combined days on the market is 313.
     
  • During the 12 months previous, there were 44 sales with an average sales price of $1,444,693; these homes were on the market for an average of 175 days; combined days on the market is 421.

SINGLE-FAMILY BONITA BAY HOMES

  • During the last 12 months, there were 68 sales with an average sales price of $1,037,061; these homes were on the market an average of 143 days; combined days on the market is 226.
     
  • During the 12 months previous, there were 75 sales with an average sales price of $1,181,420; these homes were on the market for an average of 82 days; combined days on the market is 179.
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.

 

JANUARY 2020 MARKET UPDATE

A BUSY END TO 2019
“We saw an uptick in real estate activity at the end of 2019,” said Mike Hughes, Vice President of Downing-Frye Realty, Inc. “We closed the year with over 1,000 listings, which represents a significant portion of the local inventory. We also, for the second year in a row, had over 3,000 pending sales during the year. Although the 2019 closed transactions and closed sales volume was slightly below what we saw in the previous year, 2019 overall was another strong year for Downing-Frye real estate activity with a closed sales volume of $1,455,452,242 and a high average closed sales price of $518,877. With a sales team of 500+ agents, we are poised for another good year. I’m excited!” 
 
BONITA /ESTERO: PENDING SALES UP
Lower inventory levels has been the trend for several months and continuing into 2020. Area brokers urge homeowners to list now because year-end pending sales are increasing, and lower inventory levels could pose a challenge for some buyers in early 2020. Market-wide, inventory levels were down 23.2 percent in November 2019, however, buyer interest continued with a 33.3 percent increase in pending sales. In comparing November 2019 with November 2018: New listings are down 8.6 percent, the median closed sales price is up 1 percent, and the current inventory of active listings is down 21 percent at 1,481 properties.

Realtor.com reported over 10.5 million listing search result page views in Bonita Springs and Estero for November 2019. Area brokers anticipate a busy winter selling season.
 
FLORIDA: INVENTORY SQUEEZE PUSHED UP PRICES
Inventory remained tight across much of Florida, pushing up home values. Florida’s housing market reported more single-family home sales and higher median prices, as well as increased pending sales and pending inventory in November 2019 compared to a year ago. Single-family home sales had a solid November, rising 6.1 percent, and the statewide median price for single-family homes rose 3.9 percent to $265K. Condo-townhouse median prices were up 5.4 percent to $195K. According to Florida Realtors Chief Economist Dr. Brad O’Connor, Florida’s housing market is feeling the pressure of a lack of housing supply. The latest data shows that the number of existing homes listed for sale in Florida continued to decline on a year-over-year basis in November, he said. “By the end of the month, the statewide inventory of on-market single-family homes was down 10.5% compared to a year ago, while the number of listed condos and townhouses was down just over 7 percent,” O’Connor said. 
 
USA: EXISTING HOME SALES UP OVERALL
Total existing-home sales decreased 1.7 percent from October to a seasonally-adjusted annual rate of 5.35 million in November. However, sales are up 2.7 percent from a year ago (5.21 million in November 2018).Lawrence Yun, NAR’s chief economist, said the decline in sales for November is not a cause for worry. “Sales will be choppy when inventory levels are low, but the economy is otherwise performing very well with more than 2 million job gains in the past year,” said Yun. The median existing-home price for all housing types in October was $271,300, up 5.4 percent from November 2018 ($257,400), as prices rose in all regions. November’s price increase marks 93 straight months of year-over-year gains. Compared to one year ago, fewer homes were sold below $250,000; with a 16 percent decline for homes priced below $100,000 and a 4 percent reduction for homes priced from $100,000 to below $250,000. Total housing inventory at the end of November was down approximately 7.3 percent from October and 5.7 percent from one year ago (1.74 million). 
 
Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®. 

Buyer Traffic Remains High, Especially in the South

Study: A year-to-year comparison finds buyer traffic up 5.5% in the U.S., but it’s up 10.8% in the South – the strongest uptick out of the four areas studied. It’s “noteworthy given that (two regions) previously reported nearly year-long drops in traffic prior to August.”
NEW YORK – The weather may be getting chillier in many parts of the country, but that hasn’t deterred potential home buyers from touring homes for sale. Buyer traffic in October saw an uptick in all four major regions of the U.S. It was also the first annual increase for the month since 2017, according to the latest ShowingTime Showing Index report.
 
