01 Jan Bonita Bay Real Estate News | January 2022
As of January 1, 2022, there are 18 active listings in our area multiple listing service (MLS) in Bonita Bay; 2 less than last month.
For comparison, last year on January 1, there were 82 listings in Bonita Bay.
There are 6 single-family homes, ranging in price from $3,345,000 to $6,500,000. The average list price is $4,339,167 and the average days on the market is 89. The combined days on the market is 94.
In the carriage, mid-rise, townhouse, and attached villa market, there are 3 active listings in Bonita Bay ranging in price from $549,900 to $1,290,000. The average list price is $803,267 and the average days on the market is 57 while the combined days on the market is 57.
In the high-rise market, there are 9 active listings in Bonita Bay ranging in price from $795,000 to $8,500,000. The average list price is $4,333,222 and the average days on the market is 203. The combined days on the market is 239.
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®,
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 $444,203; these condos were on the market an average of 39 days; combined days on the market is 100.
- During the 12 months previous, there were 83 sales with an average sales price of condominiums was $405,767; these homes were on the market for 93 days; combined days on the market is 162.
BONITA BAY HIGH-RISES
- During the last 12 months, there were 105 sales with an average sales price of $1,571,865; these homes were on the market an average of 119; combined days on the market is 178.
- During the 12 months previous, there were 61 sales with an average sales price of $1,334,651; these homes were on the market for an average of 164 days; combined days on the market is 276.
SINGLE-FAMILY BONITA BAY HOMES
- During the last 12 months, there were 94 sales with an average sales price of $1,711,999; these homes were on the market an average of 60 days; combined days on the market is 135.
- During the 12 months previous, there were 63 sales with an average sales price of $1,415,833; these homes were on the market for an average of 111 days; combined days on the market is 187.
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.
January 2022 Market Update
DOWNING-FRYE: BUYER DEMANDS STILL STRONG
“One thing did not change in 2021,” said Mike Hughes, Vice President of Downing-Frye Realty, Inc., “We started and ended the year with strong buyer demand and a tight listing inventory, both of which are expected to continue into 2022. We had 3,750 closings in 2021 for a closed sales volume of $2,400,839,269.37 – our second-best year ever for closed sales volume. The pandemic changed consumer patterns, and we have seen a lot of closings in months that historically would be “soft” months for closings. The current tight listing inventory, coupled with the strong buyer demand, will continue to be a challenge for buyers requiring a mortgage. There are a lot of cash buyers in our area right now, which is typical during our busy winter season. I expect the multiple offer environment will be here most of the year. If you are a buyer, you might have to move quickly to secure a property. The pandemic has shown us that the low-density Southwest Florida landscape is very desirable with consumers. After all, if you are going to ride out a pandemic, why not be in paradise?”
BONITA / ESTERO: HIGH BUYER DEMAND
At the end of November, the number of new listings that came to the Bonita Springs and Estero markets YTD in 2021 (3,012 listings) was ten percent lower than 2020, and YTD pending sales were 17.4 percent higher (4,373 units). The number of YTD closed sales units were 28.3 percent higher than YTD 2020 and the median closed sales price of $390,000 was 20 percent higher. Active inventory at the end of November 2021 was 213 properties, down 80.8 percent from the year before.
NAPLES AREA: THE LIFESTYLE FUELS DEMAND
Pre-season buyers descended on the Naples real estate market in November pushing the area’s overall inventory down 76.1 percent to 1,198 homes from 5,006 homes in November 2020. New listings in November fell 22.9 percent to 958 homes from 1,242 in November 2020. The median closed price for condominiums in November was $375,000 compared to $622,000 for single-family homes. This level of affordability might account for condominium inventory decreasing 85 percent during November compared to a 65 percent decrease in single-family home inventory. Although the overall median closed price continued to rise due to a tight inventory in November, it should be noted that – in the last 12-months ending November 2021 – 57 percent of closed sales in Naples were for homes priced below $500,000.
MARCO ISLAND AREA: MEDIAN PRICE UP
The Marco Island Area Assoc. of Realtors® reported that November 2021 compared to November 2020 showed the following: Total inventory (225 properties) was down by 74 percent, closed sales (118 properties) were down by 48.9 percent and pending sales (129 properties) were down by 22.3 percent. The November median sales price was $748,750, which is 41.27 percent higher than November 2020.
FLORIDA: CLOSED SALES SURGE
The home selling frenzy continued in Florida in November, with closed sales of existing homes and condos up year-over-year — as well as exceeding pre-pandemic levels. New listings aren’t down — they’re just flying off the market. Brad O’Connor, Chief Economist for Florida Realtors, said “Closed sales of existing homes in Florida were up yearover-year in November, according to the latest market statistics from Florida Realtors. Existing single-family home sales increased by 4.3 percent compared to November of 2020, while condo and townhouse sales were up versus a year ago as well, by 5.4 percent. Even more impressive, though, is how high sales levels remain compared to two years ago, before the pandemic. Compared to November 2019, sales this November were up by over 28 percent for single-family homes and by over 37 percent for condos and townhouses.
USA: EXISTING HOME SALES UP
Existing-home sales rose 1.9 percent in November from October to a seasonally adjusted annual rate of 6.46 million. The median existing-home sales price rose 13.9 percent year-over-year to $353,900. From one year ago, the inventory of unsold homes decreased 13.3 percent to 1.1 million – equivalent to 2.1 months of the monthly sales pace. Lawrence Yun, NAR’s chief economist, noted that inflation and the pace of price appreciation is expected to subside next year. Last week, NAR held its third annual Real Estate Forecast Summit, featuring economists and housing experts whose consensus found inflation would likely ease in 2022 at a 4 percent rate, while home prices are expected to rise at a moderate pace of 5.7 percent.
