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Bonita Bay Real Estate News | February 2021

01 Feb Bonita Bay Real Estate News | February 2021

Posted at 08:01h in Bonita Bay, Ed Gongola, Real Estate News, Seaglass at Bonita Bay by
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As of February 1, 2021, there are 68 active listings in our area multiple listing service (MLS) in Bonita Bay; 14 less than last month. There are 17 single-family homes ranging in price from $549,000 to $4,995,000. The average list price is $2,431,982 and the average days on the market is 125. The combined days on the market is 240. In the carriage, mid-rise, townhouse, and attached villa market, there are 11 active listings in Bonita Bay. Prices range from $215,000 to $625,000. The average list price is $332,809. The average of days on the market is 178. The combined days on the market is 182. In the high-rise market, there are 40 active listings in Bonita Bay ranging in price from $675,000 to $6,945,000. The average list price is $1,793,173 and the average days on the market is 183. The combined days on the market is 203.

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 90 sales with an average sales price of $400,177; these condos were on the market an average of 98 days; combined days on the market is 167.
  • During the 12 months previous, there were 75 sales with an average sales price of condominiums was $375,927; these homes were on the market for 77 days; combined days on the market is 142.
BONITA BAY HIGH-RISES
  • During the last 12 months, there were 66 sales with an average sales price of $1,317,045; these homes were on the market an average of 193; combined days on the market is 298.
  • During the 12 months previous, there were 49 sales with an average sales price of $1,354,791; these homes were on the market for an average of 199 days; combined days on the market is 301.
SINGLE-FAMILY BONITA BAY HOMES
  • During the last 12 months, there were 70 sales with an average sales price of $1,429,006; these homes were on the market an average of 109 days; combined days on the market is 181.
  • During the 12 months previous, there were 66 sales with an average sales price of $1,034,045; these homes were on the market for an average of 152 days; combined days on the market is 235.
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 2021 Market Update

MOST ACTIVE JANUARY IN 13 YEARS
“Many listings are going under contract almost as quickly as they come on the market, and many get multiple offers,” said Mike Hughes, Vice President of Downing-Frye Realty, Inc. “We started 2021 with momentum carried through from last year. Out-of-state buyers came early last year, which could have been a result of Florida’s open-state Covid policy. In general, buyers have moved up their purchasing plans, which has contributed to this tight market. Our real estate activity this January was significantly higher than last January, with a 43 percent increase in pending sales volume and 54 percent more closings. There was a 53 percent increase in closed sales volume. Buying activity continues to be strong. Our agents are bringing in as many listings as we’re selling. Our company inventory hovers around 860 listings, which is a sizable number of buying opportunities.”

BONITA / ESTERO: DEMAND NOT SEEN IN YEARS
Buyer activity was the highlight of 2020 with mortgage interest rates setting record lows multiple times throughout the year. Comparing all of 2020 with 2019: new listings (4,789) were up slightly, pending sales were up 23.7 percent, closed sales were up 16.1 percent, and the median closed sales price in 2020 was $324,000, 8.7 percent higher than in 2019. The current inventory at the end of 2020 was 1,551 properties, 43.6 percent lower than at the end of 2019. The average time to sell a property in 2020 was 80 days, a decrease of more than 15 percent compared to 2019.

NAPLES AREA: DEMAND OUTPACES INVENTORY
Pending sales leapt 88.6 percent higher in December 2020 than in December 2019 (1,535 vs. 814) while available homes for sale decreased by 49.1 percent to 3,140 homes from 6,163 homes in December 2019. Overall sales in December increased 45.4 percent to 1,396 closed sales from 960 closed sales in December 2019, while the median closed sales price increased 18.2 percent to $405,000 from $342,500 in December 2019. An uptick in closed sales of high-end properties during December also drove the average closed price up 43.5 percent to $846,725 from $589,958 in December 2019. The average days to sell a property in December was 77 compared to 97 days in December 2019.

MARCO ISLAND AREA: SALES REMAIN STRONG
The Marco Island Area Assoc. of Realtors® reported that January 2021 compared to January 2020 showed the following: Total inventory (593 properties) was down by 60.81 percent and closed sales (210 properties) were up by 61.54 percent with a dollar volume ($148,506,227) that was 101.73 percent higher. The January median sales price was $506,950, which is 30.83 percent higher than January 2020.

FLORIDA: DEC 2020 SURPASSES DEC 2019
In December, closed sales of single-family homes statewide totaled 30,478, up 21 percent year-over-year, while existing condo-townhouse sales totaled 12,752, up 27.7 percent.. Also, the statewide median sales price for single-family existing homes was $309,000, up 14.4 percent from the previous year, and for condo-townhouse units was $230,000, up 13.7 percent. Florida Realtors Chief Economist Dr. Brad O’Connor said, “New pending sales of single-family homes were up 30.7 percent year-over-year in December, while new pending condo and townhouse sales were up 42.6 percent, which strongly signals that we’re going to see this surge in closed sales continue into at least the first couple of months of this year.” The state’s luxury market led the way throughout the second half of 2020, and with the overall increase in home value appreciation, has resulted in a higher dollar volume than in 2019.

