01 Nov Bonita Bay Real Estate News | November 2019
As of November 1, 2019, there are 96 active listings in MLS in Bonita Bay; 7 more than last month. There are 28 single-family homes ranging in price from $539,900 to $5,950,000. The average list price is $1,916,389 and the average days on the market is 187. The combined days on the market is 222. In the carriage, mid-rise, townhouse, and attached villa market, there are 31 active listings in Bonita Bay. Prices range from $249,900 to $699,000. The average list price is $426,300. The average of days on the market is 112. The combined days on the market is 151. In the high-rise market, there are 37 active listings in Bonita Bay ranging in price from $715,000 to $6,750,000. The average list price is $1,840,632 and the average days on the market is 269. The combined days on the market is 334.
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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 $365,891; these condos were on the market an average of 87 days; combined days on the market is 147.
- During the 12 months previous, there were 83 sales with an average sales price of condominiums was $376,554; these homes were on the market for 109 days; combined days on the market is 193.
BONITA BAY HIGH-RISES
- During the last 12 months, there were 55 sales with an average sales price of $1,494,904; these homes were on the market an average of 199 days; combined days on the market is 426.
- During the 12 months previous, there were 33 sales with an average sales price of $1,222,667; these homes were on the market for an average of 147 days; combined days on the market is 240.
SINGLE-FAMILY BONITA BAY HOMES
- During the last 12 months, there were 67 sales with an average sales price of $1,031,220; these homes were on the market an average of 148 days; combined days on the market is 242.
- During the 12 months previous, there were 75 sales with an average sales price of $1,130,058; these homes were on the market for an average of 79 days; combined days on the market is 172.
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NOVEMBER 2019 MARKET UPDATE
MORE LISTINGS TO SATISFY BUYERS
“It looks like the high end market is buying!” said Mike Hughes, Vice President of Downing-Frye Realty, Inc. “Although October 2019 was a mixed bag for real estate, the good news is that we had 232 pending sales in October 2019 compared to 227 in October 2018. The pending sales volume was $123 million in October 2019
compared to $107 million in October 2018. This 15 percent jump in pending sales volume was primarily due to 27 pending sales contracts above $1,000,000.00 being turned in to our Accounting department compared to 18 during the previous October. The inventory of listings is starting it’s annual climb right now. This is the time of the year when sellers get ready for season. We currently have 1,030 listings on the market.”
by 11.5 percent overall on a year-over-year basis,” said Brad O’Connor Ph.D, Economist for Florida
Realtors. “Sales of condos and townhomes were up as well, with an increase of 6.1 percent compared to September of 2019. Sale prices continued to rise in September, as well. The median sale price among Florida single family home sales was $265,000, up 5.3 percent compared to last year. The rise in the median sale price of condos and townhomes was slightly more, at 5.8 percent, ending up at $193,000.” “Statewide, closed sales of single family homes totaled about $8 billion, a year-over-year increase of 17 percent. Dollar volume for sales of townhouses and condos, meanwhile, rose by 7.5 percent to about $2.4 billion. With inventory levels continuing to dwindle, low mortgage rates remain the major reason we are continuing to see strong sales and price growth throughout much of the state.”
Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®.
- 22% said they were interested in whole-home technology
- 42% were in smart home gadgets
- 13% in smart home tech for specific rooms only
- 41% weren’t interested in a smart home at all
Home Showings Lead to Increased Sales
Broker analysts warn consumers that this market behavior won’t last long as they anticipate inventory to increase before the end of the year. “Decreases in inventory are customary this time of year,” said Phil Wood, President & CEO of John R. Wood Properties. “And increases in inventory preceding winter season are customary too. But the low inventory is not because there was a deficit of buyers. This is apparent in the consistently high number of showings during the summer and better closed sales numbers compared to last year.”
The September report showed median closed prices remained stable during the third quarter (July, August & September). In July, the median closed price was $326,400. By September, the median closed price had dropped slightly to $325,000, which is only a .7 percent decrease from September 2018, which reported a median closed price of $327,408. Interestingly, the median closed price in January 2019 was $325,000. With over 500 listings pulled from the MLS in September, it is no surprise that overall inventory for the month
fell. However, even though it decreased 17.8 percent to 4,989 homes compared to 6,070 homes in September 2018, inventory for September was higher than August by 72 homes.
The NABOR® September 2019 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 (see diagram above).
As noted by brokers reviewing the housing data, September had a 6-month supply of inventory. “Inventory levels are always low in September,” said Bill Coffey, Broker Manager of Amerivest Realty Naples. “You’re going to see those homes that were pulled off the MLS on the market again in the next few months. But it’s too bad because buyers who don’t have options in the resale market in Naples now are not waiting for more homes to come onto the market, but instead are buying resale homes in Lee County or even further north.”
Geographically, condominiums in South Naples (34112, 34113) saw a 22.1 percent spike in its median closed prices to $213,000 in September 2019 from $174,500 in September 2018. Alternately, condominiums in North Naples saw a 16.4 percent decrease in median closed prices to $242,500 in September 2019 from $290,000 in September 2018.