01 Feb Bonita Bay Real Estate News | February 2022

Posted at 08:03h in Bonita Bay, Ed Gongola, Real Estate News, Seaglass at Bonita Bay by Eric Sommerton

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As of February 1, 2022, there are 20 active listings in our area multiple listing service (MLS) in Bonita Bay; 2 more than last month.

For comparison, last year on February 1, there were 68 listings in Bonita Bay.

There are 3 single-family homes, ranging in price from $3,345,000 to $6,500,000. The average list price is $4,531,667 and the average days on the market is 114. The combined days on the market is 118.

In the carriage, mid-rise, townhouse, and attached villa market, there are 5 active listings in Bonita Bay ranging in price from $399,900 to $1,290,000. The average list price is $681,800 and the average days on the market is 28 while the combined days on the market is 29.

In the high-rise market, there are 12 active listings in Bonita Bay ranging in price from $1,200,000 to $9,995,000. The average list price is $4,395,667 and the average days on the market is 168. The combined days on the market is 195.

A reminder, you have access to the most comprehensive website devoted to Bonita Bay, BonitaBayRealty.com. I’ve included maps, floor plans, photos, and descriptions of each neighborhood within this desirable community.

Please contact me for all your real estate needs in Bonita Bay. With over 35 years of helping buyers and sellers in SWFL, my experience will be invaluable in this fast-moving, low-inventory market.

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 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.

BONITA BAY HIGH-RISES

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.

SINGLE-FAMILY BONITA BAY HOMES

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.

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.

February 2022 Market Update

DOWNING-FRYE: STRONG MARKET DEMAND

“As January 2022 closed, Downing-Frye Realty, Inc. agents turned in 271 pending sales transactions for the month. Eighteen percent of these contracts were above $1,000,000.00,” said Mike Hughes, Vice President of Downing-Frye Realty, Inc. “Historically we usually see about 274 pending sales each January so we are right where we should be at the start of the year. Inventory is expected to remain low for at least the first half of the year. This low inventory is a combination of several factors. We have very strong demand from buyers. A lot of this demand comes from the remote working phenomenon. We also are seeing strong demand from buyers looking for low density areas to live in due to the pandemic. Many homeowners are electing to live in their homes longer, thus taking potential inventory off the market. The high- end market continues to shine. This is one of the reasons that Downing-Frye agents saw over $197 million in pending sales volume in the month of January. Every year has a challenge. This years’ challenge will be low listing inventory. Downing-Frye agents are used to working through the challenges that they are confronted with. We look forward to another busy year for real estate. “

BONITA / ESTERO: 2021 RECAP & TRENDS FOR 2022

Despite inventory challenges, 2021 showed a 49 percent increase in sales over the prior year. There was a 30 percent increase in units sold, as well as a 21.5 percent increase in the median sales price. For the luxury market, the ‘number of days on market until sale’ seemed to lag behind lower single-family home price points in early 2021, but ended the year with a 77-percent increase in sales vs. prior year, following a similar trajectory. For 2022, area brokers don’t see interest in the market winding down at all, but the window for steady median price increases seen in 2021 may not necessarily be the case for 2022.

NAPLES AREA: 2021 RECAP

Demand for the Naples lifestyle eclipsed all expectations and helped to break several home-sales records in 2021, ending with a 25.8 percent increase in overall closed sales and a 20.3 percent increase in median closed sales price (year over year). Sellers capitalized on pent-up buyer demand in 2021, resulting in over $17 billion in home sales, up 52 percent from 2020. Strong buyer demand devoured the inventory, resulting in a 76.6 percent decrease to a record low of 1,042 properties from 4,462 properties at the end of 2020. During 2021, pending sales listings increased 14.8 percent to 18,664 pending sales from 16,254 pending sales during 2020.