Overall, buyer traffic nationwide increased 5.5% year over year in October, the largest increase since March 2018. The South region – an area that includes Florida – saw the biggest uptick with that 10.8% year-over-year increase. Buyer traffic increased 3.8% in the Northeast, 1.5% in the Midwest and 8.6% in the West.
 
“We are seeing expected seasonal slowdowns in October, although this fall continues to be more active than last year in terms of showing traffic,” says Daniil Cherkasskiy, ShowingTime chief analytics officer. “The increase in showing activity in both the South and West regions is noteworthy given that both had previously reported nearly year-long drops in traffic prior to August.”
 
Lower mortgage rates may be drawing buyers out. Freddie Mac reported that the 30-year fixed-rate mortgage averaged 3.68% last week, down from 4.75% a year ago.
 
On average, homebuyers tour a median of nine homes and look for a house over 10 weeks before they buy, according to the 2019 Profile of Home Buyers and Sellers report, produced by the National Association of Realtors®.
 
The ShowingTime Showing Index is compiled using data from property showings scheduled using ShowingTime products and services. The service facilitates more than 4 million showings each month.

Source: “Home Showings Increase Across U.S. for Third Consecutive Month,” RealTrends.com (Dec. 5, 2019) and ShowingTime

© Copyright 2019 INFORMATION INC., Bethesda, MD (301) 215-4688.

November Home Activity Shows Buyers Trying to Beat the Pack 
An increase in traffic on roads and beaches, and in restaurants, hotels, and open houses during November was reflected in a 27 percent increase in overall pending sales (homes under contract), and a 46 percent increase in showings for the month compared to November 2018. Several broker analysts who reviewed the November 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), said they saw a noticeable increase in buyer interest starting back in October. The presence of more eager buyers before our traditional high season has contributed to the depletion of inventory, which decreased 19.4 percent in November to 5,563 properties compared to 6,896 properties in November 2018.
 
“We currently have a six-month supply of inventory,” said Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty, who added that there were price reductions in 28 percent of all homes on the market in November. But according to Budge Huskey, President, Premier Sotheby’s International Realty, “Six months of inventory offers Naples a great advantage when compared to other popular Florida areas like Tampa and Orlando, which currently average two to three months of inventory, as buyers have more options.”
 
“Naples is not a major business center where demand is driven by significant employment gains,” added Huskey, “yet we continue to enjoy another solid year in real estate sales due to all the unique offerings which make Naples such as special destination to so many around the country.”
 
But these inventory reductions aren’t necessarily coming from just the resale market. “A portion of our inventory is made up of new listings available by builders,” said Adam Vellano, West Coast Sales Manager, BEX Realty – Florida. “Many big, new home developments are now complete and just about sold out so there is less new product available, thus contributing to some of the decrease in overall home inventory.” 
 
Overall closed sales in November increased 2.4 percent, but it was the single-family home market that led the month’s closed sales with a 5.3 percent increase compared to closed sales in the condominium market, which decreased 0.6 percent. 
 
In response to slow sales in the condominium market, Coco Amar, a managing broker at John R. Wood Properties remarked, “We’ve had such huge activity in the condominium market over the last three years, it was bound to slow down a bit.” But despite closed sales of condominiums being tepid in November, the report showed pending sales in the condominium market were up 26 percent compared to an increase in pending sales in the single-family homes market of 28 percent. This substantial increase is a direct result of the early influx of buyers.
 
Inventory levels for the single-family and condominium markets were about even in November; with 2,771 properties and 2,792 properties, respectively. Inventory declines during November were highest in the low end of the single-family home market (under $300,000), which saw a 35.4 percent decline in November. But inventory increased 19.6 percent in the $2 million and above condominium market.
 
“With overall inventory down and showings up, now is a great time to put your home on the market,” said Fioretti, who added that her agents were extremely busy in November and she’s anticipating they will be even busier during the upcoming winter season.
 
