Bonita Bay Real Estate News | December 2020

Bonita Bay Real Estate News | December 2020

As of December 1, 2020, there are 92 active listings in our area multiple listing service (MLS) in Bonita Bay; 2 less than last month. There are 25 single-family homes ranging in price from $437,000 to $4,295,000. The average list price is $2,245,512 and the average days on the market is 125. The combined days on the market is 223. In the carriage, mid-rise, townhouse, and attached villa market, there are 19 active listings in Bonita Bay. Prices range from $189,000 to $799,900. The average list price is $379,295. The average of days on the market is 136. The combined days on the market is 186. In the high-rise market, there are 48 active listings in Bonita Bay ranging in price from $639,900 to $6,945,000. The average list price is $1,726,220 and the average days on the market is 222. The combined days on the market is 248.

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 76 sales with an average sales price of $403,398; these condos were on the market an average of 93 days; combined days on the market is 155.
  • During the 12 months previous, there were 82 sales with an average sales price of condominiums was $368,448; these homes were on the market for 83 days; combined days on the market is 145.
 
BONITA BAY HIGH-RISES
  • During the last 12 months, there were 61 sales with an average sales price of $1,346,425; these homes were on the market an average of 154; combined days on the market is 263.
  • During the 12 months previous, there were 52 sales with an average sales price of $1,437,712; these homes were on the market for an average of 192 days; combined days on the market is 428.
 
SINGLE-FAMILY BONITA BAY HOMES
  • During the last 12 months, there were 56 sales with an average sales price of $1,291,533; these homes were on the market an average of 114 days; combined days on the market is 185.
  • During the 12 months previous, there were 66 sales with an average sales price of $1,037,014; these homes were on the market for an average of 142 days; combined days on the market is 247.
 
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.


December 2020 Market Update

HEAVY SALES ACTIVITY
“When I heard Florida Realtor’s economist Brad O’Connor say that sales in Collier County were up 73 percent in the second half of this year, I wasn’t surprised,” said Mike Hughes, Vice President of Downing-Frye Realty, Inc. “Although we have new listings continually coming on the market, they’re selling so fast that we’ve been breaking records. During the first 11 months of this year, we’ve already had 3,029 transactions, resulting in a 5 percent increase in pending sales over what we did during the first 11 months of 2019. And, the pending sales above $1 million have increased by over 21 percent. This November was the fifth month in a row for us to close over 200 transactions per month, and during the last two months we closed over 300. Although our listing activity remains constant, demand is up, and so overall we’re seeing a lessening of available properties. We’ve been incredibly busy.”
 
BONITA /ESTERO: BUSIER THAN NORMAL
Closed sales in Bonita Springs and Estero increased in September 2020 by a notable 42.6 percent versus September 2019. Long timelines and rising costs for new construction have prompted many buyers to consider resale properties located in older, established neighborhoods. Low interest rates mean that buyers can get more house for their money. Activity in September 2020 vs September 2019: Closed sales were up 52.8 percent, pending sales were up 80.2 percent, new listings were up 18.7 percent and the median closed sales price was up 7.1 percent to $325,500. The current inventory in September was 1,102 properties.
 
FLORIDA: MORE SALES, RISING MEDIAN PRICES
In October, closed sales of single-family homes statewide totaled 29,659, up 26.9 percent year-over-year, while existing condo-townhouse sales totaled 12,110, up 30.3 percent over October 2019. The statewide median sales price for single-family existing homes was $305,000, up 15.6 percent from the previous year, and for condo-townhouse units was $221,000, up 15.9 percent.
 
According to Florida Realtors Chief Economist Dr. Brad O’Connor, “The strong and persistent level of demand seen throughout the state, coupled with worsening inventory shortages, continued to drive up home values in October. A good share of these increases is still being driven by good, old-fashioned price appreciation – especially among single-family starter homes, which are increasingly difficult to find on the market,” he said.
 