Sources: The Bonita Springs-Estero REALTORS®/SWFLMLS, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS® Marco Island Area Assoc. of REALTORS®
Demand Vastly Outpacing Supply in the SWFL Housing Market
Southwest Florida is facing a housing crisis. Realtors in the area say inventory is low. That forces you to pay more for a home and make compromises when you buy.
Buying a home in Southwest Florida is a goal for many people.
“A lot of people are flocking to Florida. And they’re kind of buying up the property and causing the prices to increase.”
Ingrid Schaefer is touring homes. She is lucky to even get in the door for a viewing.
“We are looking. We’ve been looking for how long, Andrew? A little while. A couple years. He’s been very patient with us,” said Schaefer.
Patience, a realtor, and a willingness to compromise are a homebuyer’s best bets.
“If you’re a buyer, I would get with an experienced realtor, one that is experienced in negotiating and writing good clean offers, and can totally assess your situation and put your best foot forward, and your speed wins,” said Brett Ellis, a realtor in Fort Myers.
Even if homebuyers put in a quick offer, Ellis says there aren’t enough available homes to match the demand.
“Were down to 1,360 homes in all of Lee County. So we’ve been running way too low, and now we’re dipping once again into 1,300s,” said Ellis.
Schaefer is making sure to stick close to her realtor so they can hopefully be a front runner for a home in Southwest Florida.
“Andrew is helping us figure things out. We don’t want to be sort of knowing that we’re spending something that’s actually $100,000 more.”
Naples Realtor Andrew Tennent said, “there are more and more buyers buying with over zoom call like we’re having right now. So if you’re willing to do that, and you have a realtor that you feel comfortable, whether you can trust and everything that that might give you a leg up on the competition.”
Prices of homes in Southwest Florida are expected to keep rising in 2022.
Southwest Florida Lifestyle Continues to Fuel Demand
Pre-season buyers descended on the Naples real estate market in November pushing the area’s overall inventory down 76.1 percent to 1,198 homes from 5,006 homes in November 2020. Demand for the Naples lifestyle during November also influenced the median closed price which increased 31.3 percent to $499,000 from $380,000 in November 2020. Broker analysts reviewing the November 2021 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), predict buyer demand to continue as homeowners in Northern states seek lifestyles with fewer COVID-19 restrictions and international buyers seek investments in the U.S. real estate market.
REALTORS® across the Naples area are working harder than ever to find homes for clients as indicated by the 31,291 showings in November and 70 percent decrease in days on the market to 24 days until pending from 80 days.
Although the overall median closed price continued to rise due to a tight inventory in November, it should be noted that – in the last 12-months ending November 2021 – 57 percent of closed sales in Naples were for homes priced below $500,000.
“We’ve had strong pending sales for the past few months, but those are beginning to wane now that we are reaching parity in this situation,” said Budge Huskey, CEO, Premier Sotheby’s International Realty. “The variance in new listings this November versus last November is related to closed sales because the market is trying to find the right balance. The problem is that new listings can’t carry all this demand alone.”
New listings in November fell 22.9 percent to 958 homes from 1,242 in November 2020. The lack of inventory will become a challenge for REALTORS® in 2022 as demand is expected to remain steady with no inventory surplus expected. “Year over year business growth like we saw last year is just not feasible in today’s market,” said Adam Vellano, a Naples Sales Manager at Compass Florida. “But our issue is exactly what all other industries are facing right now: Supply. We are simply becoming the store that is selling out of inventory.”
Vellano added that he’s heard new-home builders are facing similar obstacles with lack of building supplies in the area. As such, a backlog of newly constructed homes likely means we won’t see new home inventory rise to assist with demand anytime soon either.
“As demand continues to outpace supply, REALTORS® should expect to work harder in 2022 to stay on top of new listings because they’ll need to guide clients through the negotiation process in hours not days,” said Vellano.
Molly Lane, Senior Vice President at William Raveis Real Estate, agreed and added, “If you’re a buyer and expect to find a home that fits your needs without a REALTOR®, you’re going to be looking for a long time. New listings today barely make the MLS without already having a contract. An experienced agent knows the market well and will help you maneuver and negotiate fast. A lot of the work to get you into a Naples home right now needs to be done before a home is available. For example, understanding your cash sale limits, helping you get pre-approved for financing, and discussing what contingencies you might expect, and what liabilities you may incur. It’s a seller’s market, so agents need to coach buyers on the realities of buying a home in our market today.”
“Working with a REALTOR® is equally important for sellers because REALTORS® have the experience and resources necessary to find greater opportunities in an open market,” quipped Vellano. “There are enough people looking for homes in Naples today that will pay full-list price if they know it is priced right.”
The NABOR® November 2021 Market Report 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:
According to Brenda Fioretti, Broker Associate at Berkshire Hathaway HomeServices Florida Realty, “Our area is still considered undervalued compared to many other desirable markets in America, so waiting for prices to drop in Naples is not a good strategy for homebuyers.” Fioretti was quick to also point out that “for the first time since NABOR® recorded market data, the overall percent of current list price received for condominiums exceeded 100 percent in November.”
The median closed price for condominiums in November was $375,000 compared to $622,000 for single-family homes. This level of affordability might account for condominium inventory decreasing 85 percent during November compared to a 65 percent decrease in single-family home inventory.
Having a REALTOR® during today’s low inventory environment is an essential partnership for buyers because REALTORS® are poised to hear about a home before it goes up for sale, they know exactly when new homes hit the MLS in real time, and they can share this valuable information to home buyers. Further, REALTORS® work closely with many other agents, have alerts set up when new homes are listed, and know how to maneuver the process so a buyer can act fast when a new listing meets a client’s purchasing criteria.
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.