01 Mar Bonita Bay Real Estate News | March 2020
As of March 1, 2019, there are 129 active listings in MLS in Bonita Bay; 3 more than last month. There are 36 single-family homes ranging in price from $529,900 to $5,999,000. The average list price is $2,116,506 and the average days on the market is 140. The combined days on the market is 201. In the carriage, mid-rise, townhouse, and attached villa market, there are 40 active listings in Bonita Bay. Prices range from $280,900 to $667,000. The average list price is $393,768. The average of days on the market is 93. The combined days on the market is 123. In the high-rise market, there are 53 active listings in Bonita Bay ranging in price from $699,000 to $6,750,000. The average list price is $1,691,226 and the average days on the market is 216. The combined days on the market is 246.
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 81 sales with an average sales price of $399,105; these condos were on the market an average of 75 days; combined days on the market is 135.
- During the 12 months previous, there were 84 sales with an average sales price of condominiums was $372,973; these homes were on the market for 106 days; combined days on the market is 182.
BONITA BAY HIGH-RISES
- During the last 12 months, there were 50 sales with an average sales price of $1,368,395; these homes were on the market an average of 198 days; combined days on the market is 273.
- During the 12 months previous, there were 48 sales with an average sales price of $1,463,573; these homes were on the market for an average of 170 days; combined days on the market is 435.
- During the last 12 months, there were 66 sales with an average sales price of $1,165,863; these homes were on the market an average of 152 days; combined days on the market is 239.
- During the 12 months previous, there were 77 sales with an average sales price of $1,154,304; these homes were on the market for an average of 83 days; combined days on the market is 174.
Meet Ed Gongola and discover how he can help you with his concierge style of service when buying or selling your home.
MARCH 2020 MARKET UPDATE
TURNING CHALLENGES INTO OPPORTUNITIES
“In January 2020 and February 2020, Downing-Frye agents turned in over 300 pending sales in each month,” said Mike Hughes, Vice President of Downing-Frye Realty, Inc. “This is better than what we saw in the first two months of 2019. Our closings for January and February are also ahead of what we had last year. Over the years, we turned challenges into opportunities. When we were faced with the Gulf oil spill, defective drywall, red tide, and Hurricanes Wilma and Irma, we rose to the occasion, met these challenges and did not let them define us. We became part of the solution. This year we see plenty of opportunities, and invite you to let us be part of your solution when it comes to buying or selling in Southwest Florida.”
Area brokers anticipate continued overall stability in the market, but advise buyers to remain focused on limited inventory and the challenges it brings. “Choices are very limited,” stated Jerry Murphy, Managing Broker, Downing-Frye Realty, Bonita Springs. “Right now, it’s more critical for buyers to focus on getting the property they really want as opposed to waiting for a better price, which is not likely to happen in this current healthy market.” Market wide inventory is down 28.5 percent versus January 2019, while the percent of list price received remains steady with just 0.6 percent increase over the same time last year. Buyers should also know that the month’s supply of inventory currently sits at 5.5 months, whereas in January 2019, it was 8.5 months – a significant decrease of 35.3 percent. New listing in January were down 10.7 percent compared to the previous January, while pending sales were up 54.9 percent.
FLORIDA: ACTIVITY ON A POSITIVE TRACK
Florida’s housing market started the year with more closed sales, higher median prices, more pending sales and higher pending inventory in January 2020 compared to a year ago. Sales of single-family homes statewide totaled 18,298 in January, up 17.9 percent from January 2019, and closed sales of condo/townhomes totaled 7,714, up 14.5 percent from the level a year ago. The statewide median sales price for single-family existing homes was $265,000, up 6 percent from the previous year, and for condo-townhomes was $200,000, up 9.6 percent. “Coupled with the median sale price gains we saw in December, this is some of the hottest price growth we’ve seen in either property type category in quite a while,” said Dr. Brad O’Connor, Florida Realtors Economist. “Statewide inventory levels continue to trend downward overall. Single-family inventory at the end of January was down 16.4 percent year-over-year, while condo and townhouse inventory was down 11.7 percent.”
USA: PENDING HOME SALES UP
“This month’s (January’s) solid activity – the second-highest monthly figure in over two years – is due to the good economic backdrop and exceptionally low mortgage rates,” said Lawrence Yun, NAR’s chief economist. “We are still lacking in inventory,” he said, noting December’s and January’s combined supply was at the lowest level since 1999. “With housing starts hovering at 1.6 million in December and January, along with the favorable mortgage rates, among other factors, 2020 has so far presented a very positive sales climate. Moreover, the latest stock market correction could provide exceptional, even lower mortgage rates for a few weeks, and that would help bring about a noticeable upturn in the coming months.” Yun says the year-over-year increases show a strong desire for homeownership. Markets drawing some of the most significant buyer attention include Fort Wayne and Lafayette, IN; San Francisco, Sacramento, and San Jose, CA.
Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®.