MARCO ISLAND AREA: 2021 RECAP

Total inventory for 2021 was down 65 percent from 2020. Average monthly inventory across all property types was 293 compared to 825 in 2020. The total number of closed sales was up 17 percent from 1,434 to 1,796. Total dollar volume was $1.8 billion, up 60 percent from 2020’s $1.1 billion. Condos saw the largest increase in number of closings: 842 sold in 2021 as compared to 593 in 2020. Homes saw the largest increase in median sell price at $1.25 million as compared to $840,777 in 2020. Homes also won the largest increase in sales volume at 66 percent higher. The average days on market across the board for all property types was down 52 percent.

FLORIDA: 2021 RECAP & TRENDS FOR 2022

Dr. Brad O’Connor, Florida Realtors chief economist, noted that some predictions for 2022 call for the 30-year fixed rate mortgage to be as high as 4.5 percent by the end of the year, which will impact buyer demand and financing. Data shows that the 2021 Florida housing market had more than 528,000 sales of existing homes (all types), up 19 percent year-over-year – resulting in a total dollar volume of about $241 billion – despite the ongoing COVID-19 pandemic. O’Connor said, “Over 160,000 existing homes in the condo and townhouse category sold in 2021, marking a more than 34 percent increase over 2020’s total. In contrast, the over 350,000 sales in the single-family home category, while over twice the size in number, represented only about a 13 percent increase, year-over-year.”

USA: 2021 RECAP & TRENDS FOR 2022

In 2021, existing-home sales totaled 6.12 million – an increase of 8.5 percent from the prior year and the highest annual level since 2006. At the end of December, the inventory of unsold existing homes fell to an all-time low of 910,000, which is equivalent to 1.8 months of the monthly sales pace, also an all-time low since January 1999. “This year, consumers should prepare to endure some increases in mortgage rates,” cautioned Lawrence Yun, NAR’s chief economist. “I also expect home prices to grow more moderately by 3 percent to 5 percent in 2022, and then similarly in 2023 as more supply reaches the market.”

Sources: The Bonita Springs-Estero REALTORS®/SWFLMLS, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS® Marco Island Area Assoc. of REALTORS®

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.

Homeowners have had all the usual reasons to sell over the past two years – marriages, deaths, children, etc. – but many hunkered down during the pandemic, and some feared the housing market because selling might be easy but finding a new home? Not so much.

A survey conducted by HarrisX for realtor.com, however, suggests that many of those people might be planning to list their home in 2022, with 65% of them planning to do so this winter and spring. The survey of 2,583 consumers was conducted online in September-October 2021.

Many sellers, however, want to set an asking price higher than they think their home is worth, and they expect buyer bidding wars.

“The pandemic has delayed plans for many Americans, and homeowners looking to move on to the next stage of life are no exception,” says George Ratiu, manager of economic research for realtor.com.

“Buyers should be ready for high asking prices and offer deadlines as seller expectations of the upcoming market are greater than in the spring, but an increase in new sellers could mean some relief from the inventory crunch,” he says, saying price growth has moderated some, and many sellers will likely wait until after the holidays to make a move.

However, early 2022 home listers may have an advantage, he adds. “As buyers race against the clock of rising mortgage rates, sellers who price their homes in line with today’s market and stick to their plans will likely see their expectations met.”

When will sellers list?

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.

Top reason for selling? More time at home during COVID

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.

Seller expectations

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.

Price range changes

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%).

“For homeowners who do feel ready to sell, getting pricing right from the start is key to a fast and successful home sale in any market – take the Goldilocks approach,” says Lexie Holbert, home and living expert at realtor.com.

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).

According to NABOR®’s Market Reports, 487,677 showings and 15,523 closed sales occurred in 2021. Strong buyer demand devoured the inventory, resulting in a 76.6 percent decrease in the number of homes for sale to a record low of 1,042 properties from 4,462 properties at the end of 2020. Strong buyer demand and a declining inventory influenced the median closed price (year over year) during 2021, which increased 20.3 percent to $445,000 from $370,000 in 2020.

“The number of units are declining because of the basic fundamentals of supply and demand,” said Budge Huskey, CEO, Premier Sotheby’s International Realty, who added, “most brokers are confident the values we gained in 2021 will hold and may increase, even if at a slightly slower pace.”

