Bonita Bay Real Estate News | January 2021

Bonita Bay Real Estate News | January 2021

As of January 1, 2021, there are 82 active listings in our area multiple listing service (MLS) in Bonita Bay; 10 less than last month. There are 24 single-family homes ranging in price from $429,000 to $4,995,000. The average list price is $2,443,579 and the average days on the market is 147. The combined days on the market is 247. In the carriage, mid-rise, townhouse, and attached villa market, there are 16 active listings in Bonita Bay. Prices range from $180,000 to $799,900. The average list price is $391,238. The average of days on the market is 132. The combined days on the market is 181. In the high-rise market, there are 42 active listings in Bonita Bay ranging in price from $639,900 to $4,155,000. The average list price is $1,654,495 and the average days on the market is 175. The combined days on the market is 184.

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 83 sales with an average sales price of $405,767; these condos were on the market an average of 93 days; combined days on the market is 162.
  • During the 12 months previous, there were 77 sales with an average sales price of condominiums was $372,088; these homes were on the market for 76 days; combined days on the market is 140.
 
BONITA BAY HIGH-RISES
  • During the last 12 months, there were 60 sales with an average sales price of $1,337,687; these homes were on the market an average of 167; combined days on the market is 280.
  • During the 12 months previous, there were 48 sales with an average sales price of $1,307,911; these homes were on the market for an average of 197 days; combined days on the market is 300.
 
SINGLE-FAMILY BONITA BAY HOMES
  • During the last 12 months, there were 62 sales with an average sales price of $1,430,201; these homes were on the market an average of 111 days; combined days on the market is 188.
  • During the 12 months previous, there were 68 sales with an average sales price of $1,037,161; these homes were on the market for an average of 143 days; combined days on the market is 226.
 
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 2021 Market Update

EARLY MOMENTUM FOR 2021
“When the pandemic hit last year, our real estate market paused. But then it began to accelerate and it hasn’t slowed down yet,” said Mike Hughes, Vice President of Downing-Frye Realty, Inc. “We had so many pending sales at the end of 2020 that we closed $30 million on the first two days of 2021. The last quarter of 2020 produced 946 pending sales, an increase of more than 150 percent over 2019’s last quarter. The average closed sales price for 2020 was $600,000, 13 percent more than 2019’s figure. 2020 was one of the best years we ever had with $1.768 billion in closed sales volume for 2,950 closed transactions, with the high-end market doing exceptionally well. Real estate markets have cycles, and right now we’re in one that favors sellers, but that can change at any time. What won’t change, though, is the desirability of our low-density Southwest Florida lifestyle. People want to live here.”
 
BONITA /ESTERO: BUYERS NEED TO MOVE FAST
Pending sales for single family homes and condominiums rose in November 2020 by a staggering 63.3 percent compared to the year-ago figure, while overall new listings decreased by 8.7 percent and the average number of days on the market fell by 16.5 percent. The median closed sales price in November 2020 was $343,000, up 9.5 percent from November 2019. November’s active listings stood at 989 properties, down 36.7 percent from the year-ago figure, representing a 3-month supply. Homes are selling more quickly, averaging only 71 days on the market.
 
FLORIDA: LOW INVENTORY, HIGHER PRICES
In November, closed sales of single-family homes statewide totaled 26,406, up 22.9 percent year-over-year, while existing condo-townhouse sales totaled 11,003, up 30.2 percent over November 2019. The statewide median sales price for single-family existing homes was $305,000, up 14.1 percent from the previous year, and for condo-townhouse units was $228,000, up 16.9 percent. Florida Realtors Chief Economist Dr. Brad O’Connor noted that November’s closed sales registered the highest percent year-over-year increase of any month this year, except for October’s 26.9% year-over-year rise. On the supply side of the market, inventory (active listings) remains constrained, particularly in the single-family existing home category, which was at a very limited 2-months’ supply in November. Condo-townhouse inventory was at a 4.7-months’ supply.
 
