01 Aug Shadow Wood at the Brooks Real Estate News | August 2022
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®,
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 $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.
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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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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.
Market Shift: More Buyers Canceling Contracts
By Amber Randall
An uptick in buyer cancellations reflects a changing market, though the specific reasons range from interest rates and recession fears to hopes for future options.
More buyers are canceling their pending home contracts in South Florida, a sign that the market may be shifting away from the boom of the last two years.
In June, 22.1% of pending home sales were canceled in West Palm Beach, 22% of pending sales were canceled in Fort Lauderdale, while 21.5% were canceled in Miami, according to data from Redfin.
“The rates of cancellations tend to be correlated to a cooling market,” said Taylor Marr, deputy chief economist with Redfin. “All of these areas that have been booming, they are starting to cool off and some of a balance is returning.”
The national rate of pending sales cancellation is at 15% for the month of June.
There are a few key factors in pending home contracts being canceled: rising interest rates that home shoppers did not account for when they started searching for homes months prior; buyers no longer willing to waive the contingency part of their contracts and take the house as is; and buyers becoming weary of the housing market in general, experts said.
When the housing market took off, many buyers didn’t have room to negotiate on homes since sellers had more of the power.
Early phases of a market shift also put buyers and sellers in different mindsets, resulting in cancellations.
“When a market shift is starting, sellers are still riding their highs and don’t want to negotiate on price or terms, so if a buyer asks for repairs to be done after the inspections, sellers may refuse, and buyers may decide to cancel the contract and walk away from the deal, since there are more homes available now,” said Brian Pearl, principal agent of the Pearl Antonacci Group in Boca Raton.
The rise in mortgage rates is also playing a role in pending contracts cancelling, explained Whitney Dutton with the Whitney Dutton Group in Fort Lauderdale.
Rates have increased significantly in the past seven months. In January, rates for a home were around 3.22%; in July, rates hit around 6%.
“Some people have been looking for homes for six months or more and they did not run the new numbers with the new interest rates,” Dutton said, adding that for some buyers the interest rates have pushed them past their debt-to-income maximum, reducing how much they can purchase as well.
The highest cancellations over the past five years happened right as the pandemic hit, as the pandemic caused concern among homebuyers as to the strength of the housing market. There was also a rise in the cancellations in 2017 and in 2018, when interest rates started to rise again.
“It rises when there is a disruption in the market,” said Marr.
© 2022 South Florida Sun-Sentinel. Distributed by Tribune Content Agency, LLC.
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