01 Jun Bonita Bay Real Estate News | June 2022
As of June 1, 2022, there are 15 active listings in our area multiple listing service (MLS) in Bonita Bay; 5 more than last month.
For comparison, last year on June 1, there were 19 listings in Bonita Bay.
There are 3 single-family homes, ranging in price from $840,000 to $5,999,900. The average list price is $3,179,633 and the average days on the market is 91. The combined days on the market is 91.
In the carriage, mid-rise, townhouse, and attached villa market, there are 4 active listings in Bonita Bay from $420,000 to $800,000 and the average list price is $573,750. The average days on the market and the combined days on the market are both 15 days.
In the high-rise market, there are 8 active listings in Bonita Bay ranging in price from $2,950,000 to $5,999,000. The average list price is $4,468,000 and the average days on the market is 56. The combined days on the market is 58.
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 90 sales with an average sales price of $561,426; these condos were on the market an average of 9 days; combined days on the market is 48.
- During the 12 months previous, there were 95 sales with an average sales price of condominiums was $387,294; these homes were on the market for 84 days; combined days on the market is 165.
BONITA BAY HIGH-RISES
- During the last 12 months, there were 74 sales with an average sales price of $1,887,539; these homes were on the market an average of 47; combined days on the market is 98.
- During the 12 months previous, there were 103 sales with an average sales price of $1,389,207; these homes were on the market for an average of 160 days; combined days on the market is 242.
SINGLE-FAMILY BONITA BAY HOMES
- During the last 12 months, there were 62 sales with an average sales price of $1,882,637; these homes were on the market an average of 30 days; combined days on the market is 89.
- During the 12 months previous, there were 92 sales with an average sales price of $1,634,254; these homes were on the market for an average of 94 days; combined days on the market is 183.
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.
June 2022 Market Update
DOWNING-FRYE: LISTING INVENTORY ON THE RISE
“Downing-Frye agents have now closed over 1,300 transactions for the year,” said Mike Hughes, Vice President and General Manager of Downing-Frye Realty, Inc. “It has been a steady year for real estate sales. We have an interesting phenomenon emerging. The summer visitors will have more listing inventory to choose from than the winter visitors. It is usually the other way around. This situation is caused by an inventory of listings that has been generally rising over the last five months. We also hit one billion in closed sales volume very early this year as we crossed that threshold in May. In some years, it takes up to ten or eleven months to hit one billion in closed sales volume for our company. All in all, it is shaping up to be a solid year for sales. The visitor activity is helping real estate sales as more tourists are adjusting to the pandemic. There is definitely a pent up demand to travel and it would appear that the summer season will see a lot of tourists traveling to Southwest Florida. Another emerging trend is that more mortgage offers are being accepted. For a while, a large percentage of accepted offers were cash offers. It still leans that way, but the climate is improving for buyers who require a mortgage.”
BONITA / ESTERO: SIGNS OF STABILITY
The booming local real estate market has been strong for sellers with bidding wars, a majority of cash buyers, listings lasting only hours and properties going for well over the asking price. Fortunately for buyers, there are signs the market is starting to stabilize. Comparing April 2022 with April 2021: new listings are up 4.3 percent (480 new listings), the median closed sales price of $547,000 is 55.4 percent higher, closed sales are down 32.1 percent, and the active inventory is down 3.5 percent to 384 properties (representing 1.2 month’s supply). Cash sales account for 70 percent of the transactions.
NAPLES AREA: MARKET REGAINING BALANCE
Demand for the Naples lifestyle remains strong. Days on market for April was 16 days, considerably less than the historic 90-day average. As inventory begins to rise, days on market may increase and list prices in some neighborhoods may shift down slightly; but broker analysts agree that we should not expect home prices to drop to anywhere near pre-pandemic levels. The overall median closed price in April increased 39.2 percent to $599,000 from $440,000 in April 2021. Even though inventory rose 39.5 percent in the single-family home market during April, pent up demand for this property type did not temper its median closed price. There were only 96 properties below $300,000 in April’s inventory.