USA: DECEMBER HAD RECORD PENDING SALES
“Pending home sales contracts have dipped during recent months, but I would attribute that to having too few homes for sale,” said Lawrence Yun, NAR’s chief economist. “There is a high demand for housing and a great number of would-be buyers, and therefore sales should rise with more new listings. This elevated demand without a significant boost in supply has caused home prices to increase and we can expect further upward pressure on prices for the foreseeable future.”
Yun continues to project that 2021 will bring about strong economic growth, supported by low mortgage rates and fiscal stimulus, which in turn will bolster existing-home sales. Yun added that, with rates to remain low, existing-homes sales are likely to reach 6.49 million, which would be a 15 percent increase from 5.64 million in 2020. “There will also be slower home price appreciation, likely 6.6 percent… as homebuilders increase housing starts.”

Pending Home Sales Inch Back 0.3% in December

Contract signings reach record high for the month of December

WASHINGTON (January 29, 2021) – Despite dropping slightly in the last month of 2020, the latest pending home sales registered as the highest ever recorded in the month of December, according to the National Association of Realtors®. The decrease marks the fourth consecutive month of month-over-month declines. While contract transitions fell in one of the four major U.S. regions, activity climbed or remained flat in the three other areas. Compared to a year ago, all four regions witnessed double-digit gains in pending home sales transactions.
 
The Pending Home Sales Index (PHSI),* www.nar.realtor/pending-home-sales, a forward-looking indicator of home sales based on contract signings, waned 0.3% to 125.5 in December. Year-over-year, contract signings jumped 21.4%. An index of 100 is equal to the level of contract activity in 2001.
 
“Pending home sales contracts have dipped during recent months, but I would attribute that to having too few homes for sale,” said Lawrence Yun, NAR’s chief economist. “There is a high demand for housing and a great number of would-be buyers, and therefore sales should rise with more new listings.”
 
“This elevated demand without a significant boost in supply has caused home prices to increase and we can expect further upward pressure on prices for the foreseeable future,” Yun said.
 
Yun continues to project that 2021 will bring about strong economic growth, supported by low mortgage rates and fiscal stimulus, which in turn will bolster existing-home sales.
 
Yun added that, with rates to remain low, existing-homes sales are likely to reach 6.49 million, which would be a 15% increase from 5.64 million in 2020. “There will also be slower home price appreciation, likely 6.6%, as increased confidence from homebuilders will ultimately lead to an increase in housing starts.”
 
December Pending Home Sales Regional Breakdown
The Northeast PHSI rose 3.1% to 112.0 in December, a 22.1% increase from a year ago. In the Midwest, the index fell 3.6% to 111.7 last month, up 13.9% from December 2019.
Pending home sales in the South increased 0.1% to an index of 150.6 in December, up 26.6% from December 2019. The index in the West was unchanged in December, remaining at 111.3, which is up 18.9% from a year ago.
 
Realtor.com®’s Housing Market Recovery Index, which reveals metro areas where the market has recovered or even exceeded prior trends, showed Portland, Ore.; Las Vegas, Nev.; Denver, Colo.; Los Angeles, Calif.; and Boston, Mass., had enjoyed the most significant recovery as of January 16.
 
The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
 
# # #
 
*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
 
The index is based on a large national sample, typically representing about 20% of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.
 
An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population.
 
NOTE: Existing-Home Sales for January will be reported February 19. The next Pending Home Sales Index will be February 25; all release times are 10:00 a.m. ET.
 
Source: National Association of REALTORS®

Housing Market Demand Continues to Outpace Inventory in December

Naples, FL (January 22, 2021) – Eager homebuyers did not waste any time in December as shown by pending sales for homes in the Naples area which leaped 88.6 percent to 1,535 pending sales (homes under contract) from 814 pending sales in December 2019. This spike in buyer interest was also reflected in the 65 percent increase in showings during December, which amounted to an average of 10 showings per listing. According to the December 2020 Market Report, released by the Naples Area Board of REALTORS®(NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), inventory continued to struggle to keep up with growing buyer demand. The number of available homes for sale in December 2020 decreased 49.1 percent to 3,140 homes from 6,163 homes in December 2019.
 
Budge Huskey, CEO, Premier Sotheby’s International Realty, added, “Historic election-year hesitancy regarding changes in administrations has not been reflected by top business leaders or the equity markets, and certainly didn’t dissuade home buying decisions in Naples during December. In fact, in the high-end market, closed sales for homes priced over $2 million increased an astounding 62.4 percent year over year.”
 
As months of inventory tightened in December to a very low 3.1 months of inventory, broker analysts said they are not concerned that the Naples market resembles the housing market of 2004/2005, when the market boomed, stumbled and fell. There are no signs of a decline in our market.
 
