01 Nov Bonita Bay Real Estate News | November 2021
As of November 1, 2021, there are 33 active listings in our area multiple listing service (MLS) in Bonita Bay; 13 more than last month.
For comparison, last year on November 1, there were 94 listings in Bonita Bay.
There are 11 single-family homes, ranging in price from $850,000 to $6,500,000. The average list price is $3,460,455 and the average days on the market is 62. The combined days on the market is 72.
In the carriage, mid-rise, townhouse, and attached villa market, there are five active listings in Bonita Bay ranging in price from $399,900 to $1,290,000 and the average days on the market is 18 while the combined days on the market is 21.
In the high-rise market, there are 17 active listings in Bonita Bay ranging in price from $1,095,000 to $8,500,000. The average list price is $3,192,822 and the average days on the market is 115. The combined days on the market is 118.
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.
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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 94 sales with an average sales price of $438,449; these condos were on the market an average of 51 days; combined days on the market is 124.
- During the 12 months previous, there were 78 sales with an average sales price of condominiums was $401,753; these homes were on the market for 88 days; combined days on the market is 146.
BONITA BAY HIGH-RISES
- During the last 12 months, there were 107 sales with an average sales price of $1,481,991; these homes were on the market an average of 141; combined days on the market is 202.
- During the 12 months previous, there were 54 sales with an average sales price of $1,368,505; these homes were on the market for an average of 171 days; combined days on the market is 284.
SINGLE-FAMILY BONITA BAY HOMES
- During the last 12 months, there were 98 sales with an average sales price of $1,678,268; these homes were on the market an average of 70 days; combined days on the market is 148.
- During the 12 months previous, there were 58 sales with an average sales price of $1,309,466; these homes were on the market for an average of 110 days; combined days on the market is 180.
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 2021 Market Update
“For the 18th month in a row, Downing-Frye agents had over 200 pending sales for the month,” said Mike Hughes, Vice President of Downing-Frye Realty, Inc. “We turned in more pending sales contracts in ten months than we did all of last year. To date, Downing-Frye agents have pended 3,355 properties. While listing inventory is very low in Southwest Florida, October was a very good month for our company as we closed the month with 103 more listings than we had at the start of the month, for a 22 percent increase in active listings during October. In this fast moving market, using a Downing-Frye agent helps the buyer get a glimpse at new listings that are coming on the market. Our closed sales volume for the year is already the second best ever for our company. We are currently just above $2.1 billion in closed sales volume and expect to go much higher before this year is up. The Downing-Frye family is already getting ready for 2022. We expect it to be challenging but we also have been through many challenging markets over the years. It is how you meet these challenges that defines you.”
BONITA / ESTERO: INVENTORY NEEDED
In September 2021, there were 336 closed sales and 359 pending sales, and inventory is still needed for buyer demand. Realtor.com also reported over 16 million search result page views in the Bonita Springs and Estero markets in September. Also in September 2021 there were 310 new listings, down 31.1 percent from the 450 listings in September 2020. The median closed sales price in September was $399,450, up 21.6 percent from the year ago figure of $322,500. Properties generally stayed on the market for only 17 days in September compared to 82 days in September 2020. There was only a half-month’s supply of inventory available for sale in September 2021.
NAPLES AREA: NEW LISTINGS SOLD QUICKLY
Home sales in September would have been stronger if there was more inventory. Closed sales in September decreased 18.9 percent to 914 closed sales from 1,127 closed sales in September 2020, a result of low inventory. In September 2020, there were 5,287 properties available; while in September 2021, the month ended with just 1,251 properties for sale (a 76.3 percent decrease). There were roughly 23 showings per home during September compared to under seven showings per home in September, 2020. Basically, more buyers are looking at fewer properties this year. The median closed price in September 2021was$455,000, compared with $382,744 in September 2020.
MARCO ISLAND AREA: MEDIAN PRICE UP
The Marco Island Area Assoc. of Realtors® reported that September 2021 compared to September 2020 showed the following: Total inventory (241 properties) was down by 75.6 percent, closed sales (121 properties) were down by 46.7 percent and pending sales (123 properties) were down by 35.6 percent. The September median sales price was $665,000, which is 48.03 percent higher than September 2020.