U.S. Housing Supply Reaches All-Time Low
Realtor.com: Housing inventory dropped 13.6% in Jan. – the steepest year-over-year decline in over four years. The current supply of for-sale homes in the U.S. is the lowest it’s been since realtor.com began tracking it in 2012. It’s down 10%-20% in the four Fla. cities tracked.
SANTA CLARA, Calif. – National housing inventory declined 13.6% in January – the steepest year-over-year decrease in more than 4 years – pushing the supply of for-sale homes in the U.S. to the lowest level ever since realtor.com began tracking the data in 2012.
Based on realtor.com’s analysis, January’s steep year-over-year decline amounted to a national loss of 164,000 listings that tightens the housing shortage plaguing the U.S.
And based on realtor.com’s data, a dearth of for-sale homes shows no signs of easing in the near future as the volume of newly listed properties also declined by 10.6% since last year.
“Homebuyers took advantage of low mortgage rates and stable listing prices to drive sales higher at the end of 2019, further depleting the already limited inventory of homes for sale,” says Danielle Hale, realtor.com’s chief economist. “With fewer homes coming up for sale, we’ve hit another new low of for sale-listings in January.”
Hales calls it a “challenging sign for the large numbers of millennial and Gen Z buyers coming into the housing market this homebuying season, as it implies the potential for rising prices and fast-selling homes – a competitive market.”
The supply shortage is found at every price tier throughout the U.S., but it’s especially pronounced at the entry-level. In January, properties priced under $200,000 declined by 19%, an acceleration compared to December’s decline of 18.1%.
The decline in inventory of mid-tier properties priced between $200,000 and $750,000 also accelerated, to a decline of 12% year-over-year, compared to December’s 10.2% decline. Even upper-tier properties priced at more than $750,000 declined by 5.9% year-over-year compared to December’s decline of 4.4%.
As inventory dropped, both listing prices and days-on-market reacted to the imbalance of supply and demand. The median U.S. listing price grew by 3.4% year-over-year, to $299,995 in January, while prices in 18 metros grew by more than 10%.
Of the 50 largest metros, 46 saw year-over-year gains in median listing prices, with Philadelphia as the nation’s standout with a 16.0% increase over last year. Additionally, with the lack of supply, homes are selling in an average of 86 days – two days more quickly than January of last year.
Florida housing markets’ year-to-year changes
- Tampa-St. Petersburg-Clearwater: Active listings down 20.2%, with 4 fewer days on the market
- Orlando-Kissimmee-Sanford: Active listings down 15.8%, with 6 fewer days on the market
- Miami-Fort Lauderdale-West Palm Beach: Active listings down 11.2% with 3 fewer days on the market
- Jacksonville: Active listings down 10.5% with 5 fewer days on the market
© 2020 Florida Realtors
Luxury Home Buyers are Back!
January Home Sales Set the Stage for Solid 1st Quarter
Naples, Fla. (February 21, 2020) – Despite a tug on inventory that resulted in a 26 percent decrease to 5,761 properties in January 2020 compared to 7,773 properties in January 2019, overall closed sales in Collier County rallied in January, especially in the luxury market. A 22 percent increase in January’s overall closed sales has many broker analysts optimistic that continued strong sales activity can be expected through the first quarter.
Aside from the 26 percent decrease in January’s month-end inventory compared to January 2019, we actually gained 360 more listings in January than what was available to buyers in December. Collier County has a 6.6-month supply of homes, which is much higher than many other hot markets in Florida. A recent Realtor.com analysis showed that other areas in Florida also experienced double-digit decreases in active listings for January including Tampa/St. Pete (20.2 percent decrease), Orlando (15.8 percent decrease), and Miami/Ft. Lauderdale/West Palm Beach (11.2 percent decrease).
“Unlike the first quarter of 2019, home buyers should move quickly, as time is not your friend this quarter,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., “especially those in the high-end home market.” Hughes was referring to buyers interested in the $1 million to $2 million single-family home market in Collier County, which saw a 20 percent increase in closed sales year-over-year ending January 2020. According to the January 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), there are currently 354 single-family homes on the market in this price category.
“A year ago, many economists were predicting a recession by the end of 2019, but they’ve since changed their tune and the affluent buyer is listening,” said Budge Huskey, President, Premier Sotheby’s International Realty. “It looks like many buyers are rebalancing their portfolios and pulling money out of the stock market to buy homes because they fear they won’t make the same returns as last year. The stock market inertia has reignited the luxury markets. Purchasing power is bringing back home buyers to the Naples area luxury home market. In essence, they believe now is the time to buy a luxury home in Naples.”
NABOR Board President Lauren U. Melo, PA, a Licensed Real Estate Broker with Florida’s Realty Specialists, agreed with Hughes and Huskey, adding that the report indicated that “showings of single-family homes in the $1 million to $2 million price category increased 109 percent in January 2020 compared to January 2019!”
