01 Sep Shadow Wood at the Brooks Real Estate News | September 2022
As of September 1, 2022, there are 4 active listings in our area multiple listing service (MLS) in Shadow Wood. That is 4 less than last month.
For comparison, last year on August 1, there were 4 listings in Shadow Wood.
There are 2 single-family homes on the market, listed from $1,100,000 to $3,249,900. The average list price is $2,174,950. The average days on the market is 79 days; the average total days on the market is 79 days.
In the condo market, there are 2 active listings on the market, listed from $649,000 to $675,000. The average list price is $662,000. The average days on the market is 7 days; the average total days on the market is 7 days.
A reminder, you have access to the most comprehensive website devoted to Shadow Wood, www.ShadowWoodRealty.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 Shadow Wood. With over 35 years of helping buyers and sellers in SWFL, my experience will be invaluable in this fast-moving, low-inventory market.
Your Shadow Wood REALTOR®,
Ed Gongola
Summary of Shadow Wood Home Sales
If you are considering selling your Shadow Wood home, here are some statistics that may help you decide to place your home on the market.
SHADOW WOOD CONDOs
- Within the last 12 months, there were 28 sales; the average sales price was $595,643; and, these condos were on the market an average of 13 days; combined days on the market is 65.
- During the 12 months previous, there were 41 sales; the average sales price was $413,176; and, these homes were on the market an average of 57 days; combined days on the market is 129.
SINGLE-FAMILY SHADOW WOOD HOMES
- During the last 12 months, there were 51 sales; the average sales price was $1,541,094; and, these homes were on the market an average of 9 days; combined days on the market is 63.
- During the 12 months previous, there were 78 sales; the average sales price was $1,041,443 and, these homes were on the market an average of 87 days; combined days on the market is 201.
For a list of SHADOW WOOD homes sold in the last 12 months, click here.
For a list of SHADOW WOOD homes that are pending at the moment, click here.
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September 2022 Market Update
DOWNING-FRYE: AVERAGE AUGUST PENDING SALES PRICE UP 53%
“From an analysis of the August 2022 Downing-Frye pending sales transactions, several conclusions can be made,” said Mike Hughes, VP and Gen. Mgr. of Downing-Frye Realty, Inc. “The first one is that the average pending sale in August 2022 is elevated compared to what we normally see. This is no doubt tied to our rising property values in SW Florida. For the five years prior to the pandemic, for the month of August, we had an average pending sale of $428,305. The average pending sale for August of 2022 was $652,000. The second conclusion is that the high end market has settled down a bit. The third conclusion is that the summer sales were a bit slower this year. In August of 2021 and August of 2020, we had over 270 pending sales in each month. This August, Downing-Frye agents had 167 pending sales. So the bottom line is that the elevated end of summer sales that we have seen the last two years has pulled back a bit this year.
BONITA / ESTERO: POSITIVE FACTORS AFFECT THE MARKET
The current market continues to be strong with the July pending sales having increased slightly from June but down 19% from a year ago. The current inventory situation has had an impact on median prices. For July, the median price for the Bonita Springs-Estero market was $530K, and appears to be leveling off. Brokers expect to see some monthly fluctuations but no major swings. As the market begins to normalize, local realtors like Jerry Murphy, Managing Broker of Downing-Frye Real Estate’s Bonita Springs office, have started seeing financing come into play more and more despite the continued high percentage of cash sales at 62% in July. Murphy added, “Cash sales have been affected by other areas like the stock market because buyers tend to move assets from a location to pay cash for a home.”
BONITA / ESTERO: POSITIVE FACTORS AFFECT THE MARKET
The current market continues to be strong with the July pending sales having increased slightly from June but down 19% from a year ago. The current inventory situation has had an impact on median prices. For July, the median price for the Bonita Springs-Estero market was $530K, and appears to be leveling off. Brokers expect to see some monthly fluctuations but no major swings. As the market begins to normalize, local realtors like Jerry Murphy, Managing Broker of Downing-Frye Real Estate’s Bonita Springs office, have started seeing financing come into play more and more despite the continued high percentage of cash sales at 62% in July. Murphy added, “Cash sales have been affected by other areas like the stock market because buyers tend to move assets from a location to pay cash for a home.”
