CALL 239.770.0561

Shadow Wood at the Brooks Real Estate News | October 2022

01 Oct Shadow Wood at the Brooks Real Estate News | October 2022

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

As of October 1, 2022, there are 4 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 were 2 listings in Shadow Wood.

There is 1 single-family home on the market, listed at $3,249,900. The average days on the market is 148 days; the average total days on the market is 148 days.

In the condo market, there are 3 active listings on the market, listed from $590,000 to $675,000. The average list price is $620,000. The average days on the market is 20 days; the average total days on the market is 24 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 27 sales; the average sales price was $606,963; and, these condos were on the market an average of 13 days; combined days on the market is 65.During the 12 months previous, there were 41 sales; the average sales price was $408,420; and, these homes were on the market an average of 52 days; combined days on the market is 117.

SINGLE-FAMILY SHADOW WOOD HOMES
During the last 12 months, there were 52 sales; the average sales price was $1,610,188; and, these homes were on the market an average of 11 days; combined days on the market is 64.During the 12 months previous, there were 75 sales; the average sales price was $1,021,474 and, these homes were on the market an average of 77 days; combined days on the market is 187.

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.

October 2022 Market Update


DOWNING-FRYE: AVERAGE AUGUST PENDING SALES PRICE UP 53%
“From an analysis of the August 2022 Downing-Frye pending sales transactions, several conclusions can be made,” said Mike Hughes, VP and Gen. Mgr. of Downing-Frye Realty, Inc. “The first one is that the average pending sale in August 2022 is elevated compared to what we normally see. This is no doubt tied to our rising property values in SW Florida. For the five years prior to the pandemic, for the month of August, we had an average pending sale of $428,305. The average pending sale for August of 2022 was $652,000. The second conclusion is that the high end market has settled down a bit. The third conclusion is that the summer sales were a bit slower this year. In August of 2021 and August of 2020, we had over 270 pending sales in each month. This August, Downing-Frye agents had 167 pending sales. So the bottom line is that the elevated end of summer sales that we have seen the last two years has pulled back a bit this year.
 
BONITA / ESTERO: POSITIVE FACTORS AFFECT THE MARKET
The current market continues to be strong with the July pending sales having increased slightly from June but down 19% from a year ago. The current inventory situation has had an impact on median prices. For July, the median price for the Bonita Springs-Estero market was $530K, and appears to be leveling off. Brokers expect to see some monthly fluctuations but no major swings. As the market begins to normalize, local realtors like Jerry Murphy, Managing Broker of Downing-Frye Real Estate’s Bonita Springs office, have started seeing financing come into play more and more despite the continued high percentage of cash sales at 62% in July. Murphy added, “Cash sales have been affected by other areas like the stock market because buyers tend to move assets from a location to pay cash for a home.”
 
BONITA / ESTERO: POSITIVE FACTORS AFFECT THE MARKET
The current market continues to be strong with the July pending sales having increased slightly from June but down 19% from a year ago. The current inventory situation has had an impact on median prices. For July, the median price for the Bonita Springs-Estero market was $530K, and appears to be leveling off. Brokers expect to see some monthly fluctuations but no major swings. As the market begins to normalize, local realtors like Jerry Murphy, Managing Broker of Downing-Frye Real Estate’s Bonita Springs office, have started seeing financing come into play more and more despite the continued high percentage of cash sales at 62% in July. Murphy added, “Cash sales have been affected by other areas like the stock market because buyers tend to move assets from a location to pay cash for a home.”
 
MARCO ISLAND AREA: MEDIAN SALES PRICE UP
The Marco Island Area Assoc. of Realtors® reported that in July, 9 homes were sold for the median sell price of $1.6M (up 34% from last July) averaging 36 days on the market. The total inventory for July 2022 was 340 properties (up 38% from 2021) with 45 total closed units for a total volume sold $61M.
 
