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Bonita Bay Real Estate News | July 2022

01 Jul Bonita Bay Real Estate News | July 2022

Posted at 08:01h in Bonita Bay, Ed Gongola, Real Estate News, Seaglass at Bonita Bay by
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As of  July 1, 2022, there are 15 active listings in our area multiple listing service (MLS) in Bonita Bay; the same as last month.
 
For comparison, last year on July 1, there were 25 listings in Bonita Bay.
 
There is 1 single-family home for $2,699,000. The average list price is $2,699,000 and the average days on the market is 49. The combined days on the market is 49.
 
In the carriage, mid-rise, townhouse, and attached villa market, there are 3 active listings in Bonita Bay from $457,000 to $599,000 and the average list price is $540,333. The average days on the market is 25. The combined days on the market is 54.
 
In the high-rise market, there are 11 active listings in Bonita Bay ranging in price from $2,000,000 to $5,999,000. The average list price is $4,013,091 and the average days on the market is 66. The combined days on the market is 67.
 
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 95 sales with an average sales price of $586,038; these condos were on the market an average of 9 days; combined days on the market is 49.
  • During the 12 months previous, there were 94 sales with an average sales price of condominiums was $393,063; these homes were on the market for 81 days; combined days on the market is 155.
 
BONITA BAY HIGH-RISES
  • During the last 12 months, there were 72 sales with an average sales price of $1,952,943; these homes were on the market an average of 40; combined days on the market is 96.
  • During the 12 months previous, there were 102 sales with an average sales price of $1,400,817; these homes were on the market for an average of 156 days; combined days on the market is 236.
 
SINGLE-FAMILY BONITA BAY HOMES
  • During the last 12 months, there were 52 sales with an average sales price of $1,976,764; these homes were on the market an average of 34 days; combined days on the market is 96.
  • During the 12 months previous, there were 97 sales with an average sales price of $1,646,479; these homes were on the market for an average of 79 days; combined days on the market is 163.
 
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.

July 2022 Market Update

DOWNING-FRYE: LISTING INVENTORY ON THE RISE
“For the fourth month in a row, Downing-Frye Realty, Inc. had a monthly closed sales volume in excess of $200 million,” said Mike Hughes, Vice President and General Manager of Downing-Frye Realty, Inc. “While we sense that the market has shifted a bit, we are still turning in a lot of pending sales contracts. For the first six months of the year, Downing-Frye agents have turned in 1,462 pending sales contracts. The inventory of listed properties is rising slowly. We currently have 245 residential listings. This is still well under what we would normally see at this time of year. The pandemic-driven sales activity severely depleted the property listings our area. Downing-Frye agents continue to stay busy this summer. The increase in listings is welcome news for our summer buyers.”
 
BONITA / ESTERO: CASH BUYERS DOMINATE
The market in May had 436 active listings, that was a 30.1 percent increase from 2021 along with a 2.9 percent increase in new listings. Also comparing May 2022 with May 2021: closed sales were down by 22.4 percent, pending sales were down by 19.5 percent, and the median closed sales price was up by 43.4 percent ($566,250 vs $395,000). About 2 out of every 3 sales are cash purchases. There was a 1.4 month’s supply of inventory at the end of May.
 
NAPLES AREA: INVENTORY ON THE RISE
New listings during May pushed the available inventory up 58.6 percent to 2,046 properties compared to 1,290 properties in May 2021. Brokers prefer to compare this year’s activity to activity in 2019 as it was a balanced year with 7.3 months supply of inventory. Using 2019’s balanced market activity as a comparison, closed sales increased 7 percent month/month and 18 percent year to date/year to date. Demand remains strong despite having three times fewer options in inventory compared to 2019 levels. Today, we have 1.9 months supply of inventory. While new construction is adding to the inventory, it’s not at a rate that will triple the inventory anytime soon. Not surprisingly, low supply and high demand are driving price increases in Naples and across the nation. Closed sales were down slightly in the high end market in May, possibly due to buyer reluctance to move cash out of the stock market right now. Cash sales commanded 63.3 percent of closed sales in May.
 
MARCO ISLAND AREA: INVENTORY STEADY
The Marco Island Area Assoc. of Realtors® reported that median sale prices have continued to increase on houses by 22 percent, condos by 41 percent, and lots by 150 percent. The inventory seems to be steadying, down only .4 percent from May of 2021. Total inventory is up from last month by 16 percent. Homes sold is down 27 percent from last month. Days on market for lots was 135 this May, up a whopping 67 percent from last month’s 80 days.
 
FLORIDA: MORE NEW LISTINGS
Rising mortgage interest rates, high inflation and still-tight inventory levels were factors influencing Florida’s housing market in May, with fewer closed sales compared to a year ago. Still, the median time to contract for single-family existing homes in May was nine days – the same as it was in May 2021, and for existing condo-townhouse units was 10 days compared to 19 days a year ago. In May, closed sales of single-family homes statewide totaled 28,861, down 6.9 percent year-over-year, while existing condo-townhouse sales totaled 13,265, down 14.4 percent. The statewide median sales price for single-family, existing homes in May was $420,000, up 21.8 percent from the previous year, and for condo/townhouse units was $322,000, up 28.8 percent over the year-ago figure.
 