USA: RECORD-HIGH CONTRACT SIGNINGS IN NOVEMBER
Pending home sales fell slightly in October. “Pending home transactions saw a small drop off from the prior month but still easily outperformed last year’s numbers for October,” said Lawrence Yun, NAR’s chief economist. “The housing market is still hot, but we may be starting to see rising home prices hurting affordability.” Both the inventory of homes for sale and mortgage rates are now at historic lows, according to Yun. “The combination of these factors – scarce housing and low rates – plus very strong demand has pushed home prices to levels that are making it difficult to save for a down payment, particularly among first-time buyers, who don’t have the luxury of using housing equity from a sale to use as a down payment,” said Yun. “Work-from-home flexibility has also increased the demand for both primary and secondary homes.” The only positive month-over-month growth happened in the South.
 
Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®. 

Relocators Head to Sunny Sites – 5 Fla. Cities in Top 20

Report: Of the top 20 cities preferred by relocating Americans, 17 offer sunny, warm weather – and that list includes 5 Fla. metros from Tallahassee to Fort Myers.

ORLANDO, Fla. – According to a report from relocation services provider Updater, 17 of the top U.S. 20 cities for inbound growth were year-round, warm-weather cities.
 
Of those 17, Florida dominated the list with five spots in the top 20: Tallahassee (No. 3), West Palm Beach (No. 11), Tampa (No. 15), Orlando (No. 16), and Fort Myers (No. 20).
 
Updater analyzed a random sampling of 1.5 million household moves across the United States that took place from January through November 2020. It found that Americans departed the largest, most densely populated cities in the United States and took to smaller cities, and Southern states that had been attractive destinations for years spiked during the pandemic.
 
Source: Orlando Business Journal (12/21/20)
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Upward Trend in Naples Real Estate Market Continues

Naples, FL (December 18, 2020) – According to the November 2020 Market Report, released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), the Naples real estate market continues to see an upward trend in both showings and closed sales. In November 2020, there were 36,508 showings, which represents a 43 percent increase over the same period in 2019. Closed sales for the overall market increased 58.8 percent to 1,126 closed sales in November 2020, up from 709 closed sales in November 2019.

The sustained market demand is placing pressure on real estate pricing, with notable increases in median and average closed prices of homes when comparing month over month statistics. At $669,409, the year-to-date average closed sales price in November 2020 reflects a more accurate and modest growth with a 12.7 percent increase over November 2019 year-to-date average closed sales price of $594,065.

It is important to understand the difference between the “average” price of a home and the “median” price of a home. The “average” price is calculated by adding all the closed prices for homes sold in a specific area within a specified time frame and dividing that total by the number of properties sold. The “median” price is the price in the middle of a data set where exactly half the houses are priced for less and half are priced for more. Note: the average price may be skewed due to outliers in the data (if a property sold for a price far higher or lower than typical).

Broker analysts agree there are multiple driving forces influencing buyers. In addition to buyers coming from out of state, local homeowners are taking advantage of low interest rates and upgrading to more spacious homes and condominiums within their existing communities. Homes priced over $2,000,000 saw the strongest increase in sales, with a 51.6 percent increase in November 2020 over the same time period in 2019.

“Mortgage rates have once again dropped to a record low, with a fixed-rate average of 2.67 percent. Even though housing prices are going up and buyers are upgrading to more expensive homes, mortgage payments are going down,” said Jeff Jones, Broker at Keller Williams Realty.

Collier County continues to be among the most desirable locations in the state. “Regardless of the availability of the COVID-19 vaccine, employees are being encouraged to work remotely. This allows them to upgrade their quality of life and they are clearly choosing to live, work and play in Naples,” said Molly Lane, Senior Vice President at William Raveis Real Estate.

Mike Hughes, Vice President of Downing-Frye, Realty, Inc agreed. “Although the area’s traditional seasonal patterns have been disrupted, winter residents are continuing to arrive in the Naples area market. This is a strong indication of consumer confidence in Southwest Florida.”

“With the many uncertainties in the market, the Naples Area Board of Realtors remains a steady resource for our REALTORS®, providing access to the latest market data, industry education, legal forms, and professional guidelines,” said Corey McCloskey, VP of Operations at John R. Wood Properties, and the 2021 NABOR® President and Media Relations Committee Chair.

