01 Sep Bonita Bay Real Estate News | September 2021
As of September 1, 2021, there are 22 active listings in our area multiple listing service (MLS) in Bonita Bay; 3 more than last month.
For comparison, last year on September 1, there were 92 listings in Bonita Bay.
There are 6 single-family homes ranging in price from $850,000 to $4,325,000. The average list price is $2,226,583 and the average days on the market is 60. The combined days on the market is 69.
In the carriage, mid-rise, townhouse, and attached villa market, there is one active listing in Bonita Bay at $649,000 and the average days on the market is 6 while the combined days on the market is 6.
In the high-rise market, there are 15 active listings in Bonita Bay ranging in price from $949,900 to $8,300,000. The average list price is $2,926,660 and the average days on the market is 201. The combined days on the market is 203.
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®,
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 97 sales with an average sales price of $407,967; these condos were on the market an average of 68 days; combined days on the market is 142.
- During the 12 months previous, there were 75 sales with an average sales price of condominiums was $393,015; these homes were on the market for 85 days; combined days on the market is 147.
BONITA BAY HIGH-RISES
- During the last 12 months, there were 101 sales with an average sales price of $1,441,109; these homes were on the market an average of 150; combined days on the market is 214.
- During the 12 months previous, there were 53 sales with an average sales price of $1,368,103; these homes were on the market for an average of 160 days; combined days on the market is 272.
SINGLE-FAMILY BONITA BAY HOMES
- During the last 12 months, there were 97 sales with an average sales price of $1,654,813; these homes were on the market an average of 71 days; combined days on the market is 147.
- During the 12 months previous, there were 62 sales with an average sales price of $1,286,017; these homes were on the market for an average of 104 days; combined days on the market is 197.
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.
September 2021 Market Update
A ROBUST AUGUST
“Over the last 16 years, our best August for the high end market (above $1 Million) had been 23 pending sales,” said Mike Hughes, Vice President of Downing-Frye Realty, Inc. “This August, we had 50 pending sales above $1 Million – more than double our previous best! We pended 279 transactions in August 2021 for a pending sales volume of $197 million, which is extremely high for this month. Interesting enough was that we had 279 pending sales in August where in July we had 235 pending sales. So with a largely declining inventory in our area, we actually increased our pending sales from the previous month. Through the first eight months of the year, we have 2,861 closed transactional sides – almost what we did in all twelve months of last year. We will hit $2 BILLION in closed sales volume sometime in September. Despite the challenges of the pandemic, our agents continue to produce at a very high level.”
BONITA / ESTERO: DEMAND IS STEADY
July’s activity showed decreases in inventory while demand was steady. Additionally, homes priced above $2 million were still seeing strong demand. In July 2021, Realtor.com showed 23 million+ property search results page views for the Bonita Springs and Estero combined markets. This number has changed slightly over the last quarter, but overall, interest from the Northeast and Midwest regions of the U.S. still continue to dominate the majority of users looking at Bonita Springs and Estero. In comparing July 2021 with July 2020, new listings (273) were down 19.9 percent, pending sales were even at 303 pending sales, and closed sales (341) were up 17.2 percent. July’s median closed sales price was $421,000, which was 43.4 percent more than July 2020. Also in July there were only 241 active listings, representing .6 months’ supply of inventory. Properties stayed on the market for an average of 22 days. In comparing 2021 year-to-date with 2020 year-to-date, there was no change in the amount of new listings, but pending sales were up 49.1 percent, closed sales were up 62.8 percent and the median closed sales price was up 18.2 percent.
NAPLES AREA: BUYERS & SELLERS ADJUST TO A NEW NORMAL
The buying frenzy the Naples housing market experienced during the past year has simmered and is being replaced with what brokers say will be our new normal: a low inventory market with fast turnover of quality homes priced right. The median closed price in July increased 28.8 percent to $469,950 from $365,000 in July 2020. Even though overall pending sales in July dropped 21.5 percent to 1,135 pending sales from 1,446 pending sales in July 2020, and overall closed sales dropped 2.6 percent to 1,142 closed sales from 1,172 closed sales in July 2020, activity in the high-end luxury home market picked up speed during the month as reflected in a 32.6 percent increase in closed sales for homes over $1 million, and a 17.1 percent increase in pending sales for single family homes valued over $1 million in July.
MARCO ISLAND AREA: SALES & INVENTORY ARE DOWN
The Marco Island Area Assoc. of Realtors® reported that July 2021 compared to July 2020 showed the following: Total inventory (228 properties) was down by 80.2 percent, closed sales (165 properties) were down by 9.3 percent and pending sales (135 properties) were down by 30.8 percent. The July median sales price was $640,000, which is 43.02 percent higher than July 2020.