USA: PENDING HOME SALES UP SLIGHTLY
Pending home sales crept higher in May, ending a six-month streak of declines. “Despite the small gain in pending sales from the prior month, the housing market is clearly undergoing a transition,” said NAR Chief Economist Lawrence Yun. “Contract signings are down sizably from a year ago because of much higher mortgage rates. Trying to balance the housing market by choking off demand via higher mortgage rates is damaging to consumers and the economy. The better way to balance the market is through increased supply, which also helps the broader economy.”
 
Sources: The Bonita Springs-Estero REALTORS®/SWFLMLS, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS® and Marco Island Area Assoc. of REALTORS®

DeSantis Green Lights Hometown Heroes Housing

The $100M program, a top Florida Realtors priority, will provide zero-interest loans to be used toward down payment and closing costs – up to 5% of the loan or $25K.
 
During a press conference in Southwest Florida on Monday, Florida Governor Ron DeSantis announced the launch of Florida Realtors® top 2022 legislative priority, the Hometown Heroes Housing Program (HHHP).
 
Administered by the Florida Housing Finance Corporation (FHFC), HHHP would reduce the upfront costs for qualifying hometown heroes by providing zero-interest loans to help with down payment and closing costs, up to a limit of 5% of the first mortgage loan or $25,000.
Florida Realtors worked closely with the Florida Legislature throughout the 2022 session to create HHHP. Funded at $100 million, the program is designed to help some of the state’s most essential workers become homeowners.
 
“During the pandemic and beyond, our hometown heroes – the nurses, EMTs, firefighters, law enforcement officers and educators – were the ones who kept us safe, cared for our loved ones, and taught our children,” says 2022 Florida Realtors President Christina Pappas. “Unfortunately, with skyrocketing home prices, they often can’t afford to live in the communities where they work. The Hometown Heroes Housing Program is a great way to help address this issue.”
 
The program will be available to more than 50 occupations, and is subject to certain income and purchase price limits that vary by county. DeSantis said mortgage loan officers throughout the state would begin accepting applications for the program beginning June 1, 2022.
 
“There are 1,000 lenders involved in the program to start providing assistance to essential workers, such as police officers, firefighters, doctors, nurses and teachers, among other professions,” says Florida Realtors Vice President of Public Policy Andy Gonzalez.
More details about the program can be found on FHFC’s website.
 
“We are extremely grateful to the governor and the Florida Legislature for recognizing the tremendous housing burden that our hometown heroes face,” adds Pappas. “These professionals perform such a vital role in our daily lives. We should be doing everything possible to help them achieve the dream of homeownership.”
 
© 2022 Florida Realtors®

Inventory Heating Up is Good News for Summer Buyers

During a meeting to review the May 2022 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), long-time Naples broker Bill Coffey, Broker Manager of Amerivest Realty Naples, remarked that, “May had the highest number of new listings than any May in the last three years.” Fellow brokers who also analyzed the May report are pleased with this trend as it will lead to more options for summer buyers. New listings during May pushed the inventory of homes for sale up 58.6 percent to 2,046 properties compared to 1,290 properties in May 2021.
for July 2022
 
“Inventory has been rising since December,” said Jeff Jones, Broker at Keller Williams Naples. “By the end of May, our inventory in Naples has nearly doubled since the same time a year ago. And if you include the 889 homes that had a price reduction in May to this inventory mix, then we’re in good shape heading into summer. Price reductions are basically like new listings because the home’s new price point becomes a new opportunity to a larger pool of buyers.”
 
Though many of the brokers reviewing the report warn against comparing activity today to activity in the last two years. “If you look at the percentage of home sales since January compared to last year, it appears we are doing poorly [-32.5%],” said Budge Huskey, CEO, Premier Sotheby’s International Realty. “But 2021 was not a typical year for home sales in Naples. We had record level sales last year. However, we also can’t compare activity today to 2020 because during the first half of that year, the country was under pandemic restrictions which caused sales to suffer.”
 
As such, brokers prefer to compare this year’s activity to activity in 2019 as it was a balanced year with 7.3 months supply of inventory. “A healthy market for us is six to 12 months of inventory,” said Brenda Fioretti, Broker Associate at Berkshire Hathaway HomeServices Florida Realty.
 
Looking at closed sales, there was a 24.5 percent decrease in May to 1,249 closed sales from 1,654 closed sales in May 2021. However, using 2019’s balanced market activity as a comparison, closed sales increased 7 percent month/month and 18 percent year to date/year to date. Demand remains strong despite having three times fewer options in inventory compared to 2019 levels. Today, we have 1.9 months supply of inventory.
 
Not surprisingly, low supply and high demand are driving price increases in Naples and across the nation. “Macro factors are now impacting the pace of sales, but the fundamentals suggest values will be insulated,” added Huskey. “In fact, home prices have historically outpaced the rate of inflation.”
 