The NABOR® November 2019 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:
CATEGORIES
NOV 2018
NOV 2019
CHANGE
Total closed sales (month/month) 
671 687 +2.4%
Total pending sales (homes under contract) (month/month) 792 1006 +27.0
Median closed price (month/month) 
$330,000 $332,500
+0.8%
Total active listings (inventory) 
6,896 5,563 -19.3%
Average days on market  
94 91 -3.2%
Single-family closed sales (month/month) 
340 358
+5.3%
Single-family median closed price (month/month) 
$413,000 $425,000 +2.9%
Single-family inventory 
3,573 2,771 -22.4%
Condominium closed sales (month/month)
331 329 -0.6%
Condominium median closed price (month/month) 
$254,000 $260,000 +2.4%
Condominium inventory 
3,323 2,792 -16.0%
 
“People who own homes in Naples are staying longer and more are staying year round,” said Amar. “There has definitely been a shift in the market this year as we are seeing buyers more interested in homes under $500,000 than those priced over $2 million.” 
 
The report showed overall median closed prices increased .8 percent in November to $332,500 from $330,000 in November 2018. Interestingly, median closed prices in the $2 million and above price category increased 4.6 percent in November, while the median closed price in the under $300,000 market decreased 5 percent.
 
Vellano also pointed out that the November Market Report showed “40 percent of the current inventory has been on the market for over 150 days, and 20 percent has been on the market for over 300 days.” Amar responded that much of this entails two types of inventory: teardowns and those that require major renovations. “These sellers will need to reduce prices further if they want to attract buyers.”
 
Lauren Melo, PA, Licensed Real Estate Broker with Florida’s Realty Specialists and NABOR®’s President, said she’s seen “a small increase in the number of distressed properties on the market mostly due to loan modifications that didn’t work out.” On a positive note, Melo added that “good rates and good deals from lenders right now should help more buyers purchase homes.” 
 
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. 
Statewide median price for single-family homes rose 3.9% to $265K; condo-townhouse median price up 5.4% to $195K.
ORLANDO, Fla. – Florida’s housing market reported more single-family home sales and higher median prices, as well as increased pending sales and pending inventory in November 2019 compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 21,842 last month, up 6.1% from November 2018.
 
“The November data shows that many homebuyers are eager to find the Florida home of their dreams – but demand and a tight inventory in many local areas continues to put pressure on prices,” said 2019 Florida Realtors President Eric Sain, a Realtor and district sales manager with Illustrated Properties in Palm Beach. “Last month, new pending sales rose 14.4% for single-family existing homes while new pending sales for condo-townhouse units increased 8.6%.

“For guidance and expert advice on current conditions in their local markets, consumers should turn to a Realtor for guidance and expert advice.”

Statewide median sales prices for both single-family homes and condo-townhouse properties in November rose year-over-year for 95 consecutive months. The statewide median sales price for single-family existing homes was $265,000, up 3.9% 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 $195,000, up 5.4% 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 October 2019 was $273,600, up 6.2% from the previous year; the national median existing condo price was $248,500. In California, the statewide median sales price for single-family existing homes in October was $605,280; in Massachusetts, it was $400,000; in Maryland, it was $300,000; and in New York, it was $280,000.

Looking at Florida’s condo-townhouse market in October, statewide closed sales totaled 8,101, down 6.3% from the level a year ago. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

According to Florida Realtors Chief Economist Dr. Brad O’Connor, Florida’s housing market is feeling the pressure of a lack of housing supply. The latest data shows that the number of existing homes listed for sale in Florida continued to decline on a year-over-year basis in November, he said.

“By the end of the month, the statewide inventory of on-market single-family homes was down 10.5% compared to a year ago, while the number of listed condos and townhouses was down just over 7%,” O’Connor said. “These declines were not driven by market conditions in any particular part of the state, either. Single-family inventory was down year-over-year in all but two of Florida’s 22 metro areas, while condo and townhouse inventory declined to varying degrees in all but three of these areas.”

He noted that the size of these declines is partially attributable to the fact that, last fall, mortgage rates were ticking upward toward levels not seen since 2011.

“This shift, along with other factors, brought about greater listing activity from homeowners and investors, and resulted in the state’s first real upward trend in inventory since 2013,” O’Connor said. “But then mortgage rates started to decline again at the end of the year and into this year – which means that in current year-over-year comparisons, today’s inventory is being measured against last year’s brief inventory surge, which is why the one-year drop seems so steep.

“The main takeaway is that we had a one-year reprieve from a worsening inventory shortage, but that reprieve is now over. The underlying fundamentals of the shortage – insufficient new construction and a lack of listing activity from existing homeowners – are still with us and will be for some time to come.”

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.70% in November 2019, down from the 4.87% averaged during the same month a year earlier. 
 
© 2019 Florida Realtors®

 
 
 



 
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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