01 Nov Bonita Bay Real Estate News | November 2020
As of November 1, 2020, there are 94 active listings in our area multiple listing service (MLS) in Bonita Bay; the same as last month. There are 26 single-family homes ranging in price from $444,900 to $4,195,000. The average list price is $1,965,065 and the average days on the market is 143. The combined days on the market is 225. In the carriage, mid-rise, townhouse, and attached villa market, there are 24 active listings in Bonita Bay. Prices range from $215,000 to $825,000. The average list price is $406,958. The average of days on the market is 131. The combined days on the market is 200. In the high-rise market, there are 44 active listings in Bonita Bay ranging in price from $639,900 to $6,945,000. The average list price is $1,700,086 and the average days on the market is 241. The combined days on the market is 275.
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 77 sales with an average sales price of $401,127; these condos were on the market an average of 88 days; combined days on the market is 147.
- During the 12 months previous, there were 81 sales with an average sales price of condominiums was $365,891; these homes were on the market for 87 days; combined days on the market is 147.
BONITA BAY HIGH-RISES
- During the last 12 months, there were 54 sales with an average sales price of $1,368,505; these homes were on the market an average of 171; combined days on the market is 284.
- During the 12 months previous, there were 55 sales with an average sales price of $1,439,745; these homes were on the market for an average of 199 days; combined days on the market is 426.
SINGLE-FAMILY BONITA BAY HOMES
- During the last 12 months, there were 58 sales with an average sales price of $1,309,466; these homes were on the market an average of 110 days; combined days on the market is 180.
- During the 12 months previous, there were 67 sales with an average sales price of $1,031,220; these homes were on the market for an average of 148 days; combined days on the market is 242.
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.
November 2020 Market Update
MARKET RECOVERY CONTINUES
“Our real estate market is recovering at an amazing pace,” said Mike Hughes, Vice President of Downing-Frye Realty, Inc. “This has actually been the best October in six years, plus we’ve had 5 straight months of more closings than the month before. October’s closings were up 43 percent over last October and our pending sales were up 32 percent. Our year-to-date closed sales volume has already surpassed last year’s figure at this same time by more than $100,000 million. What has helped propel this market is that the high-end buyers who weren’t able to be here last winter have now arrived early this fall, resulting in a whopping 67 percent increase in sales over $1 million during this October compared to last. November is already off to a good start with 22 pending sales recorded on the first day of the month.”
BONITA /ESTERO: BUYER DEMAND CONTINUES
Closed sales in Bonita Springs and Estero increased in September 2020 by a notable 42.6 percent versus September 2019. Long timelines and rising costs for new construction have prompted many buyers to consider resale properties located in older, established neighborhoods. Low interest rates mean that buyers can get more house for their money. Activity in September 2020 vs September 2019: Closed sales were up 52.8 percent, pending sales were up 80.2 percent, new listings were up 18.7 percent and the median closed sales price was up 7.1 percent to $325,500. The current inventory in September was 1,102 properties.
FLORIDA: MORE SALES, RISING MEDIAN PRICES
“And all indications are that we will continue to see strong sales this fall as mortgage interest rates will almost certainly remain at or near record lows. New pending sales of single-family homes were very strong in September, rising by 31.4 percent year-over-year, while new pending sales of condos and townhouses were up a dramatic 43 percent,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “Given all that’s occurred this year, it’s hard to believe we’re already in positive territory again, but here we are,” he said.
On the supply side of the market, inventory (active listings) continues to be tight, especially for single-family existing homes, which were at a 2.2-months’ supply in September. Condo-townhouse inventory was at a 5.1-months’ supply. According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 2.89 percent in September 2020, down from the 3.61 percent averaged during the same month a year earlier.
USA: EXISTING HOME SALES SOAR
Existing-home sales grew for the fourth consecutive month in September to a seasonally-adjusted annual rate of 6.54 million – up 9.4 percent from the prior month and nearly 21 percent from one year ago. The median existing-home price was $311,800, almost 15 percent more than in September 2019. Total housing inventory in September declined from the prior month and one year ago to 1.47 million, enough to last 2.7 months – a record low – at the current sales pace. More than 7 in 10 homes sold in September 2020 (71 percent) were on the market for less than a month. “Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season,” said Lawrence Yun, NAR’s chief economist. “I would attribute this jump to record-low interest rates and an abundance of buyers in the marketplace, including buyers of vacation homes given the greater flexibility to work from home.”
Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®.
Best September on Record for Naples Housing Market
Naples, Fla. (October 23, 2020) – According to the September 2020 Market Report, released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), performance in several key areas was at a 20-year high compared to activity reported during any other September on record. As such, closed sales increased 52.9 percent to 1,096 closed sales in September 2020 from 717 closed sales in September 2019. Pending sales activity also increased a whopping 83.4 percent to 1,509 pending sales in September 2020 from 823 in September 2019.