Rising home values in Naples inspired many sellers in 2021, as reflected in the 17.4 percent annual increase in average closed prices to $807,695 from $688,091 in 2020.

Adam Vellano, a Naples Sales Manager at Compass Florida, agreed with Huskey and added, “Just because the number of closed sales are declining does not mean that interest in our market is declining. Demand in our market is still very high. We just don’t have the inventory to meet the high demand right now.”

The likelihood of Naples increasing its inventory four-fold in 2022 to meet the level we enjoyed in the beginning of 2021 is unlikely according to Bill Coffey, Broker Manager of Amerivest Realty Naples, who was quick to point out, “We’re going into 2022 with 3,000 fewer listings than 2021.” Coffey urges homeowners to sell now before interest rates rise. “When the Fed starts to adjust rates this year, the new rates may prevent buyers from affording a mortgage or high monthly mortgage payments.”

Jeff Jones, Broker at Keller Williams Naples, agrees that “there’s never been a better time to sell in Naples,” and recommends that “sellers work with a local REALTOR® to obtain an in-depth market analysis [an accurate valuation of their homes] to secure the maximum return.”

Spencer Haynes, Vice President of Business Development and Broker with John R. Wood Properties, said, “Demand for the Naples lifestyle is fueling the price increase. But my father always told me ‘An elevator goes up and down, but it also stops to let people on and off. Eventually, some of these people must decide whether and when they want to get back on or not.’ 2022 is a good time to get back on. There are many other towns in America that went through what our area is experiencing today: high demand and low supply. Naples has become a desirable place to live and until there’s a shift in what people want, we should expect to continue to see this level of demand.”

During 2021, pending sales listings increased 14.8 percent to 18,664 pending sales from 16,254 pending sales during 2020. However, like closed sales activity, much of the pending sale activity occurred during the first half of the year when inventory was more plentiful.

The NABOR^® December and Year End 2021 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 for 2021:

Brenda Fioretti, Broker Associate at Berkshire Hathaway HomeServices Florida Realty, and Molly Lane, Senior Vice President at William Raveis Real Estate, encourage specific groups of homeowners to list their properties now to maximize their profits and achieve their intended home goals:

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

Broker analysts agree that pandemic-induced changes to housing needs and preferences that began in the fall of 2020 contributed greatly to heightened buyer demand during 2021. Only during July and August, when families with children tend to relocate, did closed sales of single-family homes outpace condominiums during the year. The data indicates that home-type preferences shifted in 2021 to condominiums, as shown by an increase in closed sales of 37.2 percent to 8,206 condominiums from 5,979 condominiums in 2020. Condominiums in the $500,000 to $1 million price range reported the highest increase (97.8 percent) in closed sales compared to all other home types and price ranges tracked by NABOR®. Furthermore, while the overall percent of current list price received rose to 98.6 percent in 2021, during November and December this figure was reported to be over 100 percent in the condominium market.

Geographically, closed sales of condominiums in Immokalee/Ave Maria reported the highest gain, 72 percent in 2021. Median closed prices for condominiums in Central Naples (34104, 34105, 34116) during 2021 increased 15 percent to $230,000 from $200,000 in 2020. And there was only a 1.1 percent decrease in new listings for single-family homes in East Naples (34114, 34117, 34120, 34137) in 2021 to 2,438 homes from 2,466 homes in 2020.

View the December 2021 Market Statistics

View the Year-End 2021 Market Statistics

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.

Bonita Bay Real Estate News | February 2022

01 Feb Bonita Bay Real Estate News | February 2022

SUMMARY OF BONITA BAY HOME SALES

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.

Home Sellers Capitalized on Surging Buyer Demand in 2021

Florida’s Flood of COVID-19 Foreclosures Didn’t Happen

In 2021, there was a year-to-year 29% drop in home foreclosures. In Central Fla.’s four counties, 2021 foreclosures dropped 8% – and 68% compared with 2019.

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