01 Mar Bonita Bay Real Estate News | March 2022
As of March 1, 2022, there are 13 active listings in our area multiple listing service (MLS) in Bonita Bay; 7 less than last month.
For comparison, last year on March 1, there were 49 listings in Bonita Bay.
There are 5 single-family homes, ranging in price from $899,000 to $6,500,000. The average list price is $3,238,800 and the average days on the market is 91. The combined days on the market is 93.
In the carriage, mid-rise, townhouse, and attached villa market, there are zero active listings in Bonita Bay.
In the high-rise market, there are 8 active listings in Bonita Bay ranging in price from $2,699,000 to $9,995,000. The average list price is $4,867,375 and the average days on the market is 212. The combined days on the market is 262.
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 91 sales with an average sales price of $471,639; these condos were on the market an average of 29 days; combined days on the market is 84.
- During the 12 months previous, there were 86 sales with an average sales price of condominiums was $394,921; these homes were on the market for 90 days; combined days on the market is 161.
BONITA BAY HIGH-RISES
- During the last 12 months, there were 101 sales with an average sales price of $1,596,987; these homes were on the market an average of 84; combined days on the market is 145.
- During the 12 months previous, there were 71 sales with an average sales price of $1,309,527; these homes were on the market for an average of 184 days; combined days on the market is 286.
SINGLE-FAMILY BONITA BAY HOMES
- During the last 12 months, there were 81 sales with an average sales price of $1,810,406; these homes were on the market an average of 49 days; combined days on the market is 124.
- During the 12 months previous, there were 70 sales with an average sales price of $1,401,049; these homes were on the market for an average of 112 days; combined days on the market is 188.
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.
March 2022 Market Update
DOWNING-FRYE: CONTINUED STRONG MARKET DEMAND
“For the second month in a row, Downing-Frye’s inventory of listings has gone UP. This is encouraging,” said Mike Hughes General Manager of Downing-Frye Realty, Inc. “Many companies have been challenged with a depleted inventory. Our agents are doing a good job of bringing in new listings. Buyers should work with a Realtor to see the most current active listings that are available. Many of these properties are selling quickly! We are also seeing a lot of multiple offer situations. Despite the pandemic and world events, we are off to a good start this year for real estate in Southwest Florida. It will be tough to beat last year’s numbers, but I still think we will have a good year for sales. A lot of people want to live here.
BONITA / ESTERO: CLOSED SALES UP
January 2022 was another strong month for sales. Comparing January 2022 with January 2021: the median home price increased by 38.8 percent to $489,900, the listing inventory of 217 properties decreased by 74.2 percent, pending sale units (382) decreased by 30.5 percent, and closed sales units of 245 were down 32.5 percent. Most notable in January 2022 was the number of home search result page views for Bonita Springs and Estero on Realtor.com, which exceeded 34 million views for the month.
NAPLES AREA: DEMAND PUSHES PRICES HIGHER
A 34.5 percent increase in new listings sparked 19,277 more showings during January compared to new listings and showings reported in December 2021. The overall median closed price increased 39 percent in January to $549,000 from $395,000 in January 2021. The condominium market continued to report sales at an above list price trend for the second month in a row, and a 47.2 percent increase in median closed price in January to $427,000 from $290,132 in January 2021. The median closed price for single-family homes rose 25.1 percent in January to $675,000 from $539,500 in January 2021. With less than a one-month supply of homes, closed sales during January could not realize the level of activity it experienced a year ago and decreased 27.9 percent to 818 closed sales from 1,134 closed sales in January 2021. Pending sales – which reflect the number of new homes under contract – decreased 37.9 percent to 1,373 from 2,210 in January 2021.
MARCO ISLAND AREA: LOW INVENTORY
Total inventory continues to be down by 62 percent, with lots accounting for 61 percent decrease in average days on market. However, prices continue to climb! Median sale prices for homes are up 44 percent, condos are up 37 percent, and lots are up 7 percent. Days on the market also continue to drop across all property types; condos being the least averaging only 31 days, down 75 percent from this time last year. Total closed properties for the month of January were at 99. Total dollar volume was at $107 million.