MARCO ISLAND AREA: MEDIAN SALES PRICE UP
The Marco Island Area Assoc. of Realtors® reported that in July, 9 homes were sold for the median sell price of $1.6M (up 34% from last July) averaging 36 days on the market. The total inventory for July 2022 was 340 properties (up 38% from 2021) with 45 total closed units for a total volume sold $61M.
FLORIDA: NEW LISTINGS , MEDIAN PRICES UP
In July, closed sales of single-family homes statewide totaled 23,705, down 22.9% year-over-year, while existing condo-townhouse sales totaled 9,341, down 30.7% over July 2021. If not for those two factors – higher mortgage rates and rising prices – “buyer demand would be booming in Florida right now,” said Florida Realtors Chief Economist Dr. Brad O’Connor. The statewide median sales price for single-family existing homes in July was $412,303, up 16.1% from the previous year, and for condos was $305,000, up 20.6%. The supply of single-family existing homes increased to a 2.2-months’ supply while existing condo-townhouse properties are at a 2.1-months’ supply.
USA: HOME SALES DIP IN JULY
Pending home sales dropped slightly by 1.0% from June. It was the second straight monthly decline and the eighth in the last nine months. Pending sales fell in three of four major regions, with the West posting a small increase. Compared to the prior year, contract signings declined by double digits in each region, with pending sales in the West down 30%. “In terms of the current housing cycle, we may be at or close to the bottom in contract signings,” said NAR Chief Economist Lawrence Yun. “This month’s very modest decline reflects the recent retreat in mortgage rates. Inventories are growing for homes in the upper price ranges, but limited supply at lower price points is hindering transaction activity.” Typical monthly mortgage payment reached nearly $2,000 in June, up 54% from last year.
Sources: The Bonita Springs-Estero REALTORS®/SWFLMLS, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS® and Marco Island Area Assoc. of REALTORS®
National Home Price Gains Exceeded 20% in May
CORELOGIC: TAMPA HAD THE HIGHEST YEAR-OVER-YEAR HOME PRICE GAIN, 33.4%, FOR THE 20 BIGGEST METROS. FLA. WAS THE STATE WITH THE HIGHEST HOME PRICE GAIN AT 33.2%.
CoreLogic’s Home Price Index for May reported that although U.S. home price growth relaxed slightly in May from April, it remained in double digits year-over-year for the 16th consecutive month. As in past months, all states and Washington, D.C., posted annual appreciation, with 13 states reporting gains of more than 20%.
Though U.S. home price growth relaxed slightly in May from April, it remained in double digits year over year for the 16th consecutive month. As in past months, all states and Washington, D.C. posted annual appreciation, with 13 states posting gains of more than 20%.
While rising interest rates cooled overheated demand this spring and are expected to contribute to slowing price growth over the next year, motivated buyers may have less competition and more opportunities moving forward.
“Slowing home price growth reflects the dampening consequence of higher mortgage rates on housing demand, which was the intention,” said Selma Hepp, deputy chief economist at CoreLogic. “With monthly mortgage expenses up about 50% from only a few months ago, fewer buyers are now competing for continually limited inventory. And while annual home price growth still exceeds 20%, we expect to see a rapid deceleration in the rate of growth over the coming year. Nevertheless, the normalization of overheated buying conditions should bring about more of a balance between buyers and sellers and a healthier overall housing market.”
Top Takeaways
U.S. home prices (including distressed sales) increased 20.2% in May 2022, compared to May 2021. On a month-over-month basis, home prices increased by 1.8% compared to April 2022.
In May, annual appreciation of detached properties (20.9%) was 2.9 percentage points higher than that of attached properties (18%).
Annual U.S. home price gains are forecast to slow to 5% by May 2023 as rising mortgage rates and affordability challenges are expected to cool buyer demand.
Tampa, Florida, logged the highest year-over-year home price increase of the country’s 20 largest metro areas in May, at 33.4%, while Phoenix posted the second-largest hike, at 28.7%. These two metros also registered the largest gains in March and April.
Florida posted the highest home price gain, at 33.2% year-over-year, followed by Tennessee with 27.4%. Arizona ranked third with a 27.3% year-over-year increase. Washington, D.C. ranked last for appreciation at 4.3%, but CoreLogic forecasts that the rate of price growth there will rise slightly by May 2023.
© Florida Realtors®
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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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