FLORIDA: NEW LISTINGS , MEDIAN PRICES UP
In July, closed sales of single-family homes statewide totaled 23,705, down 22.9% year-over-year, while existing condo-townhouse sales totaled 9,341, down 30.7% over July 2021. If not for those two factors – higher mortgage rates and rising prices – “buyer demand would be booming in Florida right now,” said Florida Realtors Chief Economist Dr. Brad O’Connor. The statewide median sales price for single-family existing homes in July was $412,303, up 16.1% from the previous year, and for condos was $305,000, up 20.6%. The supply of single-family existing homes increased to a 2.2-months’ supply while existing condo-townhouse properties are at a 2.1-months’ supply.
 
USA: HOME SALES DIP IN JULY
Pending home sales dropped slightly by 1.0% from June. It was the second straight monthly decline and the eighth in the last nine months. Pending sales fell in three of four major regions, with the West posting a small increase. Compared to the prior year, contract signings declined by double digits in each region, with pending sales in the West down 30%. “In terms of the current housing cycle, we may be at or close to the bottom in contract signings,” said NAR Chief Economist Lawrence Yun. “This month’s very modest decline reflects the recent retreat in mortgage rates. Inventories are growing for homes in the upper price ranges, but limited supply at lower price points is hindering transaction activity.” Typical monthly mortgage payment reached nearly $2,000 in June, up 54% from last year.
 
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®

Moody’s: Housing Correction Coming – but No Crash

The Fed’s interest rate hikes will cause the “pendulum to swing back down” some places, but no crash if vacancies stay low and underwriting standards remain high.

NEW YORK – Moody’s Analytics Chief Economist Mark Zandi predicts that the latest Federal Reserve interest rate hike will cause a housing correction across the United States – but there won’t be a housing crash.He suggests that the Southeast and Mountain West are the most overvalued housing markets, and the pendulum will swing back down. Cities and states due for a correction include Phoenix and Tucson in Arizona, the Carolinas, northeast Florida, and above all, Boise – “the most overvalued market in the country,” according to Moody’s analysis.While a reduction in housing prices is likely, however, renters won’t see any immediate relief because homebuyers have few options even if values fall.Zandi says the market likely won’t crash but the fundamentals remain strong: Vacancy rates are at an all-time low, mortgage underwriting quality is high, and most loans are “plain vanilla” 30-year or 15-year fixed-rate products. There’s no sign of subprime or negative amortization activity that precipitated the foreclosure crisis during the Great Recession.“I just don’t see the kind of mortgage defaults and distressed sales that would be necessary for big declines in housing values,” Zandi says. “That’s when you get crashes, when you have lots of foreclosures and a lot of distressed sales. That’s just not going to happen.”

Source: Bloomberg CityLab (06/23/22) Capps, Kriston© Copyright 2022 INFORMATION INC., Bethesda, MD (301) 215-4688