USA: EXISTING HOME SALES DIP IN OCTOBER
Pending home sales fell slightly in October. “Pending home transactions saw a small drop off from the prior month but still easily outperformed last year’s numbers for October,” said Lawrence Yun, NAR’s chief economist. “The housing market is still hot, but we may be starting to see rising home prices hurting affordability.” Both the inventory of homes for sale and mortgage rates are now at historic lows, according to Yun. “The combination of these factors – scarce housing and low rates – plus very strong demand has pushed home prices to levels that are making it difficult to save for a down payment, particularly among first-time buyers, who don’t have the luxury of using housing equity from a sale to use as a down payment,” said Yun. “Work-from-home flexibility has also increased the demand for both primary and secondary homes.”
 
The only positive month-over-month growth happened in the South.
 
Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®. 

Survey: 2 Out of 3 Buyers Shopped for More than 3 Months

2 out of 5 (38%) actively engaged homebuyers said high prices kept them from actually submitting a bid, while 30% said they’d put in an offer but were outbid. 

MIAMI – According to data from the National Association of Home Builders, 62% of buyers who were actively engaged in the process of finding a home in the third quarter spent three months or more searching for a home without success.
 
The challenge? 38% of those buyers said high home prices kept them from pulling the trigger, but that’s lower than a year earlier when 45% said the same.
 
But twice as many buyers, year-to-year, are being outbid. Nearly 30% in the latest Housing Trends Report said they were outbid by higher offers from other buyers, almost double the 15% of buyers who said the same last year.
 
According to the report, between the third quarters of 2019 and 2020, the share of active home buyers whose searches have lasted three months or more and who keep getting outbid has increased in every region of the country. In the South, 25% of active home buyers said they were outbid in 2020, up from 17% a year ago.
 
When asked what they’ll do next if still unable to find a home in the next few months, 26% said they’ll buy a more expensive home than originally intended – triple the number of buyers who said they’d do so a year ago. Today’s buyers are also expanding their search areas as a strategy to find homes, up from 35% a year ago to 43%. Meanwhile, the share who said they’d continue to search for the right home in their preferred location was down to 47% from a year ago.
 
However, 20% of long-term active buyers said they would give up, compared to 15% one year earlier.
 
Source: Miami Agent Magazine (11/03/2020) Kennedy, Kerrie
 
© Copyright 2020 INFORMATION INC., Bethesda, MD (301) 215-4688

Naples Real Estate Market Sees Another Record Month in Closings

Naples, Fla. (November 20, 2020) – According to the October 2020 Market Report, released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), the Naples real estate market continues to see strong demand in both the single family and condominium markets. Buyers are getting a jump on the winter seasonal market as shown by the reduced inventory, increase in multiple bids and the jump in closed sales. Closed sales activity for the overall market increased 65.2 percent to 1,249 closed sales in October 2020 from 756 closed sales in October 2019.
 
Inventory continues to be a challenge for buyers seeking to purchase a home in Naples. While the overall market inventory in October 2020 decreased 33.8 percent to 3,543 from 5,351 in October 2019, overall pending sales for the same time period increased 73.0 percent to 1,708 from 987 in October 2019. With strong demand, sellers are receiving multiple competitive offers on their listings during what is a traditionally slower time of year. Offers are coming in more quickly as well, with homes sold during October 2020 staying on the market 11.5 percent fewer days than October 2019. The average number of days on the market until sale was 92 in October 2020 compared to 104 days in October 2020.
 
“In a typical year, October would be a time when inventory numbers rise as sellers prepare for increased demand during season,” said Mike Hughes, Vice President of Downing-Frye, Realty, Inc. “However, the pandemic disrupted traditional seasonal patterns. Buyers are motivated to seek larger, more comfortable homes that accommodate their work-from-home lifestyles.”
 
In a recent interview in Inc. magazine, Bill Gates acknowledged the nationwide, post-pandemic migration of families to bigger houses in smaller communities with less traffic. Annual market statistics support that trend is happening locally. During the period of January through October 2020, there were 9,785 closed sales in Naples, which represents a 13.8 percent increase over the same period in 2019. With more active buyers on the market, housing prices are seeing moderate but sustainable growth.
 
