01 Feb Shadow Wood at the Brooks Real Estate News | February 2022
As of February 1, 2022, there are 4 active listings in our area multiple listing service (MLS) in Shadow Wood. That is 4 more than last month.
For comparison, last year on February 1, there were 9 listings in Bonita Bay.
There are 3 single-family homes on the market, from $799,000 to $1,850,000. The average list price is $1,466,333. The average days on the market and average total days on the market is 3 days. In the condo market, there is 1 active listing offered at $530,000. This home has been on the market a total of 5 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®,
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 31 sales; the average sales price was $441,081; and, these condos were on the market an average of 12 days; combined days on the market is 57.
- During the 12 months previous, there were 35 sales; the average sales price was $372,434; and, these homes were on the market an average of 114 days; combined days on the market is 243.
SINGLE-FAMILY SHADOW WOOD HOMES
- During the last 12 months, there were 48 sales; the average sales price was $1,140,803; and, these homes were on the market an average of 27 days; combined days on the market is 74.
- During the 12 months previous, there were 74 sales; the average sales price was $957,996 and, these homes were on the market an average of 108 days; combined days on the market is 262.
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.
February 2022 Market Update
DOWNING-FRYE: STRONG MARKET DEMAND
“As January 2022 closed, Downing-Frye Realty, Inc. agents turned in 271 pending sales transactions for the month. Eighteen percent of these contracts were above $1,000,000.00,” said Mike Hughes, Vice President of Downing-Frye Realty, Inc. “Historically we usually see about 274 pending sales each January so we are right where we should be at the start of the year. Inventory is expected to remain low for at least the first half of the year. This low inventory is a combination of several factors. We have very strong demand from buyers. A lot of this demand comes from the remote working phenomenon. We also are seeing strong demand from buyers looking for low density areas to live in due to the pandemic. Many homeowners are electing to live in their homes longer, thus taking potential inventory off the market. The high- end market continues to shine. This is one of the reasons that Downing-Frye agents saw over $197 million in pending sales volume in the month of January. Every year has a challenge. This years’ challenge will be low listing inventory. Downing-Frye agents are used to working through the challenges that they are confronted with. We look forward to another busy year for real estate. “
BONITA / ESTERO: 2021 RECAP & TRENDS FOR 2022
Despite inventory challenges, 2021 showed a 49 percent increase in sales over the prior year. There was a 30 percent increase in units sold, as well as a 21.5 percent increase in the median sales price. For the luxury market, the ‘number of days on market until sale’ seemed to lag behind lower single-family home price points in early 2021, but ended the year with a 77-percent increase in sales vs. prior year, following a similar trajectory. For 2022, area brokers don’t see interest in the market winding down at all, but the window for steady median price increases seen in 2021 may not necessarily be the case for 2022.
NAPLES AREA: 2021 RECAP
Demand for the Naples lifestyle eclipsed all expectations and helped to break several home-sales records in 2021, ending with a 25.8 percent increase in overall closed sales and a 20.3 percent increase in median closed sales price (year over year). Sellers capitalized on pent-up buyer demand in 2021, resulting in over $17 billion in home sales, up 52 percent from 2020. Strong buyer demand devoured the inventory, resulting in a 76.6 percent decrease to a record low of 1,042 properties from 4,462 properties at the end of 2020. During 2021, pending sales listings increased 14.8 percent to 18,664 pending sales from 16,254 pending sales during 2020.
MARCO ISLAND AREA: 2021 RECAP
Total inventory for 2021 was down 65 percent from 2020. Average monthly inventory across all property types was 293 compared to 825 in 2020. The total number of closed sales was up 17 percent from 1,434 to 1,796. Total dollar volume was $1.8 billion, up 60 percent from 2020’s $1.1 billion. Condos saw the largest increase in number of closings: 842 sold in 2021 as compared to 593 in 2020. Homes saw the largest increase in median sell price at $1.25 million as compared to $840,777 in 2020. Homes also won the largest increase in sales volume at 66 percent higher. The average days on market across the board for all property types was down 52 percent.
FLORIDA: 2021 RECAP & TRENDS FOR 2022
Dr. Brad O’Connor, Florida Realtors chief economist, noted that some predictions for 2022 call for the 30-year fixed rate mortgage to be as high as 4.5 percent by the end of the year, which will impact buyer demand and financing. Data shows that the 2021 Florida housing market had more than 528,000 sales of existing homes (all types), up 19 percent year-over-year – resulting in a total dollar volume of about $241 billion – despite the ongoing COVID-19 pandemic. O’Connor said, “Over 160,000 existing homes in the condo and townhouse category sold in 2021, marking a more than 34 percent increase over 2020’s total. In contrast, the over 350,000 sales in the single-family home category, while over twice the size in number, represented only about a 13 percent increase, year-over-year.”