FLORIDA: NEW LISTINGS RISE IN JULY
In July, Florida’s housing market reported higher median prices, more new listings and a rise in all-cash sales compared to a year ago. Closed sales of single-family homes statewide in July totaled 30,740, a slight decrease of 2.1 percent year-over-year, while existing condo/townhouse sales totaled 13,481, up 21.1 percent over July 2020. The statewide median sales price for single-family existing homes in July was $355,000, up 20.3 percent from the previous year. According to Florida Realtors Chief Economist Dr. Brad O’Connor, the data revealed signs that the state’s housing market is heading on a steady path toward normalcy, at least in some respects. On the supply side of the market, inventory (active listings) remained extremely tight in July. Single-family existing homes continued at a very low 1.2-months’ supply while condo-townhouse inventory was at a 1.8-months’ supply.
USA: PENDING SALES DOWN SLIGHTLY
Pending home sales dipped modestly in July, noting two consecutive months of declines. Only the West region registered a month-over-month gain in contract activity, while the other three major U.S. regions reported drops. All four regions saw transactions decrease year-over-year. “The market may be starting to cool slightly, but at the moment there is not enough supply to match the demand from would-be buyers,” said Lawrence Yun, NAR’s chief economist. “That said, inventory is slowly increasing and home shoppers should begin to see more options in the coming months.”
Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®.
Homebuyers Flock to Florida Real Estate
In July 2020, 2,216 Redfin users moved to Miami; in July 2021, the number grew to 7,610. Some moved because they could work from home, some to escape lockdowns.
SEATTLE – According to Redfin’s monthly migration report, July saw the net inflow of Redfin users moving to Miami rise to 7,610 from 2,216 last year. Despite the potential increase in flood risks and coastal storms, Florida remains a top spot for buyers.
“Home buyers are moving here from all over the map – Atlanta, Cincinnati, New York, Columbia, Mexico City, Pittsburgh and Philly, to name a few,” says Milagros Alvarez, a Miami real estate agent at Redfin. “The beaches, warm weather and low taxes are the major draws. Florida has also been much less shut down than other states during the pandemic, which some house hunters see as a positive.”
Tampa and Cape Coral are also hot areas for migration, with net inflows rising to 4,315 from 2,778 in July 2020, and to 3,109 from 1,790, respectively, according to Redfin’s analysis.
“The homebuyers I talk to rarely mention climate change,” says Alvarez. “Most of them aren’t concerned. A lot of people seem to have this idea that it won’t impact them in their lifetime, so it doesn’t need to be a consideration when buying a home.”
However, Daryl Fairweather, Redfin’s chief economist, suggested that buyers should at least keep climate change in mind, saying, “Miami homebuyers should think about how they can make their homes more resilient to climate change and how their finances would be impacted if their homes lost value.”
Source: HousingWire (08/30/21) Volkova, Maria
© Copyright 2021 INFORMATION INC., Bethesda, MD (301) 215-4688
July Market Report Shows Sellers & Buyers Adjusting to a New Normal
The buying frenzy the Naples housing market experienced during the past year has simmered and is being replaced with what brokers say will be our new normal: a low inventory market with fast turnover of quality homes priced right. According to the July 2021 Market Report released by the Naples Area Board of REALTORS®(NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), inventory decreased 77.2 percent to 1,295 homes in July 2021 compared to 5,672 homes in July 2020, but demand continues to be steady as there were only 30 fewer closed sales and just a 2 percent drop in showings.
“Low inventory is holding back our market’s potential,” said Dominic Pallini, Broker at Vanderbilt Realty, who contends that July’s total home sales would have been much better if we just had the inventory. “New listings help to replenish our inventory each month, but it’s unlikely we will see inventory levels anywhere near what they need to be anytime soon again. Home demand has simply outpaced our capacity, which is why we are seeing a big rise in home values during the summer.”
The median closed price in July increased 28.8 percent to $469,950 from $365,000 in July 2020. The median price is the price at which 50 percent of the homes sold were above that price, and 50 percent were below.
“People are asking when prices will go down again,” said Molly Lane, Senior Vice President at William Raveis Real Estate, “but in reality, compared to other luxury markets around the country, Naples has been undervalued far too long. We are finally catching up to where our prices should be as a premier luxury home destination.”
As this new reality sets in, clues that buyers and sellers are adapting to a new normal can be found in recent Market Reports. “The percent of list price received has been over 99 percent for the last three months,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. “This shows us that sellers are setting realistic prices and buyers are accepting these values as fair because offers are at near asking prices.”
