01 Aug Bonita Bay Real Estate News | August 2019
As of August 1, 2019, there are 87 active listings in MLS in Bonita Bay; 13 less than last month. There are 21 single-family homes ranging in price from $585,000 to $5,950,000. The average list price is $2,120,762 and the average days on the market is 237. The combined days on the market is 305. In the carriage, mid-rise, townhouse, and attached villa market, there are 27 active listings in Bonita Bay. Prices range from $199,000 to $739,000. The average list price is $381,548. The average of days on the market is 132. The combined days on the market is 160. In the high-rise market, there are 39 active listings in Bonita Bay ranging in price from $725,000 to $6,750,000. The average list price is $2,118,129 and the average days on the market is 330. The combined days on the market is 377.
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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 79 sales with an average sales price of $367,161; these condos were on the market an average of 84 days; combined days on the market is 142.
- During the 12 months previous, there were 77 sales with an average sales price of condominiums was $379,870; these homes were on the market for 116 days; combined days on the market is 203.
BONITA BAY HIGH-RISES
- During the last 12 months, there were 53 sales with an average sales price of $1,415,349; these homes were on the market an average of 214 days; combined days on the market is 446.
- During the 12 months previous, there were 33 sales with an average sales price of $1,244,705; these homes were on the market for an average of 134 days; combined days on the market is 233.
SINGLE-FAMILY BONITA BAY HOMES
- During the last 12 months, there were 66 sales with an average sales price of $1,040,873; these homes were on the market an average of 153 days; combined days on the market is 238.
- During the 12 months previous, there were 79 sales with an average sales price of $1,156,585; these homes were on the market for an average of 83 days; combined days on the market is 171.
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AUGUST 2019 MARKET UPDATE
CHALLENGING SUMMER IS YIELDING SOLID RETURNS
“This year has been a bit of a roller coaster ride, but with over $950 million in closed sales volume, it is hard to be upset,” said Mike Hughes, Vice President of Downing-Frye Realty, Inc. “This summer, like most of the year, has been a bit challenging. I am very proud of our agents because they continue to meet this market head on. We are now seven months into the year and our agents have brought in over 2,000 pending sales contracts. That’s what I call results! Inventory is at a nice level right now, and interest rates are pretty low by historical standards. We continue to see our share of summer visitors, and it is obvious that they like what they see.”
BONITA /ESTERO: LOWEST INVENTORY IN THREE YEARS
Inventory for June 2019 stood at 1,485 active listings, representing a 5.4 months supply. This is a notable decrease of 12.9 percent compared to June 2018, which had 1,704 active listings. Also notable was a 25.1 percent increase in pending sales for the same time period. The median sales price in Bonita Springs and Estero also saw a jump by 4.2 percent in June 2019 compared to the same time last year ($300,000 in June 2019 compared to $288,000 in June 2018). Despite the small increase in the overall median price, current market value pricing is still key in the Bonita Springs and Estero markets, as buyers won’t waste time on overpriced properties. Area brokers in Bonita Springs and Estero have seen an increase in showings as well as open house activity, and are advising buyers to move quickly if they have serious interest.
In June, Florida’s housing market reported rising median prices and increased inventory, including pending inventory and active listings inventory compared to a year ago. June’s statewide median sales prices for both single family homes and condo-townhouse properties rose year-over-year for 90 months in a row. The statewide median sales price for single family existing homes was $270,000, up 3.8 percent from the previous year, and for condo-townhouses was $194,900, up 2.6 percent over the year-ago figure. Closed sales of single family homes statewide totaled 27,283 in June, down 1.9 percent from June 2018, and closed sales of condo-townhouses totaled 10,094, down 9.4 percent compared to a year ago. “Sales of existing homes in Florida cooled off a little in June,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “Single family home sales were down compared to last June in 14 of the state’s 22 metro areas, falling by slightly less than 2 percent on a statewide basis. Year-to-date, however, single family home sales are still up by 2.1 percent.”
USA: MAY EXISTING HOME SALES UP 2.5 PERCENT
Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®.
The small cut isn’t expected to have a big impact on real estate, but it could trigger a slight rate decrease in adjustable rate loans and maybe fixed-rate loans.
WASHINGTON – The Federal Reserve on Wednesday cut interest rates for the first time since the Great Recession took hold in 2008, though the move is not likely to deliver significant juice to an already favorable borrowing environment for homebuyers.
“Now is the time to enter the market,” said Mike Hughes, Vice President and General Manager of Downing-Frye Realty, Inc., who added that only homes in the $1 million to $2 million had a median closed price decrease in June. “Even though inventory in June dropped almost 12 percent, values are holding steady and the reduced competition provides great opportunities for sellers.”
Bill Coffey, Broker Manager of Amerivest Realty Naples, added that despite the inventory decrease “there is still 6.9 months of inventory available, which is well above the Florida average of 4-months supply.”
Broker analysts reviewing the June 2019 Market Report recommend sellers consult a REALTOR® before listing a home for sale. A REALTOR® can help a seller price a home competitively. They can also maximize the home’s marketing and help the seller or buyer every step of the way.
A shift in buyer interest to single family homes in lower price categories during the second quarter of the year was confirmed by broker analysts. During June, new listings for single family homes decreased 7.1 percent, while new listings for condominiums decreased 4.2 percent.
According to the report, there were 798 price decreases in June. Yet the month’s overall median closed price increased 1.4 percent to $335,000 from $330,400 in June 2018. The single-family home median closed price decreased 8 percent in June, while the condominium market median closed price increased 1.9 percent.
The NABOR® June 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:
|JUNE 2018||JUNE 2019||CHANGE|
|Total closed sales (month/month)||996||893||-10.6%|
|Median closed price (month/month)||$330,400||$335,000||+1.4%|
|Total active listings (inventory)||6,353||5,531||-12.9%|
|Average days on market||94||104||+10.6%|
|Single-family closed sales (month/month)||487||464||-4.7%|
|Single-family median closed price (month/month)||$435,000||$400,000||-8.0%|
|Condominium closed sales (month/month)||509||429||-15.7%|
|Condominium median closed price (month/month)||$260,000||$265,000||+1.9%|
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