The NABOR® November 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:

 
 
 

“Naples’ high quality of life, favorable business policies, and strong local government have always been appealing to home buyers. But we are in unprecedented times with housing demand outpacing supply,” said Dominic Pallini, Broker at Vanderbilt Realty of Naples. “First time home buyers should evaluate their options as the market grows.”

View November 2020 Market Statistics

View November 2020 Market Report

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. 

 
 
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.

Best Places to Retire?

13 of the ‘Top 25’ Are in Florida

U.S. News & World Report’s latest ranking of top retirement communities could have almost said, “Pick any town in Fla.” Seven Fla. metros are in the top 10: Sarasota (No. 1), Fort Myers (2), Port St. Lucie (3), Naples (4), Ocala (6), Miami (9) and Melbourne (10).

WASHINGTON – U.S. News & World Report unveiled its 2020-2021 Best Places to Live and Best Places to Retire in the United States. The new lists evaluate the country’s 150 most populous metropolitan areas based on affordability, job prospects and desirability.
 
In the “Best Places to Retire” category, Florida metro areas stood out with seven out of the top 10 slots and 13 of the top 25 slots.
 
“After a prolonged period of staying at home, people are taking a critical look at where they live, and many are looking to find a place they can feel happier, afford more or pursue new opportunities,” says Devon Thorsby, real estate editor at U.S. News. “The Best Places rankings can help people examine the details they consider important in a larger community.”
 
This year, U.S. News increased the number of metropolitan areas evaluated for both sets of rankings from 125 to 150, to provide a broader and more accurate reflection of where Americans can live and retire.
 
Best places to retire
U.S. News & World Report’s announcement of top retirement destinations says it’s “dominated by Florida metro areas, largely due to affordable homes, low taxes and high ratings for happiness and desirability.”
 
An increase in Desirability and Job Market scores lifted Sarasota from No. 2 last year to No. 1 this year – but it overtook another Florida city, Fort Myers, which became No. 2. And while Port. St. Lucie’s Housing Affordability score decreased slightly, increases in Desirability, Job Market and Health Care scores helped it jump two places to No. 3.
 
Miami also saw a decrease in Housing Affordability, but it broke into the top 10 this year, jumping five places to No. 9 thanks to Desirability and Job Market score increases.
 
The top 25 places to retire also includes three Texas communities, and two places each in Michigan, North Carolina and Tennessee.
 
“Moving to a new place for retirement can reduce your cost of living and improve your quality of life,” says Emily Brandon, U.S. News senior editor for retirement. “The Best Places to Retire includes information about housing costs, access to quality hospitals and the strength of the job market, which can help you find a retirement spot that will meet your needs.”
 
The 2020-2021 Best Places to Retire were determined based on a methodology that factored in happiness, housing affordability, health care quality, retiree taxes, desirability and job market ratings. These measures were weighted based on a public survey of individuals across the U.S. who are nearing retirement age (ages 45-59) and those who are of retirement age (60 or older) to find out what matters most when considering where to retire. Data sources include the U.S. Census Bureau and the Bureau of Labor Statistics, as well as U.S. News rankings of the Best Hospitals.
 
2020-2021 Best Places to Retire – Top 25
1 Sarasota
2 Fort Myers
3 Port St. Lucie
4 Naples
5 Lancaster, Pa.
6 Ocala
7 Ann Arbor, Mich.
8 Asheville, N.C.
9 Miami
10 Melbourne
11 Myrtle Beach, S.C.
12 Nashville, Tenn.
13 Jacksonville
14 Manchester, N.H.
15 Daytona Beach
16 Orlando
17 Dallas-Fort Worth, Texas
18 Lakeland
19 Chattanooga, Tenn.
20 Tampa
21 Grand Rapids, Mich.
22 Houston, Texas
23 Charlotte, N.C.
24 San Antonio, Texas
25 Pensacola
 
U.S. News & World Report is a global leader in quality rankings that empower people to make better, more informed decisions about important issues affecting their lives.
 
© 2020 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.