FLORIDA: RISING MEDIAN PRICES
Florida’s housing market reported higher median prices, a rise in all-cash sales and constrained inventory levels in September compared to a year ago. The statewide median sales price for single- family existing homes in September was $355,000, up 18.3 percent from the previous year. Closed sales of single-family homes statewide in September totaled 28,302, down 1.3 percent year-over-year, while existing condo-townhouse sales totaled 11,845, up 4.9 percent over September 2020. “New listings of single-family homes only increased by 2.2 percent year-over-year in September, the lowest increase since February 2021,” said Florida Realtors Chief Economist Dr. Brad O’Connor. Single-family existing homes continued at a very low 1.3-months’ supply in September, while condo-townhouse
inventory was at a 1.7-months’ supply.
USA: EXISTING HOME SALES INCREASE
Existing-home sales on a seasonally adjusted annual rate rose 7 percent in September from August, with all regions showing an increase. From one year ago, the inventory of unsold homes decreased 13 percent to 1.27 million – equivalent to 2.4 months of the monthly sales pace. From the prior month, inventory dipped 0.8 percent. The median existing-home sales price climbed 13.3 percent year-over-year to $352,800. “Some improvement in supply during prior months helped nudge up sales in September,” said Lawrence Yun, NAR’s chief economist. “Housing demand remains strong as buyers likely want to secure a home before mortgage rates increase even further next year.”
Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®.
U.S. News & World Report: Fla. Has 8 of Top 10 ‘Best Retirement’ Metros
By Phil Fernandez
The magazine’s 2021 list ranks Fla. metros in the top four spots– Sarasota, Naples, Daytona Beach and Melbourne – but 7 other Fla. metros also made it into the top 20.
It may be getting more expensive to live, but Southwest Florida remains at the top of the “Best Places to Retire” in the country, based on the latest research by U.S. News & World Report.
The state’s metros led the way in the annual findings released this morning by the magazine, with the first four in this order: Sarasota, Naples, Daytona Beach and Melbourne.
U.S. News & World Report’s Florida rankings in nation’s top 20
3. Daytona Beach
6. Tampa Bay
7. Fort Myers
8. Port St. Lucie
“Many retirees are continuing to dream about a Florida beach retirement,” said Emily Brandon, U.S. News senior editor for retirement.
“Sarasota and Naples residents both report a high sense of well-being, and both cities scored high marks for desirability. Sarasota edged out Naples for the No. 1 spot largely due to Sarasota having more affordable housing than Naples.”
Despite Florida’s dominance, another state is rapidly rising, and it’s not the usual rivals for retirees, such as Arizona, Texas and California. It’s the commonwealth of Pennsylvania scraping away at its Rust Belt labeling.
“Several Pennsylvania cities climbed in the rankings this year, often due to the accessibility of high-quality health care facilities,” Brandon told me, noting efforts being made in places like No. 5 Lancaster. “Many old warehouses and buildings in Lancaster have been transformed into restaurants and bars with a diverse collection of cuisines.”
Keystone State areas breaking into the top 25 this year include Allentown (No. 11), Harrisburg (No. 13), Reading (No. 15), York (No. 17), Philadelphia (No. 19) and President Biden’s birthplace Scranton, which catapulted 87 places to reach No. 21.
Nearly three quarters of metro areas in the top 25 are located in Florida or Pennsylvania.
But it’s hard to compete with the Sunshine State, which besides retirees, already has become a destination for executives buying mansions. Part of a Pennsylvania pipeline In the Know reported on, the CEOs of Philadelphia-based electronics giant Ametek and major retailer Five Below are among those who have moved into estates in the Naples area, where they recently opened corporate offices.
“Florida dominates this year’s ranking of the Best Places to Retire, taking eight of the top 10 spots on the list,” said Brandon, who also looked at murder, theft and vandalism as part of the study that solidified the top two slots. “We did see that Sarasota and Naples have lower crime rates than some other parts of Florida.”
‘Our big thing … no state tax’
The peninsula nailed down 11 of the top 18 even though Florida isn’t as cheap as it used to be.
Naples, for example, is one of 17 metro areas with places like San Diego, Boston and Honolulu, where a buyer needed more than $100,000 in household income to affordably pay a 10% down payment mortgage, according to National Association of Realtors second quarter data.
Enter Daytona, which rose from 15th on last year’s U.S. News list.
“Daytona Beach has the most affordable housing costs of any of the top 10 best places to retire,” Brandon told me. “The cost of living in a potential retirement spot is a major concern for many retirees.”
Sarasota and Naples, however, are able to overcome that in Brandon’s view.