MARCO ISLAND AREA: MEDIAN PRICE UP
The Marco Island Area Assoc. of Realtors® reported that April 2022 compared to April 2021 showed the following: Total inventory (219 properties) was down 26 percent, closed sales (140 properties) were down by 49 percent with a total volume sold of $206.5 million, down 17 percent. The April median sales price for homes was $2 million (up 72 percent), for condos was $714,000 (up 33 percent), and for lots was $1.2 million (up 220 percent.)
FLORIDA: RED-HOT MARKET BEGINS TO COOL
Brad O’Connor, Florida Realtor’s chief economist, reported that Florida’s red-hot resale housing market showed signs of cooling in April, a result in part of rapidly rising mortgage rates. Closed sales performed at about the same level as pre-pandemic, despite higher mortgage rates, low supply, and much higher sale prices. In April, the median sale price for closed existing single-family homes was $410,000, about 22 percent higher than a year ago, and for condos and townhouses was $310,000, up 24 percent. Closed sales in April were down almost 21 percent, while new pending sales were down almost 24 percent. The levels of closings and new contracts, however, remain above where they were at this time in 2019, the last normal year for our housing market ahead of the pandemic.
USA: HOME SALES SLIP SLIGHTLY
Existing-home sales fell for the third straight month to a seasonally adjusted annual rate of 5.61 million. Sales were down 2.4 percent from the prior month and 5.9 percent from one year ago. With slower demand, the inventory of unsold existing homes climbed to 1.03 million by the end of April, or the equivalent of 2.2 months of the monthly sales pace. The median existing-home sales price increased at a slower year-over-year pace of 14.8 percent to $391,200.
Sources: The Bonita Springs-Estero REALTORS®/SWFLMLS, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS® Marco Island Area Assoc. of REALTORS®
Lower Florida Confidence Tracks Rising Inflation Rates
By Kerry Smith
Consumer confidence in Fla. dropped a bit again in May, only slightly higher than the June 2008 reading. Regular monthly drops seem to track inflation’s rise.
Florida consumer sentiment deteriorated for a second month in a row in May, dropping to 61.5 from a revised figure of 63.5 in April. May’s reading is now only 2.7 points above a record low of 58.8 set in June 2008.
“Consumer sentiment among Floridians has not improved since the beginning of the year,” says Hector H. Sandoval, director of the Economic Analysis Program at UF’s Bureau of Economic and Business Research. “In fact, consumer sentiment has been on a downward trajectory since July 2021, one month after the annual rate of inflation first indicated signs of soaring prices across the board with annual rates exceeding 5%.”
Among the five components that make up the index, one increased and four decreased.
Current conditions: Floridians’ opinions about their personal finances now compared with a year ago dropped 3.9 points from 58.8 to 54.9, the largest decline in May’s reading. Similarly, opinions as to whether this is a good time to buy a major household item like an appliance decreased 1.1 points from 51.7 to 50.6.
Future expectations: Floridians’ expectations about future economic conditions were mixed. On the one hand, expectations of personal finances a year from now increased slightly from 74.4 to 74.8. On the other hand, expectations about U.S. economic conditions over the next year dropped 3.1 points from 63 to 59.9.
Similarly, outlooks of U.S. economic conditions over the next five years decreased 1.9 points from 69.4 to 67.5. Notably, all Floridian demographic groups shared the more pessimistic outlooks.
“While Floridians expressed more optimism regarding their future personal financial situation, their views concerning the outlook of U.S. economic conditions reflect uncertainty as the Fed attempts to deliver a soft landing while combating the highest inflation in 40 years,” says Sandoval. “Although widely anticipated, as the Fed’s rise in interest rates ripples through the economy, it will make it more expensive to purchase a car or a home or carry a credit card balance. Additionally, higher interest rates also raise the possibility of increased unemployment, reduced economic activity and a recession.”
