01 Feb Bonita Bay Real Estate News | February 2022
Your Bonita Bay REALTOR®,
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:
- Within the last 12 months, there were 92 sales with an average sales price of $459,226; these condos were on the market an average of 29 days; combined days on the market is 84.
- During the 12 months previous, there were 91 sales with an average sales price of condominiums was $398,636; these homes were on the market for 95 days; combined days on the market is 166.
- During the last 12 months, there were 100 sales with an average sales price of $1,574,377; these homes were on the market an average of 94; combined days on the market is 152.
- During the 12 months previous, there were 68 sales with an average sales price of $1,308,308; these homes were on the market for an average of 190 days; combined days on the market is 292.
- During the last 12 months, there were 88 sales with an average sales price of $1,764,817; these homes were on the market an average of 53 days; combined days on the market is 131.
- During the 12 months previous, there were 71 sales with an average sales price of $1,428,387; these homes were on the market for an average of 107 days; combined days on the market is 179.
February 2022 Market Update
Survey: Sellers Waiting-Out Pandemic are Ready to List
Owners who postponed selling during the pandemic – perhaps waiting for a sign that price increases were slowing – appear ready to list their home within the next six months. Many, however, plan to overprice it – and they expect bidding wars to push the final price even higher.
- Among homeowners who seem prepared to enter the market in the next year, 65% will do so within six months, including 19% who have already listed their home.
- Compared to the spring (76%), more prospective sellers (93%) have already taken steps toward listing their home, including working with an agent (28%).
- More than one-third of prospective sellers (36% each) have researched the value of their home and others in their neighborhood, and started making repairs or decluttering.
- Compared to the spring (15%), nearly two-times as many prospective sellers (33%) want different home features.
- With more sellers having children at home this winter (65%) than in the spring (43%), family considerations are a top reason behind homeowner decisions to enter the market: 37% of prospective sellers say their home no longer meets their family’s needs and 32% want to move closer to friends and family.
- The rise in remote work is also a key driver: 23% of sellers want a home office and 19% don’t need to live near work, up from 6% in March.
- Nearly half of today’s prospective sellers want to take advantage of the current market and think they can make a profit (45%), nearly doubling from the spring (24%).
- When asked about current market impacts, 42% said they plan to list their property for more money than they think it’s worth, and 29% will push for a quick close.
- Compared to the spring, more prospective sellers anticipate buyer bidding wars, more offers above asking price, and more buyers willing to forgo contingencies like inspections and appraisals.
- Sellers with homes at the core of the market ($351,000-$750,000) remained the same over March (29%). However, more sellers plan to list in the $500,000-$750,000 price range.
- More than three-quarters (77%) of prospective sellers would be willing to accept a lower offer to close quickly versus just over half in March (54%).
- Compared to spring sellers, a higher number plan to take alternative routes to moving out, such as living with family initially (19%) or temporarily renting their home back from the buyer (29%).
Home Sellers Capitalized on Surging Buyer Demand in 2021
DEMAND FOR THE NAPLES LIFESTYLE ECLIPSED ALL EXPECTATIONS AND HELPED TO BREAK SEVERAL HOME-SALES RECORDS IN 2021. THE YEAR ENDED WITH A 25.8 PERCENT INCREASE IN OVERALL CLOSED SALES AND A 20.3 PERCENT INCREASE IN MEDIAN CLOSED PRICE (YEAR OVER YEAR). BROKER ANALYSTS REVIEWING THE DECEMBER AND YEAR END 2021 MARKET REPORTS RELEASED BY THE NAPLES AREA BOARD OF REALTORS® (NABOR®), WHICH TRACKS HOME LISTINGS AND SALES WITHIN COLLIER COUNTY (EXCLUDING MARCO ISLAND), AGREE THAT THE NAPLES HOUSING MARKET IS GOING THROUGH A TRANSFORMATION AND THE LAST 18 MONTHS OF RECORD SALES ACTIVITY WILL NOT BE SUSTAINABLE IN 2022. THEY STRONGLY URGE THAT SELLERS AND BUYERS WORK WITH A LOCAL REALTOR® TO HELP THEM NAVIGATE TRANSACTIONS SMOOTHLY WITH THE LEAST OBSTACLES.
Sellers of homes located in Naples capitalized on a long wave of pent-up buyer demand in 2021, a year that exceeded many NABOR® records, including over $17 billion in home sales, a 52 percent increase from 2020. The closed sales momentum reached its zenith just as summer arrived but began to dim when inventory could no longer meet the rapid pace of demand during the second half of 2021. As a result, there were 20 percent fewer closed sales (6,109) from July to December than January through June (9,414).
- Owners of rental property who might have lost money during the pandemic or are tired of being a landlord and want to cash out
- Older homeowners whose future plans include living in an adult and/or assisted living community and want to sell, bank their profit and move to a retirement community
- Married couples who are no longer raising children that require a large single-family home and are ready to downsize with the profit from the sale of their large home
- Second-home or seasonal homeowners who would prefer a profit in the bank now and can purchase a Naples home closer to retirement
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.