01 Apr Shadow Wood at the Brooks Real Estate News | April 2023
As of April 1, 2023, there are 10 active listings in our area multiple listing service (MLS) in Shadow Wood. That is 5 less than last month.
For comparison, last year on April 1, there were 6 listings in Shadow Wood.
There are 4 single-family homes on the market, listed from $1,275,000 to $2,900,000. The average list price is $2,287,500. The average days on the market is 28 days; the average total days on the market is 28 days.
In the condo market, there are 6 active listings ranging from $550,000 to $685,000. The average list price is $647,783. The average days on the market is 62 days; the average total days on the market is 84 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 $620,144; and, these condos were on the market an average of 17 days; combined days on the market is 71.
- During the 12 months previous, there were 27 sales; the average sales price was $482,704; and, these homes were on the market an average of 9 days; combined days on the market is 52.
SINGLE-FAMILY SHADOW WOOD HOMES
- During the last 12 months, there were 54 sales; the average sales price was $1,697,5222; and, these homes were on the market an average of 17 days; combined days on the market is 81.
- During the 12 months previous, there were 45 sales; the average sales price was $1,233,374 and, these homes were on the market an average of 16 days; combined days on the market is 61.
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.
April 2023 Market Update
DOWNING-FRYE: LISTINGS ON THE RISE
February presented more choices as overall inventory increased 131.4% to 2,835 properties from 1,225 properties in February 2022. February’s overall median closed price was the same as January’s: $600,000. Overall pending sales in February decreased 16.8% to 1,241 pending sales from 1,480 pending sales in February 2022. Overall closed sales during February decreased 17.2% to 682 closed sales from 824 closed sales in February 2022. And showings decreased 15% in February to 36,574 showings from 43,032 showings in February 2022. Unlike most of America, the majority of February’s home sales in Naples were cash sales (62.1% in Naples vs. 28% nationwide). Days on market for February increased 129.2 percent to 55 days from 24 days.
BONITA / ESTERO: MARKET HOLDS STRONGLY
New listings (445) were up 5.5% in February compared to February 2022, along with a 20.5% increase in the median sales price to $575,000. The market has changed, “If you have a home you are focusing on, now would be the time to try and buy and take it off the market, because you may be too late if you wait for off-season,” said Jerry Murphy, Managing Broker of Downing-Frye’s Bonita Springs office. Over two-thirds of February’s sales were cash sales, while sales prices averaged 97.5% of the listed prices.
NAPLES AREA: INVENTORY UP; PRICES STEADY
February presented more choices as overall inventory increased 131.4% to 2,835 properties from 1,225 properties in February 2022. February’s overall median closed price was the same as January’s: $600,000. Overall pending sales in February decreased 16.8% to 1,241 pending sales from 1,480 pending sales in February 2022. Overall closed sales during February decreased 17.2% to 682 closed sales from 824 closed sales in February 2022. And showings decreased 15% in February to 36,574 showings from 43,032 showings in February 2022. Unlike most of America, the majority of February’s home sales in Naples were cash sales (62.1% in Naples vs. 28% nationwide). Days on market for February increased 129.2 percent to 55 days from 24 days.
MARCO ISLAND AREA: 70% CASH BUYERS
The Marco Island Area Assoc. of Realtors® reported February 2023 figures: 29 homes were sold for the median sell price of $1.6M (sales down 24% from February 2022) averaging 50 days on the market; 25 condos were sold for the median sell price of $455K (sales down 31% from February 2022) averaging 35 days on the market; 7 lots were sold with the median sell price of $1.35M (sales down 30% from February 2022) averaging 127 days on the market. The total inventory at the end of February 2023 was 472 properties (up 164% from February 2022).
FLORIDA: INVENTORY & MEDIAN PRICES UP
Economic uncertainty, inflation and interest rates fluctuating above 6% impacted the state’s housing sector in February. Closed sales of single-family homes totaled 18,627, down 21.3% year-over-year, while existing condo-townhouse sales totaled 7,665, down 30.2% from February 2022. In February, the statewide median sales price for single-family existing homes was $395,000, up 3.5% from the previous year; for condo-townhouse units, it was $315,000, up 8.6% over February 2022. Statewide inventory in February was higher than a year ago for both existing single-family homes, up 131.4%, and for condo-townhouse units, up 106%. The supply of single-family existing homes was at 2.7-months’ while existing condo/townhouse properties were at a 3.2-months’ supply.
USA: EXISTING HOME SALES SURGE
February’s existing home sales registered the largest monthly percentage increase since July 2020, up 14.5% over the previous month. “Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines,” said NAR Chief Economist Lawrence Yun. “Moreover, we’re seeing stronger sales gains in areas where home prices are decreasing and the local economies are adding jobs. Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of properties.” Properties typically remained on the market for 34 days in February, with 57% of homes sold in February on the market for less than a month.
