01 Jul Shadow Wood at the Brooks Real Estate News | July 2022
As of July 1, 2022, there are 8 active listings in our area multiple listing service (MLS) in Shadow Wood. That is 1 less than last month.
For comparison, last year on July 1, there were 0 listings in Shadow Wood.
There are 6 single-family homes on the market, listed from $925,000 to $3,249,000. The average list price is $1,987,317. The average days on the market is 36 days; the average total days on the market is 37 days. In the condo market, there are 2 active listings on the market, from $559,000 to $620,000. The average list price is $589,500. The average days on the market is 18 days; the average total days on the market is 18 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 $572,968; and, these condos were on the market an average of 9 days; combined days on the market is 50.
- During the 12 months previous, there were 41 sales; the average sales price was $387,261; and, these homes were on the market an average of 70 days; combined days on the market is 162.
SINGLE-FAMILY SHADOW WOOD HOMES
- During the last 12 months, there were 51 sales; the average sales price was $1,495,309; and, these homes were on the market an average of 9 days; combined days on the market is 61.
- During the 12 months previous, there were 82 sales; the average sales price was $1,017,470 and, these homes were on the market an average of 94 days; combined days on the market is 215.
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.
July 2022 Market Update
DOWNING-FRYE: LISTING INVENTORY ON THE RISE
“For the fourth month in a row, Downing-Frye Realty, Inc. had a monthly closed sales volume in excess of $200 million,” said Mike Hughes, Vice President and General Manager of Downing-Frye Realty, Inc. “While we sense that the market has shifted a bit, we are still turning in a lot of pending sales contracts. For the first six months of the year, Downing-Frye agents have turned in 1,462 pending sales contracts. The inventory of listed properties is rising slowly. We currently have 245 residential listings. This is still well under what we would normally see at this time of year. The pandemic-driven sales activity severely depleted the property listings our area. Downing-Frye agents continue to stay busy this summer. The increase in listings is welcome news for our summer buyers.”
BONITA / ESTERO: CASH BUYERS DOMINATE
The market in May had 436 active listings, that was a 30.1 percent increase from 2021 along with a 2.9 percent increase in new listings. Also comparing May 2022 with May 2021: closed sales were down by 22.4 percent, pending sales were down by 19.5 percent, and the median closed sales price was up by 43.4 percent ($566,250 vs $395,000). About 2 out of every 3 sales are cash purchases. There was a 1.4 month’s supply of inventory at the end of May.
NAPLES AREA: INVENTORY ON THE RISE
New listings during May pushed the available inventory up 58.6 percent to 2,046 properties compared to 1,290 properties in May 2021. Brokers prefer to compare this year’s activity to activity in 2019 as it was a balanced year with 7.3 months supply of inventory. Using 2019’s balanced market activity as a comparison, closed sales increased 7 percent month/month and 18 percent year to date/year to date. Demand remains strong despite having three times fewer options in inventory compared to 2019 levels. Today, we have 1.9 months supply of inventory. While new construction is adding to the inventory, it’s not at a rate that will triple the inventory anytime soon. Not surprisingly, low supply and high demand are driving price increases in Naples and across the nation. Closed sales were down slightly in the high end market in May, possibly due to buyer reluctance to move cash out of the stock market right now. Cash sales commanded 63.3 percent of closed sales in May.
MARCO ISLAND AREA: INVENTORY STEADY
The Marco Island Area Assoc. of Realtors® reported that median sale prices have continued to increase on houses by 22 percent, condos by 41 percent, and lots by 150 percent. The inventory seems to be steadying, down only .4 percent from May of 2021. Total inventory is up from last month by 16 percent. Homes sold is down 27 percent from last month. Days on market for lots was 135 this May, up a whopping 67 percent from last month’s 80 days.
FLORIDA: MORE NEW LISTINGS
Rising mortgage interest rates, high inflation and still-tight inventory levels were factors influencing Florida’s housing market in May, with fewer closed sales compared to a year ago. Still, the median time to contract for single-family existing homes in May was nine days – the same as it was in May 2021, and for existing condo-townhouse units was 10 days compared to 19 days a year ago. In May, closed sales of single-family homes statewide totaled 28,861, down 6.9 percent year-over-year, while existing condo-townhouse sales totaled 13,265, down 14.4 percent. The statewide median sales price for single-family, existing homes in May was $420,000, up 21.8 percent from the previous year, and for condo/townhouse units was $322,000, up 28.8 percent over the year-ago figure.
USA: PENDING HOME SALES UP SLIGHTLY
Pending home sales crept higher in May, ending a six-month streak of declines. “Despite the small gain in pending sales from the prior month, the housing market is clearly undergoing a transition,” said NAR Chief Economist Lawrence Yun. “Contract signings are down sizably from a year ago because of much higher mortgage rates. Trying to balance the housing market by choking off demand via higher mortgage rates is damaging to consumers and the economy. The better way to balance the market is through increased supply, which also helps the broader economy.”
