01 Aug Shadow Wood at the Brooks Real Estate News | August 2022
Posted at 08:01h in Ed Gongola, Real Estate News, Shadow Wood at the Brooks
As of August 1, 2022, there are 8 active listings in our area multiple listing service (MLS) in Shadow Wood. That is the same as last month.
For comparison, last year on August 1, there was 1 listing in Shadow Wood.
There are 8 single-family homes on the market, listed from $815,000 to $3,249,000. The average list price is $1,875,738. The average days on the market is 43 days; the average total days on the market is 67 days. In the condo market, there are zero active listings on the market.
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®,
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 $597,889; and, these condos were on the market an average of 10 days; combined days on the market is 56.
- During the 12 months previous, there were 44 sales; the average sales price was $396,198; and, these homes were on the market an average of 63 days; combined days on the market is 152.
SINGLE-FAMILY SHADOW WOOD HOMES
- During the last 12 months, there were 49 sales; the average sales price was $1,550,118; and, these homes were on the market an average of 8 days; combined days on the market is 62.
- During the 12 months previous, there were 82 sales; the average sales price was $1,037,470 and, these homes were on the market an average of 90 days; combined days on the market is 203.
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.
August 2022 Market Update
DOWNING-FRYE: A GOOD SUMMER FOR HIGH-END SALES
“We are now two-thirds of the way through the 2022 summer,” said Mike Hughes, Vice President and General Manager of Downing-Frye Realty, Inc. “Some summer trends are emerging. It has been another good summer for high-end sales. Downing-Frye agents have turned in 62 high-end pending sales contracts (above one million in price) during the first two months of the summer. There have also been 407 closings so far this summer. The listing inventory in the area continues to rise. Fall visitors will enjoy a higher inventory of property listings than what they experienced last fall. It should be pointed out that listings that are priced right are still selling briskly. While interest rate are higher than the year before, our pending sales are still dominated by cash offers that have been accepted.”
BONITA/ESTERO: CASH SALES STILL DOMINATE
While still at historical lows, homes available for sale (503 properties) are up 51.1% from last June. Likewise, months of supply, while still well below what would be considered a “balanced market”, is up 100% from a year ago. Comparing June 2022 with June 2021: new listings (328 properties) are down 5.2%, pending sale units (231) are down 28.3%, closed sale units (334) are down 24.8% and the median closed sales price is up 32.5% to $550,000. Cash sales accounted for 63.5% of transactions.
NAPLES AREA: SIGNS OF A BALANCING MARKET
Pending sales decreased 36.8% in June to 794 pending sales from 1,236 pending sales in June 2021, and closed sales decreased 38.4% in June to 952 closed sales from 1,545 closed in June 2021. An 80.5% increase in inventory during June to 2,294 properties from 1,271 properties in June 2021 is expected to spark sales. June showed 1,169 new listings compared to 1,170 new listings in June 2021. Broker analysts predict sales activity will continue to mirror 2019 trends, which will naturally increase inventory levels and return us to a balanced market. Median closed prices in June increased 31.8% to $604,000 from $458,281 in June 2021, but median closed prices for single family homes in June decreased 7.7% to $750,000 from $812,500 in May. Conversely, median closed prices for condominiums in June increased 2.5% to $497,000 from $485,000 in May.
MARCO ISLAND AREA: MEDIAN SALES PRICE UP
In June, the median sales price for Marco homes was up 68%, 36% for condos and 17% for lots. Inventory was up 11% from the previous month and continues to increase. Total inventory in June was 283 properties, and there were 81 closings with a volume of $96.3 million. The average days on market for homes in June was 40 days, for condos was 31 and for lots was 63 days. The median sales price for homes in June was $1.9 million, for condos was $650,000 and for lots was $750,000.
FLORIDA: NEW LISTINGS, MEDIAN PRICES UP
In June, closed sales of single-family homes statewide totaled 28,296, down 17.2% year-over-year, while existing condo-townhouse sales totaled 11,796, down 27% over June 2021,. Florida Realtors Chief Economist Dr. Brad O’Connor noted that while closed sales were down significantly compared to the same time a year ago, June’s level was similar to closed sales in June 2018 and 2019. “Nearly 21% (20.9%) fewer existing single-family homes went under contract in June compared to a year ago,” he said. “In combination with a 13.2% year-over-year increase in new listings for single-family homes, this led to a hefty increase in end-of-month inventory, which is now about twice what it was only four months ago at the end of February. At this rate, we will be back at pre-pandemic inventory levels for single-family homes by the end of summer.”
USA: HOME SALES SLIDE IN JUNE
Existing-home sales declined for the fifth straight month to a seasonally adjusted annual rate of 5.12 million. Sales were down 5.4% from May and 14.2% from one year ago. The median existing-home sales price climbed 13.4% from one year ago to $416,000, a new record high. The inventory of unsold existing homes rose to 1.26 million by the end of June, or the equivalent of 3.0 months at the current monthly sales pace. “Falling housing affordability continues to take a toll on potential home buyers,” said NAR Chief Economist Lawrence Yun. “Both mortgage rates and home prices have risen too sharply in a short span of time.” The median existing-home price for all housing types in June was $416,000, up 13.4% from June 2021 ($366,900), as prices increased in all regions. This marks 124 consecutive months of year-over-year increases, the longest-running streak on record.
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®
June Home Prices Cooled at Record Pace
Home price increases dropped 2 percentage points – but even at that rate, it would still take six months to return to any historically “normal” monthly increases.
Black Knight reported that rising mortgage rates and inflation in the broader economy caused a cooldown in home prices in June amid declining demand. The yearly rate of price appreciation dropped from 19.3% to 17.3%.
“The slowdown was broad-based among the top 50 markets at the metro level, with some areas experiencing even more pronounced cooling,” says Black Knight Data & Analytics President Ben Graboske. “In fact, 25% of major U.S. markets saw growth slow by three percentage points in June, with four decelerating by four or more points in that month alone.”
However, Graboske added that the market would have to see six more months of similar deceleration for price growth to revert to long-run averages.
While Black Knight found that the cooling prices are concurrent with a sharp rise in home inventory, the inventory of for-sale homes remains 54% lower than 2017-2019 levels.
“With a national shortage of more than 700,000 listings, it would take more than a year of such record increases for inventory levels to fully normalize,” Graboske says.
Source: CNBC (08/01/22) Olick, Diana
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