“They are also looking for a high quality of life,” she said. “Naples has the highest housing costs among the 10 best places to retire, but Naples scored high marks for desirability and the happiness of current residents. All of the Florida cities benefited from low tax rates since there is no state income tax.”
That’s definitely playing a role in the surging growth, said Collier County Commissioner Rick LoCastro, whose district includes Marco Island and part of the Naples area.
“Here, our big thing, has always been no state tax,” LoCastro told me recently. “As the market has fluctuated, and as people may be a little more educated on their finances and their retirements, it’s one of the reasons.”
‘Busiest summer ever’
In 1990, the four I-75 coastal counties of Collier, Lee, Charlotte and Sarasota had a population of 876,000 combined. Today, it’s nearly a million more at 1.8 million.
Coronavirus and the desire to get away from that and the tighter spaces of big city metros to come to green open spaces and sandy beaches has brought more arrivals.
“We surveyed Americans age 45 and older about their interest in retiring in a given metropolitan area, and there is continued interest in Florida retirement destinations,” Brandon told me. “Our survey data found that 23% of Americans who are at or near retirement say the pandemic has changed their preference for where they would like to retire. (Many) soon-to-be retirees are still dreaming about Florida.”
As In the Know has reported, the Fort Myers, Sarasota and Lakeland metro areas were among the 10 fastest growing nationally in the past year among metros with at least 500,000. If Naples, with 400,000, had met that minimum threshold for study, it would have been on the list or close to it.
“Busiest summer ever,” said Grant Phelan, a restauranteur since 1997 who noted that many of the newcomers aren’t just here for the winter anymore. “Southwest Florida is definitely a different town after COVID. No question. A lot of people have moved here. And these aren’t six-month residents. These are people who have moved here for 12 months. They’re going to live here.”
Very few businesspeople know the Southwest Florida Gulf coast better than Phelan, who grew up in the region and operates nearly 20 family-run eateries from Tampa Bay’s Wesley Chapel to Key West’s Duval Street including the seafood-oriented Pinchers restaurant.
“It’s our footprint,” said Phelan, who says this historic growth period will be marked in the annals of time as “Before COVID” and “After COVID.” “I think we will refer to it is B.C. and A.C. I really do. Southwest Florida, A.C., it just went WSHHHOOOH,” making a rocket sound while shooting his hand and arm upward.
Mike Hughes, vice-president of Downing-Frye Realty Inc., has been predicting they’re going to keep coming.
“I see the demand staying strong for a while. The one thing that’s still out there is that we have a huge baby boomer generation that’s coming up on retirement. So as many of them are approaching the retirement years, a lot of them have eyes toward Florida, and Southwest Florida, in particular,” Hughes said. “I think we’re heading into an interesting period.”
No sign of Arizona, Texas, California
It may not be as fascinating for areas that traditionally have drawn retirees. The top metro for Texas came in the form of No. 50 Austin. Consider that the best Arizona could do was No. 116 Tucson. And California? No. 118 Santa Barbara.
“We did see continuing interest in retirement in Arizona, but several Arizona cities had low ratings on the air quality index,” Brandon told me. “High housing prices often make it difficult for people on a budget to retire in California.”
Miami dropped from No. 9 to No. 48 due to decreases in housing affordability, desirability, happiness, job market and health care scores. Jacksonville fell from No. 13 to No. 26 for similar reasons, although its job market score increased.
The only midwestern locale ranking among the best 25 is No. 9 Ann Arbor, home to the University of Michigan and a vibrant, diverse downtown for all ages. Besides Pennsylvania, the only other northeastern area near the top was No. 24, Manchester, New Hampshire.
The new list evaluated the country’s 150 most populous metropolitan areas based on how well they meet Americans’ expectations for retirement, with measures including affordability, health care and overall happiness.
The 2021-22 Best Places to Retire Top 25 metro areas
- Daytona Beach
- Lancaster, Pennsylvania
- Fort Myers
- Port St. Lucie
- Ann Arbor, Michigan
- Allentown, Pennsylvania
- Harrisburg, Pennsylvania
- Asheville, North Carolina
- Reading, Pennsylvania
- York, Pennsylvania
- Scranton, Pennsylvania
- Raleigh & Durham, North Carolina
- Nashville, Tennessee
- Manchester, New Hampshire
- Myrtle Beach, South Carolina
September Real Estate Market Report: New Listings Absorbed by Buyer Demand
Home sales in September would have been stronger if there was more inventory, say broker analysts reviewing the September 2021 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). Historically, September is the slowest month for home sales in Naples, but the area’s reputable natural beauty and home-value potential continue to increase its desirability to home buyers. Closed sales in September decreased 18.9 percent to 914 closed sales from 1,127 closed sales in September 2020, a result of low inventory.
