01 May Shadow Wood at the Brooks Real Estate News | May 2022

Posted at 08:03h in Ed Gongola, Real Estate News, Shadow Wood at the Brooks by Eric Sommerton

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As of May 1, 2022, there are 4 active listings in our area multiple listing service (MLS) in Shadow Wood. That is 2 less than last month.

For comparison, last year on May 1, there were 4 listings in Shadow Wood.

There are 2 single-family homes on the market, both listed at $2,249,000. The average list price is $2,249,000. The average days on the market is 10 days; the average total days on the market is 14 days. In the condo market, there are 2 active listings on the market, from $575,000 to $699,000. The average list price is $637,000. The average days on the market is 8 days; the average total days on the market is 8 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 24 sales; the average sales price was $534,563; 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 40 sales; the average sales price was $372,149; and, these homes were on the market an average of 77 days; combined days on the market is 172.

SINGLE-FAMILY SHADOW WOOD HOMES

During the last 12 months, there were 47 sales; the average sales price was $1,234,933; and, these homes were on the market an average of 12 days; combined days on the market is 59.

During the 12 months previous, there were 74 sales; the average sales price was $1,003,966 and, these homes were on the market an average of 104 days; combined days on the market is 239.

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.

Meet Ed Gongola and discover how he can help you with his concierge-style of service when buying or selling your home.

Make An Appointment

May 2022 Market Update

DOWNING-FRYE: SOLID START GOING INTO SUMMER

“For the fourth straight month, Downing-Frye’s inventory of residential listings has risen,” said Mike Hughes, Vice President and General Manager of Downing-Frye Realty, Inc. “This certainly is emerging to be a trend. We now have 274 residential listings as of April 30, 2022 compared to 176 residential listings at the end of 2021. This means that the summer visitors will probably have access to more property choices than the Winter visitors. Looking at it from a prospective seller’s position, it is still a great market for a seller. If someone is considering selling their property, now might be a great time to sell. Through the first four months of 2022, Downing-Frye has had 1,083 pending sales. We are well on our way to closing over one billion in sales volume this year and anticipate hitting this milestone sometime this summer. We are still seeing multiple offers on many listings and properties that are priced correctly are moving briskly. Rental listings are declining and rental rates have been rising. All in all, we are off to a solid start this year.”

BONITA / ESTERO: DEMAND STILL STRONG

Homes in the Bonita Springs/Estero market are selling 5 times faster than just a year ago. Inventory has decreased but demand remains the same. This continued demand is clearly reflected in home prices. On average, single-family homes have been selling at 2 percent above list price and condos 4 percent over list. In many cases, the right neighborhood is more important than the type of home, which has increased demand for condos. Buyers often purchase condos as a first step or when the purchase of a single family home has become unaffordable in their desired community. Comparing March 2022 to March 2021: Total Closed Sales were down 39.5 percent, Pending Sales were down 25.8 percent and New Listings were up by 9.1 percent.

NAPLES AREA: RISING INVENTORY ENCOURAGING

Demand for the Naples lifestyle remains strong as closed sales in March increased 49.9 percent compared to closed sales reported in February. Although closed sales decreased 36.5 percent to 1,205 in March 2022 from 1,899 in March 2021, the increase from February to March was a welcome result of a steady wave of new listings. More homes for sale in March meant sellers enjoyed 43,206 showings that ultimately inspired 1,611 pending sales (homes under contract). The median closed price continued to increase in March, up 39.6 percent to $575,000 from $412,000 in March 2021, and 62.7 percent of the month’s closings were cash sales.

FLORIDA: TIGHT SUPPLY, MEDIAN PRICES UP

In March, closed sales of single-family homes statewide totaled 30,793, down 6.2 percent year-over-year, while existing condo-townhouse sales totaled 14,631, down 11.4 percent over March 2021. The statewide median sales price for single-family existing homes in March was $396,558, up 21.3 percent from the previous year, and for condo-townhouses was $308,000, up 27.3 percent. Inventory remained constrained: Single-family existing homes at a 1-months’ supply and condo/townhouse inventory at a 1.2-months’ supply.

USA: HOME SALES SLIP

Existing-home sales fell for the second straight month in March to a seasonally adjusted annual rate of 5.77 million. Sales were down 2.7 percent from the prior month and 4.5 percent from a year ago. With slower demand, the inventory of unsold existing homes increased to 950,000 as of the end of March, a 2-month supply based on the monthly sales pace. The median existing-home sales price rose to $375,300, up 15 percent from one year ago.

Sources: The Bonita Springs-Estero REALTORS®/SWFLMLS, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS® Marco Island Area Assoc. of REALTORS®

The Home-Renovation Boom Continues

RENOVATION ACTIVITY AND SPENDING HIT THEIR HIGHEST RATE SINCE 2018. HOMEOWNERS REPORT A 20% INCREASE IN THE MEDIAN RENOVATION SPEND, REACHING $18K.

Home renovation activity and spending reached its highest rate since 2018, according to the Houzz & Home survey, conducted by the home remodeling site Houzz and reflecting the opinions of nearly 70,000 respondents.

Homeowners are reporting a 20% increase in the median renovation spend, reaching $18,000. Houzz researchers note a big part of that growth is from homeowners with higher budget projects who increased their budgets from $85,000 in 2020 to $100,000 in 2021.

The remodeling surge doesn’t appear to be letting up either. More than half of homeowners surveyed say they plan to renovate in 2022, and 46% plan to decorate their home. Their planned budget has increased to $15,000 for 2022 versus the $10,000 amount it had been for the past three years, Houzz notes in its study.

“Renovation activity remains strong due to market fundamentals, including limited and aging housing stock, despite heightened product and material costs driven by supply chain disruptions,” says Marine Sargsyan, Houzz staff economist. “Homeowners are clearly committed to investing in their homes and are exploring diverse funding sources. This is especially pronounced among recent homebuyers, who rely heavily on cash from previous home sales to fund their projects and spend significantly more than the national median.”

Indeed, recent home buyers spent nearly double the national median ($30,000), according to the survey. Long-term homeowners – those who moved into their home six or more years ago – spent a median of $15,000. Short-term homeowners – those who moved into their home between one and five years ago – spent a median of $19,000 on home renovations.

What they’re renovating
Investments in home remodeling rose for interior rooms, the Houzz survey finds. Kitchens saw an increase of 25% in 2021 compared to 2020, or $15,000 versus $12,000, respectively. Kitchens remain the most popular interior room for home updates and also the most expensive to complete.

Other interior rooms in a home that posted an increase in remodeling included guest bathrooms, laundry rooms, living rooms and guest bedrooms, according to the survey.

Homeowners also are spending more on security systems. Outdoor security systems are the second most frequently installed outdoor upgrade behind lighting.

Financing the home renovation
More homeowners are starting to finance their house projects. The number of homeowners who are relying on cash from savings to fund their renovation projects fell by seven percentage points in 2021 to 76%. Homeowners financing renovation projects with credit cards increased six percentage points to 35%. Recent home buyers and short-term homeowners were more likely to rely on cash from a previous home sale (42% and 19%, respectively) to fund their house projects. On the other hand, long-term homeowners were the most likely to use secured home loans at 17%.

As homeowners spruce up their homes, they may find benefits of those upgrades at resale. The National Association of Realtors®, along with the National Association of the Remodeling Industry, recently released a report that highlights the home remodeling projects that offer potentially the biggest boost at resale.

In the 2022 Remodeling Impact Report, they found that refinishing hardwood floors is the remodeling project that pays back the most.

Source: “The Houzz & Home Survey,” Houzz (April 27, 2022)