“Home pricing will likely continue to rise”, said Dominic Pallini, Broker at Vanderbilt Realty of Naples. “Today’s buyer is willing to pay more for the comfort and quality of life that Naples offers. “Additionally, we are seeing new construction come online in the local market, which is supporting the increased demand.”
 
The October Market Report showed that single-family homes saw an increase in the median closed sales price of 12.1 percent to $458,000 during January to October 2020, up from $408,500 during the same period in 2019. Condominium median closed sales prices also saw an uptick of 5.8 percent to $275,000 during January to October 2020, over $260,000 during the same period in 2019.
 
Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty, notes that 30.6 percent of homes on the market experienced a price increase during October. “Sellers are receiving multiple, competitive bids on their listings. So, it is important for buyers to make a serious offer when they find the right home.”
 
The NABOR® October 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:
 
 
“There has been a 19.6 percent increase in closed sales of homes with a minimum of four bedrooms over the last year,” said Coco Amar, VP, Strategic Growth, South Florida, William Raveis Real Estate. “This data reflects another shift in buying behavior as a result of the pandemic. The demand for single family homes with additional space to accommodate a home office and a virtual schoolroom is increasing.” The September Report showed a decrease of 37.9 percent to 779 properties on the market with four or more bedrooms compared to 1,255 in September 2019.
 
Upon reviewing the report, Jeff Jones, Broker at Keller Williams Naples, remarked “30 percent of the inventory available in September has been on the market for over 150 days. In many cases, the properties that have been on the market for a long time will require considerable repairs or renovations, which is why they have not sold. Some may not be priced correctly. Working with a REALTOR® can help you negotiate an offer that takes into account the property’s condition.”
 
 
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. 

 

Real Estate Q&A: How Can I Add a Relative to My Home’s Deed?

An older adult wants to make sure a favored relative gets her home, but an online search provided confusing details. What’s the best way to do it?

FORT LAUDERDALE, Fla. – Question: I am getting on in years and want to leave my home to a relative when I pass. I know I can do this in my will, but I think it might be easier to add him to the deed. I looked online, and there are so many options. What type of document should I use? – Andrea
 
Answer: Having a proper estate plan for when you pass is one of the greatest favors a person can do for the loved ones you leave behind. People who are grieving should be spared the intricacies of legal matters.
 
Legal documents, such as a will and deeds, seem deceptively simple, especially on the internet where countless sites want to sell you do-it-yourself forms. As a practicing attorney, I spend quite a bit of time making sure that my forms are effective and current.
 
Every artisan should have the best tools available to ply their trade. However, while anyone can order carpentry tools of varying quality on the internet, the inexperienced and untrained will neither know which device to get nor how to use it to create custom cabinetry.
 
The same applies to planning your estate and transferring your property. Much to my spouse’s dismay, I am an avid do-it-yourselfer at home, but I often call in a professional when something is above my head.
 
I often deal with self-help forms filled out by well-meaning people who did not realize their hidden complexities. I have lost track of the number of times I have had to explain to people that the “simple” deed they recorded created tens of thousands of dollars of consequences.
 
Before taking any legal action concerning your homeownership, please speak to an experienced professional about the best way to do it. You need to thoroughly explain your situation so your attorney can guide you to the best solution for your individual needs.
 
Estate planning is not about having a good form. It is all about knowing which forms to use and how to use them for the particular outcome being sought.
About the writer: Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar. He practices real estate, business litigation and contract law from his office in Sunrise, Fla. He is the chairman of the Real Estate Section of the Broward County Bar Association and is a co-host of the weekly radio show Legal News and Review. He frequently consults on general real estate matters and trends in Florida with various companies across the nation.
 
© 2020 Sun Sentinel (Fort Lauderdale, Fla.). Distributed by Tribune Content Agency, LLC.
 




 
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