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®
DeSantis Green Lights Hometown Heroes Housing
The $100M program, a top Florida Realtors priority, will provide zero-interest loans to be used toward down payment and closing costs – up to 5% of the loan or $25K.
During a press conference in Southwest Florida on Monday, Florida Governor Ron DeSantis announced the launch of Florida Realtors® top 2022 legislative priority, the Hometown Heroes Housing Program (HHHP).
Administered by the Florida Housing Finance Corporation (FHFC), HHHP would reduce the upfront costs for qualifying hometown heroes by providing zero-interest loans to help with down payment and closing costs, up to a limit of 5% of the first mortgage loan or $25,000.
Florida Realtors worked closely with the Florida Legislature throughout the 2022 session to create HHHP. Funded at $100 million, the program is designed to help some of the state’s most essential workers become homeowners.
“During the pandemic and beyond, our hometown heroes – the nurses, EMTs, firefighters, law enforcement officers and educators – were the ones who kept us safe, cared for our loved ones, and taught our children,” says 2022 Florida Realtors President Christina Pappas. “Unfortunately, with skyrocketing home prices, they often can’t afford to live in the communities where they work. The Hometown Heroes Housing Program is a great way to help address this issue.”
The program will be available to more than 50 occupations, and is subject to certain income and purchase price limits that vary by county. DeSantis said mortgage loan officers throughout the state would begin accepting applications for the program beginning June 1, 2022.
“There are 1,000 lenders involved in the program to start providing assistance to essential workers, such as police officers, firefighters, doctors, nurses and teachers, among other professions,” says Florida Realtors Vice President of Public Policy Andy Gonzalez.
More details about the program can be found on FHFC’s website.
“We are extremely grateful to the governor and the Florida Legislature for recognizing the tremendous housing burden that our hometown heroes face,” adds Pappas. “These professionals perform such a vital role in our daily lives. We should be doing everything possible to help them achieve the dream of homeownership.”
© 2022 Florida Realtors®
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.
New Fla. Real Estate Laws Go into Effect July 1
A number of real-estate-related bills passed in the 2022 Florida Legislature and were signed by Gov. Ron DeSantis, including the Hometown Heroes program.
From the environment to mortgage aid, septic tanks to licensing, a roster of new Florida laws passed by the 2022 Florida Legislature and signed by Gov. Ron DeSantis go into effect Friday. They include:
Hometown Heroes – The 2022-2023 fiscal year budget (HB 5001) include $100 million to fund the Hometown Hero Housing Program backed strongly by Florida Realtors®. The revolving loan program provides some upfront homeownership costs to help qualified firefighters, law enforcement officers, teachers, nurses and other hometown hero professions become homeowners. It provides zero-interest loans to help with down payment and closing costs. The loan is repaid once the home is sold, rented or refinanced, creating a continuous cycle of homeownership for some of Florida’s essential workers.
Home hardening and other tax breaks for Floridians – HB 7071 includes the “home hardening” initiative, a 2022 Florida Realtors’ legislative priority that provides sales tax relief to homeowners who harden their homes from storms. The bill also includes an abatement of all property taxes for owners of the condos that collapsed in Surfside, pro-rated refunds of property taxes on residential properties rendered uninhabitable by a catastrophic event for at least 30 days, a sales tax reduction on new mobile homes and several sales tax holidays
Flooding and sea level rise resilience – HB 7053 establishes the Statewide Office of Resilience within the Governor’s Office, with the governor appointing the Chief Resiliency Officer. It sets a minimum of $100 million in funding to be identified annually in a comprehensive and ranked list of resilience projects.
Private property rights – SB 518 helps property owners who wish to prune, trim and remove trees that present a danger to their property by strengthening a 2019 law passed that prohibits local governments from requiring permits for the removal of “dangerous” trees on residential property.
Water quality – HB 965 creates a public/private partnership-oriented approach to improving water quality by authorizing the creation of water quality enhancement areas – natural systems constructed, operated, managed and maintained to provide offsite regional treatment through enhancement credits.
Preventing unlicensed real estate activity – The Legislature allocated up to $500,000 in the 2022-2023 fiscal year budget (HB 5001) to combat unlicensed real estate activity.
Everglades –The 2022-2023 fiscal year budget (HB 5001) that goes into effect July 1 includes money for Everglades Restoration ($425 million), Lake Okeechobee Watershed Restoration ($450 million), springs restoration ($75 million), beaches ($50 million), Biscayne Bay ($20 million), the Wastewater Grant Program ($125 million) and the Resilient Florida Grant Program ($470 million).
Septic system inspections – SB 856 makes private inspections an option for onsite sewage treatment and disposal systems, also known as septic systems. Cities and counties have dealt with a backlog of septic inspections for years, partially because of the number of inspectors and workload. This bill allows an authorized contractor to hire a private provider to inspect the system in addition to the inspections performed by public inspectors.
Landfills – HB 1419 creates a Municipal Solid Waste-to-Energy program to address the amount of municipal solid waste created in Florida, particularly in highly populated areas that don’t have the space or ability to permit new landfills.
© 2022 Florida Realtors®