FLORIDA: SALES, MEDIAN PRICES UP
In January, closed sales of single-family homes statewide totaled 21,885, up 1.4 percent yearover-year, while existing condo-townhouse sales totaled 10,252, up 6.7 percent over January 2021. The statewide median sales price for single-family existing homes was $375,000, up 23 percent from the previous year, and for condo-townhouse units was $285,000, up 23.9 percent. On the supply side of the market, inventory (active listings) continued to be limited in January. Single-family existing homes were at a very restricted 1.0-months’ supply while condo/townhouse inventory was at a 1.2-months’ supply.
USA: PENDING HOME SALES DOWN
Pending home sales slumped in January, continuing what is now a three-month drop in transactions. Contract signings were 5.7 percent lower in January from the prior month. Contract signings fell across all regions from one year ago. “With inventory at an all-time low, buyers are still having a difficult time finding a home,” said Lawrence Yun, NAR’s chief economist. Alongside persistent supply constraints, Yun said house hunters are contending with escalating home prices and rising interest rates. Rates jumped by nearly a percentage point in January from December, further adding to monthly mortgage costs.
Sources: The Bonita Springs-Estero REALTORS®/SWFLMLS, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS® Marco Island Area Assoc. of REALTORS®
What International Buyers are Looking for in the Florida Market
A detailed look at where international clients originate and what they’re buying in the Sunshine State. Plus: A profile of the Florida international buyer.
Florida Realtors® has released its latest report on the state’s foreign buyer and seller transactions, the 2021 Profile of International Residential Real Estate Activity. The one year-report – from August 2020 through July 2021 – reveals the emergence from the global pandemic though massive disruptions in production and travel remained.
Tourist arrivals to the United States are rising gingerly but are still decimated due to the travel bans and advisories in many countries regarding inbound and outbound entry and quarantine regulations. During the period August 2020-July 2021, tourist arrivals to the United States totaled 13.8 million, a decline of 83% compared the level during the same period prior to the pandemic in 2019.
Here are highlights from the 2021 report:
Dollar volume of Florida’s existing homes purchased by foreign buyers during August 2020–July 2021, which is 5% of the dollar volume of Florida’s existing home sales (22% decrease from the prior 12-month level of $15.6 billion)
Number of existing homes purchased in Florida by foreign buyers, which is 4% of existing-home sales (34% decrease from the prior 12-month period level of 33,900)
Share of foreign buyers whose primary residence is abroad (Type A)
Florida’s top 5 foreign buyers
- Canada ($1.8 B)
- Argentina ($0.9 B)
- Colombia ($0.8 B)
- Brazil ($0.7 B)
- Venezuela ($0.4 B)
Top foreign buyer destinations
- Miami-Ft. Lauderdale-West Palm Beach (52% of foreign buyers)
- Orlando-Kissimmee-Sanford (10%)
- Tampa-St. Petersburg-Clearwater (8%)
- Cape Coral-Ft. Myers (5%)
- North Port-Sarasota-Bradenton (4%)
- Naples-Immokalee-Marco Island (4%)
Foreign buyer median purchase price ($310,400 for all Florida existing-homes sold)
Foreign buyers who paid all-cash (39% among all U.S. foreign buyers)
Foreign buyers who intended to use the property for vacation, residential rental, or both uses
Foreign buyers who purchased single-family units
Percent of foreign buyers who visited Florida at least once before making a purchase
Percent of foreign buyers who were referrals of personal and business contacts and former clients, or who were former clients
Respondents who reported clients (either non-U.S. citizen or U.S. citizen) seeking to purchase property abroad
Percent of respondents who speak a language other than English
Percent of respondents who “have not had problems” working with foreign buyers
Low Inventory & High Demand Continues to Push Home Prices Up in January
A 34.5 percent increase in new listings sparked 19,277 more showings during January compared to new listings and showings reported in December 2021. While an increase in new listings demonstrates a solid start for the real estate market this year, low inventory continues to harness the market’s potential. As a result of tight inventory, January sales activity could not meet the level of sales activity reported in January 2021. Historically, month to month sales activity during season ascends through April. But according to broker analysts reviewing the January 2022 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), a 74.9 percent decrease in inventory for January to 1,122 homes from 4,474 homes in January 2021 will not provide the same level of sales transactions that occurred last season.