A decrease of 213 homes sales might seem like home buying interest is waning but consider the inventory factor. In September 2020, there were 5,287 properties available. While in September 2021, the month ended with just 1,251 properties for sale (a 76.3 percent decrease). Comparing showing activity also sheds light on the situation. There were roughly 23 showings per home during September compared to under seven showings per home in September 2020. Basically, more buyers are looking at fewer properties this year.
“Unfortunately, the numbers can’t tell us the full story,” remarked Adam Vellano, a Naples Sales Manager at Compass Florida. “We know demand is strong, but at the current inventory level, it’s hard to sustain the level of sales we have done in previous years.”
But Budge Huskey, CEO, Premier Sotheby’s International Realty, says there are signs to be optimistic. “I’m seeing more and more development companies from around the country putting their money on Naples. They know Naples still represents a great value compared to other desirable locations around the country and investing at today’s prices shows they think Naples will only become even more desirable in the future. They are confident the level of demand and overall values have room to run.”
The NABOR® September 2021 Market Report 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:
Since January, there has been a 48 percent increase in closed sales over the same nine months in 2020. Inventory of homes is suffering from the same supply chain issues as other commodities made in America, all due to the pandemic. But opportunities to invest in Naples real estate are still out there. According to Dominic Pallini, Broker at Vanderbilt Realty, “Developers are selling lots again. But most newly constructed homes don’t get added to the MLS until they sell so we don’t see them reflected in the report’s inventory numbers.”
Not surprisingly, the median closed price in September increased 18.9 percent to $455,000 from $382,744 in September 2020. “About 23 percent of the homes for sale had price decreases,” said Jeff Jones, Broker at Keller Williams Naples. “But only 12 percent reported price increases. As competition for inventory gets even more fierce and days on market continue to drop, we’ll likely see an increase in the number of homes that don’t even appear on the MLS until they are sold.”
The Market Report showed new listings in September decreased 28.4 percent to 961 from 1,342 new listings in September 2020. However, while new listings of condominiums decreased 2.7 percent during the first nine months of 2021, new listings of single-family homes increased 3.5 percent during the first nine months of 2021!
Having a REALTOR® during today’s low inventory environment is an essential partnership for buyers because REALTORS® are poised to hear about a home before it goes up for sale, they know exactly when new homes hit the MLS in real time, and they can share this valuable information to home buyers. Further, REALTORS® work closely with many other agents, have alerts set up when new homes are listed, and know how to maneuver the process so a buyer can act fast when a new listing meets a client’s purchasing criteria.
NEW YORK – High lumber prices are returning, and homebuyers should brace themselves for its impact. Lumber prices can affect not only the cost of a new home, but also many remodels, such as decks and flooring.
After peaking in the spring, lumber prices had been falling this summer, but that respite appears short-lived. In August, lumber prices bottomed out, but framing lumber is up 40% since then.
Lumber prices remain below the peak reached in May – about $1,515 per 1,000 feet, however. On Tuesday, lumber futures traded for about $735.70 per 1,000 feet, which is still more than double its pre-pandemic five-year average of around $356, National Mortgage News reports.
But housing analysts also warn that lumber prices aren’t finished climbing.
Lumber is critical for both the new-home construction process and remodeling, and builders blamed high lumber costs for price increases in the new-home market. In May, builders reported that soaring lumber prices added $36,000, on average, to the price of a new home.
This summer it looked like the new-home industry was going to catch a break when lumber prices started to plummet. However, pent-up demand refueled the market and is leading to another round of price increases, Scott Reaves, director of forecast operations at Domain Timber Advisors, told Fortune. Supply shortages are pressing on prices.
“We expect the demand for lumber to continue increasing through 2022 and beyond in response to demographically driven housing needs, which will bode well for not only lumber mills but forestland owners,” Reaves says.
Source: “Here We Go Again: Lumber Prices Shoot Up 40%,”Fortune.com (Oct. 21, 2021) and “Pricey Lumber Is Back – Boosted By Supply Cuts, Labor Shortage,” National Mortgage New (Oct. 27, 2021) [Log-in required.]
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