Report Shows a Healthy Housing Market

Indications that the Naples area housing market is transitioning to a balanced market became more evident during August as both inventory and days on the market increased. According to the August 2022 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), overall inventory increased 71.3 percent to 2,140 properties from 1,249 properties in August 2021. Of the homes on the market during August, 35.8 percent of them (766) experienced a price decrease and the overall list price received for the month slipped slightly to 96.4 percent from 99.2 percent in August 2021. Broker analysts say these factors are attributed to seller and buyer behaviors that resemble a healthy market environment.
While overall closed sales for August decreased 36.7 percent to 669 from 1,057 in August 2021, it increased 5.6 percent compared to July’s closed sales. Historically, closed sales and pending sales (homes under contract) in August do not outperform July’s closed and pending sales. But this year is different. “Pending sales in August increased nearly 20 percent [19.2%] compared to July,” said Bill Coffey, Broker Manager of Amerivest Realty Naples. “This means that people wrote more contracts in August, but we will be tracking to see if this becomes a trend.” Jeff Jones, Broker at Keller Williams Naples, commented, “There are many opportunities for buyers. The market is healthy, inventory is up, demand continues and prices are realistic. Also, with rents skyrocketing, the option to buy is more desirable.” The overall median closed price continued to increase in August, up 30.7 percent to $575,000 from $440,000 in August 2021. “There were only 31 single-family homes and 79 condominiums under $300,000 on the market during August,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. In August 2019, there were over 1,400 properties on the market under $300,000. But with so few available in the lowest price category today, Hughes remarked that “we should expect the median closed price to continue to stay high as long as the high-end market continues to stay very active.” While looking at new listings reported in August, Molly Lane, Senior Vice President at William Raveis Real Estate, commented that, “We are on par with new listings compared to pre-pandemic levels in August 2019.” There were 850 new listings in August, a 16.9 percent decrease compared to 1,023 in August 2021. Jones responded that “buyers should be aware that new listings don’t just come from new sellers entering the market, but also from existing inventory where the home’s list price was decreased or from sales that were pending but fell through and went back on the market.” The NABOR® August 2022 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings for 2022: 
While showings were down 13 percent compared to August 2021, they were higher than showings reported during June and July. And there were 5,000 more showings in August compared to showings reported during pre-pandemic August 2019. Incidentally, there were 4,917 properties in inventory during August 2019 compared to 2,140 properties in August 2022. Hughes remarked that the pandemic influenced many people’s behaviors, which led to outstanding showing and sales activity starting in late 2020 and through 2021. “People pushed up their plans to either retire early and move to Florida or purchase a second home in Florida. Demand for homes in Florida continues to be strong despite the Fed raising rates and fears of a recession. For Southwest Florida in particular, we’ve always enjoyed either good years or great years.” Brenda Fioretti, Broker Associate at Berkshire Hathaway HomeServices Florida Realty, mentioned that during NABOR®’s recent Economic Summit, all three economists who spoke at the event agreed on this message to buyers: “Don’t wait for prices or interest rates to go down.” Fioretti encourages buyers sitting on the fence to jump in the market now because interest rates are not expected to go back to previous levels.
View the August 2022 Market Statistics

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. 

Information to Help You in the Aftermath of Hurricane Ian

Please find resources and info to help you recover and rebuild — including FEMA help, small-business loans, unemployment assistance and more.

Latest disaster updates

Florida emergency bridge loans activated: Gov. Ron DeSantis activated the Florida Small Business Emergency Bridge Loan Program to help companies deal with temporary operational gaps after Hurricane Ian. The maximum loan per business is $50,000 at zero interest, and owners have one year to pay the money back. Click here to learn more.

Office relocation fees waived: Department of Business and Professional Regulation Secretary Melanie Griffin signed an Executive Order waiving application fees associated with relocating and reopening businesses and branch offices in specified areas impacted by Hurricane Ian. The waiver applies to additional locations for pre-existing brokerages and schools.Disaster recovery centers opened in Southwest Florida: Residents of Ian’s hardest-hit counties can get direct help in Fort Myers and Port Charlotte. Citizens Property Ins. also offers insurance help. Click here to learn more.

FEMA assistance
Federal disaster assistance is available to affected individuals in Charlotte, Collier, DeSoto, Flagler, Hardee, Highlands, Hillsborough, Lake, Lee, Manatee, Orange, Osceola, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns and Volusia counties following the impact of Hurricane Ian. Survivors can apply for disaster assistance at disasterassistance.gov, by calling 800-621-3362 from 7 a.m. to 11 p.m. Eastern Time, or by using the FEMA mobile app. Click here to learn more. 