USA: 2021 RECAP & TRENDS FOR 2022
In 2021, existing-home sales totaled 6.12 million – an increase of 8.5 percent from the prior year and the highest annual level since 2006. At the end of December, the inventory of unsold existing homes fell to an all-time low of 910,000, which is equivalent to 1.8 months of the monthly sales pace, also an all-time low since January 1999. “This year, consumers should prepare to endure some increases in mortgage rates,” cautioned Lawrence Yun, NAR’s chief economist. “I also expect home prices to grow more moderately by 3 percent to 5 percent in 2022, and then similarly in 2023 as more supply reaches the market.”
Sources: The Bonita Springs-Estero REALTORS®/SWFLMLS, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS® Marco Island Area Assoc. of REALTORS®
Survey: Sellers Waiting-Out Pandemic are Ready to List
By Kerri Smith
Owners who postponed selling during the pandemic – perhaps waiting for a sign that price increases were slowing – appear ready to list their home within the next six months. Many, however, plan to overprice it – and they expect bidding wars to push the final price even higher.
Homeowners have had all the usual reasons to sell over the past two years – marriages, deaths, children, etc. – but many hunkered down during the pandemic, and some feared the housing market because selling might be easy but finding a new home? Not so much.
A survey conducted by HarrisX for realtor.com, however, suggests that many of those people might be planning to list their home in 2022, with 65% of them planning to do so this winter and spring. The survey of 2,583 consumers was conducted online in September-October 2021.
Many sellers, however, want to set an asking price higher than they think their home is worth, and they expect buyer bidding wars.
“The pandemic has delayed plans for many Americans, and homeowners looking to move on to the next stage of life are no exception,” says George Ratiu, manager of economic research for realtor.com.
“Buyers should be ready for high asking prices and offer deadlines as seller expectations of the upcoming market are greater than in the spring, but an increase in new sellers could mean some relief from the inventory crunch,” he says, saying price growth has moderated some, and many sellers will likely wait until after the holidays to make a move.
However, early 2022 home listers may have an advantage, he adds. “As buyers race against the clock of rising mortgage rates, sellers who price their homes in line with today’s market and stick to their plans will likely see their expectations met.”
When will sellers list?
- Among homeowners who seem prepared to enter the market in the next year, 65% will do so within six months, including 19% who have already listed their home.
- Compared to the spring (76%), more prospective sellers (93%) have already taken steps toward listing their home, including working with an agent (28%).
- More than one-third of prospective sellers (36% each) have researched the value of their home and others in their neighborhood, and started making repairs or decluttering.
Top reason for selling? More time at home during COVID
- Compared to the spring (15%), nearly two-times as many prospective sellers (33%) want different home features.
- With more sellers having children at home this winter (65%) than in the spring (43%), family considerations are a top reason behind homeowner decisions to enter the market: 37% of prospective sellers say their home no longer meets their family’s needs and 32% want to move closer to friends and family.
- The rise in remote work is also a key driver: 23% of sellers want a home office and 19% don’t need to live near work, up from 6% in March.
- Nearly half of today’s prospective sellers want to take advantage of the current market and think they can make a profit (45%), nearly doubling from the spring (24%).
- When asked about current market impacts, 42% said they plan to list their property for more money than they think it’s worth, and 29% will push for a quick close.
- Compared to the spring, more prospective sellers anticipate buyer bidding wars, more offers above asking price, and more buyers willing to forgo contingencies like inspections and appraisals.
Price range changes
- Sellers with homes at the core of the market ($351,000-$750,000) remained the same over March (29%). However, more sellers plan to list in the $500,000-$750,000 price range.
- More than three-quarters (77%) of prospective sellers would be willing to accept a lower offer to close quickly versus just over half in March (54%).
- Compared to spring sellers, a higher number plan to take alternative routes to moving out, such as living with family initially (19%) or temporarily renting their home back from the buyer (29%).
“For homeowners who do feel ready to sell, getting pricing right from the start is key to a fast and successful home sale in any market – take the Goldilocks approach,” says Lexie Holbert, home and living expert at realtor.com.
|f 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.|
Florida’s Flood of COVID-19 Foreclosures Didn’t Happen
Why Chose Me as Your REALTOR®?To learn more about me and my real estate business, 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.