“September is typically the slowest month for REALTORS® in Naples,” said Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty, who added, “but agents were very busy this September as the number of showings increased 80 percent to 35,465 appointments compared to 18,745 appointments in September 2019.”
Confirming the activity, Budge Huskey, CEO, Premier Sotheby’s International Realty, also remarked, “beyond pent-up demand from COVID-19, there is a clear change in buying behavior as a result of the pandemic resulting in a departure from normal seasonality. It’s unclear whether this unprecedented pace of sales is sustainable, as some of these buyers were held over from last winter season while others appear to be buying early in advance of the upcoming season.”
Huskey added, “the National Association of REALTORS® forecasted sales in 2020 would increase by only 1 percent; yet there are currently hot markets around the country benefiting from the environment reporting 3 and 4 percent increases to date for the year. In comparison, the incredible allure of the Naples market is reflected in closed sales up 7.5 percent since January compared to the same time frame in 2019.”
“I believe that the pandemic pushed some people to make buying decisions a few years early,” said Adam Vellano, West Coast Sales Manager, BEX Realty – Florida, who added that “many buyers from northern states have said they are concerned that proposed tax increases could make long-term retirement difficult for them. Instead, they are opting to move to Florida before their home states get aggressive with tax adjustments.”
Median closed prices for September increased 18.2 percent to $384,000 from $325,000 in September 2019. Broker analysts reviewing the market data also said they saw an uptick in multiple offer occurrences in September and advise buyers facing this situation not to delay with an offer if they like a property.
Inventory continues to be a challenge for buyers in Naples. In September, inventory decreased 32.2 percent to 3,980 properties from 5,873 properties in September 2019. Spencer Haynes, Director of Business Development and Broker with John R. Wood Properties said, “Multi-million properties are being grabbed up with many buyers making an offer sight-unseen. There are currently less than 500 properties on the market over $2 million.” Not surprisingly, closed sales of homes above $2 million have increased 30.7 percent in the 12-months ending September 2020.
According to the September Market Report, 9.9 percent of the sales reported in September were from new construction sources. But broker analysts say this number does not adequately reflect actual sales activity for the new construction market as sources indicate that builders are just too busy to input every sale in the MLS.
The NABOR® September 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:
“There has been a 19.6 percent increase in closed sales of homes with a minimum of four bedrooms over the last year,” said Coco Amar, VP, Strategic Growth, South Florida, William Raveis Real Estate. “This data reflects another shift in buying behavior as a result of the pandemic. The demand for single family homes with additional space to accommodate a home office and a virtual schoolroom is increasing.” The September Report showed a decrease of 37.9 percent to 779 properties on the market with four or more bedrooms compared to 1,255 in September 2019.
Upon reviewing the report, Jeff Jones, Broker at Keller Williams Naples, remarked “30 percent of the inventory available in September has been on the market for over 150 days. In many cases, the properties that have been on the market for a long time will require considerable repairs or renovations, which is why they have not sold. Some may not be priced correctly. Working with a REALTOR® can help you negotiate an offer that takes into account the property’s condition.”
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.
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In-Home Searches, ‘New York’s Loss is Florida’s Gain’
An analysis of 3Q buyer searches on Redfin’s website found 22K more people from other states looked for a Fla. home than the number of Floridians who looked elsewhere.
Redfin economists looked at the viewing habits of 53,000 visitors to its website in the third quarter of 2020 and found a lot of California and New York residents ready to transition to other states. And at least for New York, a lot of residents have their eye on a new Florida home.
“New York’s loss is Florida’s gain,” says Redfin economist Taylor Marr. “When the pandemic hit the U.S. in March, remote workers started leaving New York City and its ultra-expensive housing in search of wide-open spaces, sunshine and affordable homes – all of which you can find in Florida, with the bonus of no state income tax.”
Marr says the “trend has only intensified as the pandemic continues and people feel more certain of their remote work and school plans.”
According to the analysis, nearly 53,000 more website users wanted to move out of California rather than into it in the third quarter, a 62% increase since the third quarter of 2019 and the highest rate since Redfin started tracking migration in the beginning of 2017.
The story is similar in New York, where almost 47,000 more people searched for homes outside the state than the number who wanted to move in during the third quarter – about 35% more than the 35,000 home searchers looking to leave during the same time period last year.
California and New York had the biggest upticks in people looking to move out of state – minus people looking to move in – since last year, followed by Massachusetts, Washington, D.C. and Illinois.
Nearly 22,000 more website users looked to move into Florida than the number of Floridians who searched for a home outside the state in the third quarter, which is almost double the number in 3Q 2019 and the highest net inflow migration potential for the state since economists started tracking migration.
According to economists, movement into Florida has accelerated since the beginning of the year.
© 2020 Florida Realtors®; By Kerry Smith
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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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