Insurance companies
Click here for phone numbers, websites and email addresses for property insurance companies serving Florida. Unless they need emergency repairs, policyholders are urged to first contact their insurers with damage claims before signing over their benefits rights to repair contractors. Most of the companies listed enable policyholders to initiate claims at their websites

Housing helpFlorida Housing: This free state resource for renters and property managers in Florida features dynamic search options can help you find available rental housing that fits your needs and income.(COMING SOON) 

HurricaneHomes.org: Local Realtor associations are building a safe platform for the community to access rentals for temporary housing in Fort Myers, Cape Coral, Naples, Bonita Springs, and Marco Island. The website, HurricaneHomes.org, will be available in the coming days and provides listings for housing whose properties have been vetted as reliable, safe, and clean. The listings are given by Realtors in the area. Operation Blue Roof: Operated by the U.S. Army Corps of Engineers, Operation Blue Roof provides homeowners and permanently occupied rental properties in disaster areas with fiber-reinforced sheeting to cover their damaged roofs until arrangements can be made for permanent repairs. 

Mortgage relief Freddie Mac, Fannie Mae and Federal Housing Administration loans (FHA) back the majority of U.S. mortgages – and each has some kind of program to help homeowners struggling to pay their monthly mortgage payment after a disaster. In all cases, however, a homeowner must initiate the process. Disaster relief options are offered to homeowners in declared major disaster areas. However, even homeowners outside those areas may have options if their home incurred a disaster-related loss that impacts their ability to make a mortgage payment. Foreclosure and other legal proceedings are also suspended while homeowners are on a forbearance plan. Click here to learn more.

Unemployment benefits unemployment assistance (DUA) is available to Florida businesses and residents whose employment or self-employment was lost or interrupted as a direct result of Hurricane Ian. Individuals affected in the designated-disaster areas must file DUA applications by December 30, 2022. Applications filed after the deadline will be considered untimely, and DUA benefits may be denied unless the individual provides good cause. Click here to learn more and apply.

Small-business assistance loansU.S. Small Business Administration (SBA) disaster loans are now available to businesses and residents in Florida following the Hurricane Ian disaster declaration. Applicants may apply at disasterloanassistance.sba.gov under declaration #17644. For help, call 800-659-2955 or email DisasterCustomerService@sba.gov.Eligible counties include Charlotte, Collier, Desoto, Hardee, Hillsborough, Lee, Manatee, Pinellas, Sarasota, Orange, Osceola, Polk, Seminole, Flagler, Putnam, St. Johns, Volusia, Highlands, Lake, as well as the contiguous counties of Glades, Hendry, Highlands, Broward, Miami-Dade, Monroe, Pasco, Brevard, Lake, Volusia, Indian River, Okeechobee and Sumter.The Florida SBDC Network can also help your business recover from a disaster. In addition, the SBDC and the Florida Department of Economic Opportunity partner on the Florida Small Business Emergency Bridge Loan Program, an interest-free, short-term loan program to help businesses recover quickly after a disaster.

Additional resources
FloridaDisaster.biz: Find the most recent information from the state on businesses offering services and assistance, including accommodation and lodging partners, major retailers offering assistance, state partnerships, including updates from the Florida Department of Business and Professional Regulation (DBPR) and Florida Housing Finance Corporation (Florida Housing). U.S. Department of Housing and Urban Development: The Section 203(h) program allows the Federal Housing Administration (FHA) to insure mortgages made by qualified lenders to victims of a major disaster who have lost their homes and are in the process of rebuilding or buying another home. It helps victims in presidentially designated disaster areas recover by making it easier for them to get mortgages and become homeowners or re-establish themselves as homeowners.Florida Disaster Contractors Network: Florida’s Disaster Contractors Network (DCN) has been activated to provide support to homeowners in need of post-Hurricane Ian home repairs. This is a free service founded in part by the state agency that regulates Florida’s construction industry, the Florida Department of Business and Professional Regulation. Its mission is simple – connect homeowners needing emergency repairs with licensed contractors and construction suppliers. State Emergency Response Team: Information includes road and bridge updates, shelter openings and statuses, power outages and boil-water notices.
Tags:
, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,


Wordpress IDX Plugin