For perspective and as noted by Spencer E. Haynes, Director of Business Development and Broker with John R. Wood Properties, “Seasonal visitors arrived earlier and spent more time during the 2019 holiday season looking for homes to purchase than in the previous holiday season.” This was demonstrated in the November and December 2019 Market Reports, which showed a 27 percent and 21 percent increase in pending sales, respectively.
Median closed prices increased 5.5 percent in January to $343,000 compared to $325,000 in January 2019. But this is still much lower than the median closed price reported in January 2018, which was $375,000. Interestingly, median closed prices for the 12-months ending January 2020 actually fell in all price categories except for the $2 million and above, which increased 6.1 percent.
The NABOR® January 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:
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CATEGORIES
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Jan 2019 | Jan 2020 | CHANGE |
| Total closed sales (year/year) | 594 | 722 | +21.5% |
| Total pending sales (homes under contract) (year/year) | 1,022 | 1,359 | +33.0 |
| Median closed price (year/year) | $325,000 | $343,000 | +5.5% |
| Total active listings (inventory) | 7,773 | 5,761 | -25.9% |
| Average days on market | 96 | 107 | +11.5% |
| Single-family closed sales (year/year) | 318 | 361 | +13.5% |
| Single-family median closed price (year/year) | $380,500 | $437,500 | +15.0% |
| Single-family inventory | 3,903 | 2,842 | -27.2% |
| Condominium closed sales (year/year) | 276 | 361 | +30.8% |
| Condominium median closed price (year/year) | $260,000 | $270,000 | +3.8% |
| Condominium inventory | 3,870 | 2,919 | -24.6% |
Adam Vellano, West Coast Sales Manager, BEX Realty – Florida, noted that the report showed 1,885 price decreases in January, which he believes is “mostly old inventory that is finally coming to the buyer as a result of appealing price reductions.”
Responding to Vellano’s comments, Jeff Jones, Broker at Keller Williams Naples, added that “January’s price reductions represented 33 percent of active listings in January [5,761 properties], which is much higher than the 25 to 28 percent shown in the Market Reports over the last few months.”
Geographically, Melo was surprised to see that the median closed price for homes in the 34120 zip code was flat and remained at $300,000, the same as January 2019, as this is an area where a majority of new construction is taking place. Other areas with sales activity that stood out in January were Naples Beach, which had a 57.1 percent increase in closed sales of condominiums; South Naples had a 7.1 percent decrease in closed sales of single-family homes; and North Naples had a 2.3 percent decrease in median closed prices for single-family homes.
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.
What Makes Buyers Fall in Love with a Home?
Survey: Buyers want things in a home but fall in love with unexpected perks. In Fla., canals are the big love, but man-caves, she-sheds and workshops top the U.S. list.
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SANTA CLARA, Calif. – What makes someone fall in love with a home? Across the U.S., people swoon over fabulous pools, stunning water views and ever-sexy storage space, but a new analysis attempted to find out the things that make home shoppers’ hearts skip a beat. To do that, realtor.com analyzed keyword home search data in each U.S. state to determine regional must-have features.
In Florida, the top “love” was a water view in the backyard, according to the data.
Mainers want to go “upta camp,” a local term used for a cabin or cottage. Oklahomans look for storm shelters, and California loves solar power. In Hawaii, home shoppers are searching for “fee simple” homes to ensure they own the land and the building in their little piece of paradise. Additionally, D.C. residents want to be near the Metro, the city’s local public transportation system, Pennsylvanians want parking, and in New York, residents would love to have a balcony.
“While some of the country’s most-loved home features, such as accessory dwelling units or lakefront properties, will likely fetch a premium on the open market, others are more matters of the heart,” says George Ratiu, senior economist, realtor.com. “Maybe you grew up in a certain style of home or have always dreamed of having a big yard – everyone’s vision of home is unique and being able to search for what makes a house perfect for you can help you find true love in a new home.”
It’s all about the shed
Nationwide, man-caves, she-sheds, workshops and granny pods topped the love list. Popular search terms in this category include in-law apartment, barn, ADU, casita and RV parking. Residents in 13 states want alternative living spaces – a top must-have item.
Don’t come a-knockin’
People in many states love their privacy – acreage, a fenced yard, room for horses and a country setting all make the top searched feature list. Home shoppers in six states want room to roam and some real separation from the neighbors.
Take my breath away
With baby boomers aging, America has fallen out of love with climbing stairs. Residents in nine states don’t want anything to do with multi-level homes. Top searches in these states include first-floor master, ranch, rambler and single-level.
Beauty is in the eye of the beholder
For some, the old adage rings true that real estate is all about location, location, location. In six states, including Florida, a heavenly location with beautiful views topped the must-have list. Home buyers in these states are searching for a lake view, canal, dock, lakeshore or river access as their favorite features.
For others, it’s all about a house’s looks. For example, in states like Connecticut and New Hampshire that have a lot of older homes, people are looking for contemporary style, while South Carolinians love traditional brick facades and Texans prefer a modern aesthetic.
© 2020 Florida Realtors
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