“Low inventory does not mean there are not opportunities for buyers in 2022,” said Ryan Bleggi, President of NABOR® and Managing Broker for John R Wood Properties. “In fact, as expected at the start of season, there was an increase in new listings during January compared to December, so buyers could explore an inventory that included 1,272 new listings.”
Those new listings translated to a 32 percent increase in pending sales to 1,373 pending sales during January compared to 1,038 pending sales reported in December.
“Cash sales exceeded 63 percent in January which is a good sign and proof that there is plenty of equity in the market,” said Adam Vellano, a Naples Sales Manager at Compass Florida. “Buyer demand has not slowed down and we’re seeing a rise in multiple offer situations as well as homes selling for above list price.”
The overall median closed price increased 39 percent in January to $549,000 from $395,000 in January 2021. The condominium market continued to report sales at an above list price trend for the second month in a row, and a 47.2 percent increase in median closed price in January to $427,000 from $290,132 in January 2021. The median closed price for single-family homes rose 25.1 percent in January to $675,000 from $539,500 in January 2021.
With less than a one-month supply of homes, closed sales during January could not realize the level of activity it experienced a year ago and decreased 27.9 percent to 818 closed sales from 1,134 closed sales in January 2021. Pending sales – which reflect the number of new homes under contract – decreased 37.9 percent to 1,373 from 2,210 in January 2021; but, as mentioned above, pending sales in January increased by 335 contracts (32 percent) compared to pending sales reported in December 2021 (1,038).
Molly Lane, Senior Vice President at William Raveis Real Estate, remarked that “if you’re a buyer, don’t expect to negotiate price in this tight market. Homes are being sold at full price or above list price and often without contingencies. I recommend working with a REALTOR® because they have the ability to help a buyer determine whether a home is priced competitively. I also recommend sellers work with a REALTOR® to price their homes right so a majority of offers can begin at full list price.”
The NABOR® January 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:
New lending rules from Fannie Mae and Freddie Mac go into effect April 1st and add more requirements from those purchasing a second home or condominium. According to Wes Kunkle, President and Managing Broker at Kunkle International Realty, “Some condominium associations are changing their bylaws to prohibit renting within the first year of ownership, which discourages investors.”
Buying or selling a home in Naples is a big and fast-moving endeavor. That is why there has never been a more important time to work with a REALTOR® who can help you write a good contract that protects you and gets the paperwork in order so your sale or purchase goes smoothly. “I know a buyer who didn’t make the deposit on time and the seller cancelled the contract and took a back-up offer for $40,000 more,” said Vellano. “A good REALTOR® can help you avoid situations that might threaten a good opportunity.”
Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., admitted that regardless of when the current seller’s market ends, “Collier is running out of land to develop.” Vellano added that, “Buyer demand is not likely to slow down anytime soon because homes in Naples are still much more affordable than homes in other parts of the country like California, New York and Chicago.”
“I don’t know if we’ll see another 39 percent increase in median closed price year over year this year,” said Dominic Pallini, Broker at Vanderbilt Realty, “but we’re in a unique area of the world where there are buyers willing to pay to be here.”
We encourage the following groups of homeowners to consider listing their properties now if they want to maximize profits before the market changes:
- Owners of rental property that require substantial maintenance and who could gain the same or more profit from investment dividends
- Older homeowners whose future plans include living in a retirement or assisted living community
- Empty nesters who don’t require a large single-family home anymore
- Second-home owners who would enjoy a profit and can purchase a Naples home closer to retirement
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.