And while new construction is adding to the inventory, it’s not at a rate that will triple the inventory anytime soon.
 
The overall median closed price increased 40.3 percent in May to $608,000 from $433,500 in May 2021. Jones responded, “Median closed price increases today are somewhat misleading. If we look at closed sales by price
range, the $300,000 and below market is down 56 percent. That’s because we have few homes in inventory within this price category anymore. Therefore, a huge drop in the number of sales in the lower price categories means the calculation used to determine today’s median closed price reflects sales in those price categories where there is more inventory.”
 
“Since January, we’ve seen a 21.9 percent increase in the number of homes sold in the $500,000 to $1 million price category,” added Coffey.
 
The NABOR® May 2022 Market Report provides 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 2022:
“First-time homebuyers may be hesitant to jump into the market today because of rising interest rates,” said Fioretti. “But it’s important to point out that rates are expected to go up again before the end of the year. Locking in today at six percent on a 30-year fixed mortgage should not be seen as a 30-year commitment as refinancing is always an option if or when rates decrease in the future.”
 
Wes Kunkle, President and Managing Broker at Kunkle International Realty, added that, “There’s a whole generation of new home buyers that have never seen rates this high before. But historically, rates have rarely gone below six percent. Aside from locking in at a rate before it increases, another advantage of buying a home today is that these buyers will be able to take advantage of the mortgage interest deduction on their income taxes.”
 
Closed sales were down slightly in the high end of the market in May, but this might be due to buyer reluctance to move cash out of the stock market right now. Notwithstanding, cash sales commanded 63.3 percent of closed sales in May, though brokers reviewing the report contend they are seeing more opportunities for buyers choosing to finance their purchase.
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.

 

New Fla. Real Estate Laws Go into Effect July 1

A number of real-estate-related bills passed in the 2022 Florida Legislature and were signed by Gov. Ron DeSantis, including the Hometown Heroes program.
 
From the environment to mortgage aid, septic tanks to licensing, a roster of new Florida laws passed by the 2022 Florida Legislature and signed by Gov. Ron DeSantis go into effect Friday. They include:
 
Hometown Heroes – The 2022-2023 fiscal year budget (HB 5001) include $100 million to fund the Hometown Hero Housing Program backed strongly by Florida Realtors®. The revolving loan program provides some upfront homeownership costs to help qualified firefighters, law enforcement officers, teachers, nurses and other hometown hero professions become homeowners. It provides zero-interest loans to help with down payment and closing costs. The loan is repaid once the home is sold, rented or refinanced, creating a continuous cycle of homeownership for some of Florida’s essential workers.
 
Home hardening and other tax breaks for Floridians – HB 7071 includes the “home hardening” initiative, a 2022 Florida Realtors’ legislative priority that provides sales tax relief to homeowners who harden their homes from storms. The bill also includes an abatement of all property taxes for owners of the condos that collapsed in Surfside, pro-rated refunds of property taxes on residential properties rendered uninhabitable by a catastrophic event for at least 30 days, a sales tax reduction on new mobile homes and several sales tax holidays
 
Flooding and sea level rise resilience – HB 7053 establishes the Statewide Office of Resilience within the Governor’s Office, with the governor appointing the Chief Resiliency Officer. It sets a minimum of $100 million in funding to be identified annually in a comprehensive and ranked list of resilience projects.
Private property rights – SB 518 helps property owners who wish to prune, trim and remove trees that present a danger to their property by strengthening a 2019 law passed that prohibits local governments from requiring permits for the removal of “dangerous” trees on residential property.
 
Water quality – HB 965 creates a public/private partnership-oriented approach to improving water quality by authorizing the creation of water quality enhancement areas – natural systems constructed, operated, managed and maintained to provide offsite regional treatment through enhancement credits.
Preventing unlicensed real estate activity – The Legislature allocated up to $500,000 in the 2022-2023 fiscal year budget (HB 5001) to combat unlicensed real estate activity. 
 
Everglades –The 2022-2023 fiscal year budget (HB 5001) that goes into effect July 1 includes money for Everglades Restoration ($425 million), Lake Okeechobee Watershed Restoration ($450 million), springs restoration ($75 million), beaches ($50 million), Biscayne Bay ($20 million), the Wastewater Grant Program ($125 million) and the Resilient Florida Grant Program ($470 million).
 
Septic system inspections – SB 856 makes private inspections an option for onsite sewage treatment and disposal systems, also known as septic systems. Cities and counties have dealt with a backlog of septic inspections for years, partially because of the number of inspectors and workload. This bill allows an authorized contractor to hire a private provider to inspect the system in addition to the inspections performed by public inspectors.
 
Landfills – HB 1419 creates a Municipal Solid Waste-to-Energy program to address the amount of municipal solid waste created in Florida, particularly in highly populated areas that don’t have the space or ability to permit new landfills.
 
© 2022 Florida Realtors®
 
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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