Sandoval expects consumer sentiment numbers to remain week at least for a few months “as the effects of higher interest rates are yet to be felt throughout the economy, and as global challenges including rising food and energy prices, the war in Ukraine and COVID-induced lockdowns in China remain a concern.”
The index UF researchers use is benchmarked to 1966, which means a value of 100 represents the same level of confidence for that year. The lowest index possible is a 2, the highest is 150.
© 2022 Florida Realtors®
Signs Show Naples Housing Market is Regaining Balance
Overall inventory in Naples during April increased 16.5 percent to 1,668 properties from 1,432 properties in April 2021. Fueled by a swell of new single-family home listings, up 5.7 percent over last year, broker analysts reviewing the April 2022 Market Report by the Naples Area Board of Realtors, which tracks home listings and sales within Collier County (excluding Marco Island), are confident the Naples area housing market has reached a crossroad and is making its turn toward a balanced and healthy market.
Even though inventory rose 39.5 percent in the single-family home market during April, pent up demand for this property type did not temper its median closed price. “When inventory rises, buyers have more options. If inventory continues to rise, it should create more balance during negotiations between sellers and buyers,” said Dominic Pallini, Broker at Vanderbilt Realty.
Rising mortgage rates are likely reducing the number of buyers who can get pre-qualified for a home purchase in Naples, but it did not negatively impact buyer interest during April. In fact, there were over 200 more showing appointments during the month than reported in March, and 66.7 percent of all closed sales in April were cash sales.
Many brokers, including Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., recommend buyers place back-up offers because over 600 properties that went pending were put back onto the market in the last two months. “This is encouraging news for summer buyers as a back-up offer could win the day for them.”
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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.
2 of 3 Florida Homes on Market Less than 30 Days
Florida Realtors economist: In 1Q 2022, half of new Fla. listings went under contract in 12 days – but look beyond that one statistic to see the shift in market speed.
By Erica Plemmons
Florida Realtors market metrics – such as closed sales, median sale price and active inventory – summarize what’s happening in your market. But sometimes, one number can’t present the entire story.
In the first quarter (1Q) of 2022, the median time to contract for all property types in Florida was down to just 12 days. The median is the “middle,” so this means half of the homes sold in 12 days or less. This compares to 24 days one year ago, in 1Q 2021.
You can find out if homes in your local area are moving off of the market faster than the state by reviewing the median time to contract on SunStats, an interactive market tool – a free service as part of Florida Realtors membership.
The median provides a great starting point, but we can slice this data to reveal additional insights into the speed between listing and contract.
A cumulative frequency graph shows the percentage of properties selling under a certain number of days. For instance, if 2% of homes sell on the day they’re listed (0 days), and 3% sell the next day, a total of 5% (or 1 in 20 homes) sold in one day or less.
At 50%, a cumulative frequency chart tells us the same thing as the median time to contract.
The bulge in the lines has shifted toward fewer days for a higher percentage of homes. How quickly are homes selling?
In Florida across all property types, 68% (2 in 3 homes) sold in under 30 days in the first quarter of 2022. One year earlier, in 1Q 2021, about 54% of homes sold in 30 days or less, while only 41% sold at that pace in 1Q 2020. We can zoom in to look at these details.
Recall that 41% of homes sold in 30 days just two years ago; now, in 1Q 2022, 41% of homes sold in a week or less!
You’ve likely experienced this market frenzy since the pandemic uncertainty eased. A home today serves more functions than it did in the past, so buyers who find one that suits their needs swoop it up quickly.
As interest rates rise, demand levels may moderate and push the curve back, however. We’ll follow up with any notable changes in the data as the year progresses.
Erica Plemmons is an economist and Director of Housing Statistics.
© 2022 Florida Realtors®
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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. |