“The difference is that today’s home sales are not coming from investors. In today’s market, end users are purchasing homes,” said Adam Vellano, West Coast Sales Manager, BEX Realty – Florida. “Not only is the demand real, but we don’t have predatory lenders to worry about. While we expect to see home prices continue to rise, compared to other hot spots in the country, homes in Naples continue to be a great value!”
 
“Inventory will govern our potential moving forward,” remarked Huskey. “Based on the fundamental strength of our market, I would have thought more foreigners with second homes in the area would be selling this year since travel restrictions prohibit them from entering America, but that hasn’t happened yet.”
 
“Once more people get the COVID-19 vaccine, I believe we’ll begin to see sellers who were on the fence during the pandemic loosen up and begin to list their homes,” added Hughes. “But this might not be until the second half of the year.”
 
“Inherent in all the demand in inventory is an increase in price,” said Molly Lane, Senior Vice President William Raveis Real Estate. “Prices today are being driven by a lack of inventory.”
 
During December, the median closed price increased 18.2 percent to $405,000 from $342,500 in December 2019. An uptick in closed sales of high-end properties during December also drove the average closed price up 43.5 percent to $846,725 from $589,958 in December 2019. But keep in mind that even though median closed prices are rising, list price data extracted from the MLS showed only 506 properties reported a price increase compared to 321 that reported a price decrease during the month.
 
“People are looking for the type of resort-style living Naples can deliver,” said Spencer Haynes, Director of Business Development and Broker with John R. Wood Properties. “As such, condominium sales increased almost 50 percent during December. Inventory is more plentiful in the condominium market today, especially in the lower price ranges.”
 
The NABOR® December 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:
 
 
“Inventory is a major concern for new home builders too,” Vellano pointed out. “Many planned developments typically take two to three years to be sold out. Sales are outpacing how fast they can build homes causing some developers to hold back on releasing additional homesites. At this point most, if not all, of their spec homes have been sold too.”
 
In periods of rapid sales and escalating prices, as is currently happening, appraisals often come in low because they are based on sales that may have occurred six months earlier, which may lower the amount of financing that can be obtained. Jeff Jones, Broker at Keller Williams Naples explained, “For instance, suppose there is a sale at $500,000 with the buyer planning to finance 80 percent of the purchase price so that they have a $400,000 mortgage. If the appraisal comes in at $480,000, then the buyer can only obtain a loan for $384,000 [80 percent of $480,000]. In this case, the buyer will need to cover the additional $16,000 in cash in order to complete the transaction. With inventory in high demand, many buyers are finding ways to cover the additional debt because the current low financing rates keep monthly payments down.”
 
The allure and reputation of the Naples lifestyle is driving affluent buyers to our market. The overall volume of home sales in the high-end market in Naples is higher than most other areas in Florida. As such, broker analysts predict continued heightened buyer interest and heightened buyer demand, especially in the high-end market, through the first quarter of 2021.
 
 
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.

Where to Retire?

WalletHub Ranks Florida Number 1

To determine the best state for retirement, WalletHub weighed 45 variables, such as affordability, quality-of-life and health care — and Florida was, and is, Number 1.

ORLANDO, Fla. – For many people, a Florida retirement means warm year-round weather and no shoveling snow. But retirement living is a big decision. It’s not paradise if you run out of money. A state with good healthcare might have a high cost of living and high taxes. A state with affordable housing may have limited access to hospitals.
 
To determine which U.S. state was best overall for retirees, WalletHub weighed 45 variables, including affordability, quality of life and healthcare. Florida wasn’t the No. 1 state in many categories, but the study determined that Florida, overall, was the No. 1 U.S. state for retirees considering a move.
 
According to WalletHub, cost is a major concern for many retirees, and “Even in the most affordable areas of the U.S., most retirees cannot rely on Social Security or pension checks alone to cover all of their living expenses.”
But safety and healthcare also weigh heavily in relocation decisions.
 
WalletHub’s advice: “If retirement is still a big question mark for you because of finances, consider relocating to a state that lets you keep more money in your pocket without requiring a drastic lifestyle change.”
 
To determine the best places to retire, WalletHub compared the 50 U.S. states based on those 45 key indicators and came up with a score for retirement-friendliness.
 
In the analysis, No. 1 Florida had a total score of 61.09 compared to second-place Colorado. For affordability, Florida ranked fourth; for quality of life it ranked sixth; for healthcare, it raked 28th.
 
Colorado had a 60.94 overall score, but it ranked 13th in affordability and 16th in quality of life. It beat Florida only under healthcare at fifth.
 
New York and New Jersey hugged the bottom positions, with scores of 41.86 and 37.41, respectively. New York ranked 49th in affordability, 17th in quality of life, and 27th in healthcare. No. 50 New Jersey ranked 50th in affordability, 35th in quality of life, and 33rd in healthcare.
 
© 2021 Florida Realtors®
By Kerry Smith
 
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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