Adam Vellano, a Naples Sales Manager at Compass Florida, responded by pointing out, “For sellers, this new market reality means a home for sale today is likely to receive a contract within a few weeks. If it doesn’t, the home is either priced too high or it has deficiencies that need attention.”
Brenda Fioretti, Broker Associate at Berkshire Hathaway HomeServices Florida Realty, added, “Even homes that are not so attractive are finding buyers this summer. So if you’ve been reluctant to sell because your home needs updating or repairs, now would be a good time to sell it and buy another home in Naples. That’s because the average home price in Naples has increased 25 percent since January so even if you pay 99 percent of list price for a new home, your ‘not so perfect’ home is going to enjoy the same gain in value when it sells too. Your equity from the price appreciation can help power your next move.”
Even though overall pending sales in July dropped 21.5 percent to 1,135 pending sales from 1,446 pending sales in July 2020, and overall closed sales dropped 2.6 percent to 1,142 closed sales from 1,172 closed sales in July 2020, activity in the high-end luxury home market picked up speed during the month as reflected in a 32.6 percent increase in closed sales for homes over $1 million, and a 17.1 percent increase in pending sales for single family homes valued over $1 million in July.
The NABOR® July 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:
 |
Brokers reviewing the July Market Report agree the old way of buying and selling a home in Naples is now obsolete. “Buyers shouldn’t waste their time driving around to find homes for sale in a particular neighborhood or wait to look at listings in the Sunday classifieds,” said Hughes, “because that is just a small percentage of the available inventory in the Naples area. Many of these homes are probably already under contract.”
Hughes and Vellano are not being dramatic. Homes are selling at record-fast rates. The July Market Report showed days on market decreased 69.6 percent to 28 days from 92 days in July 2020. For single family homes, days on market dropped to 25 days in July. Homes are available but they are just not staying on the market long, especially quality homes that are priced right.
Lane also pointed out that many new listings barely make it into the MLS. “Inventory is so tight right now that I’ve seen agents walk into our office with a listing, place it on the Southwest Florida MLS, and within a very short time have an offer from a buyer.”
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.
Rental Scams Explode in a Tight Housing Market
DESPERATION HELPS SCAMMERS. A STRONG NEED FOR AFFORDABLE HOUSING ENTICES VICTIMS TO LOWER THEIR DEFENSES, AND SOME WILL SEND MONEY TO LANDLORDS THEY’VE NEVER MET.
NEW YORK – With homes and apartments so tough to find this year, many renters are desperate to find anything. That’s how one woman ended falling victim to a rental scam.
Mariah Dates had no luck finding a rental home until a cute two-bedroom house popped up on Facebook Marketplace for just $700 a month.
“I emailed the rental agent, and she emailed me back with interior pictures of the house and everything,” Dates said.
Thrilled, Dates drove by the house to make sure her great find was real. “It’s a real house,” she said. “You can go see it.”
But she couldn’t go inside. The landlord claimed she was currently out of state.
So Dates immediately filled out an application, then sent a deposit and two months’ rent (which the landlord required ) via the Zelle app.
She never heard back. “I ended up sending the money for the deposit and the rent but never got the keys,” she said.
No keys showed up via FedEx, as it had been promised, and Dates then found herself ghosted, with no text response from the landlord ever again.
Another victim of the rental scam
It turns out the listing was fake, and Dates was the latest victim of the home rental scam.
The house and the photos were real but were stolen from a recent “for sale” listing of the home, available for anyone to see on Zillow or Realtor.com. It was never for rent, and the real selling agent did not know about any rental offer on it.
The so-called “rental agent” turned out to be a hacked Facebook page, where someone used an innocent person’s profile to post the home on Facebook Marketplace.
In total, Dates was out a deposit, plus two full months’ rent. “It all comes out to $2,145 that I lost,” she said.
We’ve sent her information to her bank, in the chance they can help. In most cases, they can’t, however, because the money was sent via cash and is untraceable (in this case, to a burner cell phone number).
The rental scam is becoming so common this year because of the red hot housing market. With high home prices, so many people are desperate to rent homes, it makes them easy prey for scammers.
Warning signs of a scam
The FTC says to be suspicious of rental listings if:
- The landlord wants a deposit before you have met.
- The landlord is out of town and cannot meet you personally.
- You can’t go inside the home or apartment.
- They ask for a deposit via Venmo, Zelle, Google Play, iTunes, or other gift cards.
Finally, in this tight housing market, be suspicious of any rental that sounds too cheap, so you don’t waste your money.
By John Matarese
Copyright © 2021 Local TV LLC, All rights reserved. Don’t Waste Your Money” is a registered trademark of Scripps Media, Inc. (“Scripps”).
   |
|
|
 
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. |
|
|