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®
Florida’s Housing Market: Inventory, Median Prices Up in February
Florida’s housing market in February continued to show increasing inventory (active listings) and higher median prices compared to a year ago, according to Florida Realtors®’ latest housing data.
Still, economic uncertainty, inflation and interest rates fluctuating above 6% impacted the state’s housing sector. Closed sales of single-family homes statewide last month totaled 18,627, down 21.3% year-over-year, while existing condo-townhouse sales totaled 7,665, down 30.2% from February 2022, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
“The 30-year fixed mortgage rate was in the 6- to 6.5% range for much of January, which helped spur some renewed activity in the existing home sales market,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “While closed sales were still down substantially year over year, the numbers for February were much more favorable than what we saw in January.
“One area where we worsened compared to last month, however, was in new listings. The last time there were this few new listings in the month of February was in 2013, in both property type categories. This lack of new listings kept inventories from expanding much at all. Single-family inventory actually declined month-over-month though it was still higher year-over-year.”
In February, the statewide median sales price for single-family existing homes was $395,000, up 3.5% from the previous year; for condo-townhouse units, it was $315,000, up 8.6% over February 2022. The median is the midpoint; half the homes sold for more, half for less.
“The supply of for-sale homes is slowly building, which is easing inventory constraints in many markets across the state,” said 2023 Florida Realtors® President G. Mike McGraw, a broker-associate with RE/MAX Central Realty in Apopka. “As more inventory becomes available, it will begin to ease some of the pressure on home prices – and that helps buyers dealing with higher interest rates and affordability challenges.
“Working with a local Realtor means consumers have an expert guide who can help them understand the complex and emotional process of buying or selling a home.”
Statewide inventory in February was higher than a year ago for both existing single-family homes, increasing by 131.4%, and for condo-townhouse units, up 106%. The supply of single-family existing homes was at a 2.7-months’ supply while existing condo-townhouse properties were at a 3.2-months’ supply last month.
February 2023 market reports
© 2023 Florida Realtors®
Inventory Up and Prices Hold Steady in February
Buyers looking for homes in Naples during February were met with more choices as overall inventory increased 131.4 percent to 2,835 properties from 1,225 properties in February 2022. Broker analysts reviewing the February 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), attribute some of the rise in inventory to Hurricane Ian as many sellers were forced to address and remedy damage caused by the storm before the property was ready to welcome buyers. February’s overall median closed price is the same as January’s median close price of $600,000.
|
|
As days on market for February increased 129.2 percent to 55 days from 24 days, the report’s pending sales data startled broker analysts initially because it reflected several sales contracts that were cancelled numerous times during the month. This behavior led the brokers to discuss possible causes and, in addition to the reasons outlined above by Vellano and Kunkle, a consensus was reached that, as described by Budge Huskey, CEO, Premier Sotheby’s International Realty, “people are sitting tight because there is a degree of uncertainty surrounding interest rates, banking stability, and heightened concern that we may still encounter a recession.”
“A lot of people are watching the news with concern about our banking system,” said Sherry Stein, CRB, Managing Broker, Berkshire Hathaway HomeServices. “Though in this current climate, a real estate purchase can be viewed as a viable investment alternative.”
Although unlike most of America, the majority of home sales in Naples are cash sales [62.1 percent in February] so the financial market’s uncertainty may benefit our housing market if high-net worth families turn to real estate as a more secure place to invest their wealth.
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. |
What’s ‘In’ with Buyers? Natural Light, Outdoor Spaces?
A desire for natural lighting and functional outdoor spaces rule many homebuyers’ list of features, according to the 2022 Home Design report by the remodeling platform Fixr.
The report surveyed 47 home designers – and 98% cited natural lighting as their clients’ most preferred home feature, followed by home offices (96%) and usable outdoor spaces (92%).
Experts believe that natural lighting coincided with homeowners’ desire for more energy-efficient thermal insulation (86%) and HVAC systems (75%).
However, pandemic preferences such as swimming pools, solar panels and smart home features were cited by just 18%, 20%, and 43%, respectively.
“By creating a functional outdoor living space, you have more usable areas on your property to enjoy,” the report noted. “This can allow you to entertain, relax or exercise without having to go anywhere, increasing enjoyment in your home.”
The report also found that the average homeowner spends about $3,500 to transform their spare room into a desirable work-from-home space.
Other features preferred by homeowners include home security systems (76%), spare rooms (68%), privacy features including automatic blinds and fences (63%), and multi-use garages (42%).
© 2023 Florida Realtors®
|
|
|
