01 Aug Shadow Wood at the Brooks Real Estate News | August 2023
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.
- Within the last 12 months, there were 24 sales; the average sales price was $635,038; and, these condos were on the market an average of 31 days; combined days on the market is 82.
- During the 12 months previous, there were 30 sales; the average sales price was $588,933; and, these homes were on the market an average of 11 days; combined days on the market is 60.
- During the last 12 months, there were 44 sales; the average sales price was $1,612,011; and, these homes were on the market an average of 26 days; combined days on the market is 88.
- During the 12 months previous, there were 50 sales; the average sales price was $1,536,416 and, these homes were on the market an average of 9 days; combined days on the market is 62.
August 2023 Market Update
DOWNING-FRYE: SUMMER COOLS AS SALES HEAT-UP
“As the kids head back to school, it’s a reminder that summer is coming to a close,” said Mike Hughes, V. P. and Gen. Mgr. of Downing-Frye Realty, Inc. “Several observations can be made as we look back on our Downing- Frye summer season. First is that the high-end buyers were more active this summer than what we normally see. Second, a higher percentage of offers from buyers that are financing their purchases were being accepted this summer compared to what we saw earlier in the year. Third, while our inventory has risen over what is was a year ago, it has not increased all that much since buyer activity has been keeping inventory levels largely in check. And the last observation is that the number of our rental listings has risen 36% since the end of 2022, allowing many more opportunities for people to come and enjoy Southwest Florida. Now we are getting ready for the fall season, and buyers will enjoy viewing the wide variety of listings available in our area. Hopefully the hot temperatures will cool down a bit as the fall sales heat up!”
BONITA / ESTERO: 3-MONTH INVENTORY SUPPLY
NAPLES AREA: MARKET PRIME FOR SUMMER BUYERS
The dip in overall closed sales for June (837 for June 2023 vs. 969 for June 2022) appears temporary and did not affect the median closed price, which was $602,484, an increase of 0.4%. The percent of list price received during June decreased 2.9% to 96.2% from 99.1% in June 2022. Overall inventory continues to rise compared to 2022 levels. June had an 8.2% increase in overall inventory to 2,659 homes from 2,457 homes. But according to the area’s top brokers, this increase was due to low sales for the month and not because of new listings, which decreased 28.2% to 860 new listings from 1,198 new listings in June 2022. In comparing June 2023 to June 2022, total closed sales were down 13.6% while pending sales were up 0.8%. The average days on the market for all property types increased from 19 days in June 2022 to 50days in June 2023.
MARCO ISLAND AREA: 69% CASH BUYERS
The Marco Island Area Assoc. of Realtors® reported June 2023 figures: 35 homes were sold for the median sell price of $1.7M (home sales up 59% from June 2022) averaging 76 days on the market; 37 condos were sold for the median sell price of $750K (condo sales down 29% from June 2022) averaging 46 days on the market; 6 lots were sold with the median sell price of $710K (lot sales down 14% from June 2022) averaging 76 days on the market. The total inventory at the end of June 2023 was 462 properties (up 62% from June 2022).
FLORIDA: PRICES STABILIZING
In June 2023 closed sales of existing single-family homes statewide totaled 26,071, down 7.9% year- over-year, while existing condo-townhouse sales totaled 10,494, down 11% over June 2022. The statewide median sales price for single-family existing homes in June was $420,000, the same as the previous year, while the statewide median price for condo-townhouse units was $325,000, relatively the same as the June 2022 figure. On the supply side of the market, single-family existing homes were at a 2.8-months’ supply in June, while condo-townhouse properties were at a 3.6-months’ supply.
USA: NOT ENOUGH HOMES FOR SALE
Existing-home sales dropped 3.3% in June to a seasonally adjusted annual rate of 4.16 million. Sales trailed off by 18.9% from one year ago. At $410,200, the median existing-home sales price for June was the second-highest price ever recorded and just 0.9% less than the all-time high from one year ago of $413,800. At 1.08 million at the end of June, the inventory of unsold existing homes was the equivalent of 3.1 months’ supply at the current monthly sales pace.
Florida’s Real Estate Transfer Tax: What to Know
By Michael Iakovou and Olivia Piluso
Florida charges a transfer fee – a documentary stamp tax – on most real estate transactions, but there are exceptions. What is it, when is it applied and how much is charged?
- Deeds conveying real property for consideration
- Exchanges of real property
- A deed in lieu of foreclosure transferring real property from a defaulting borrower to the lender (Conveys title to a lender when a defaulting borrower wants to prevent foreclosure.)
- Real property sold under foreclosure (Once a property is foreclosed on, transfer tax must be paid on the highest bid received for the property at the foreclosure sale.)
- Contracts, agreements, leases, and other documents conveying an interest in standing timber, pine stumps, oil or gas leases, and assignments or conveyances of oil, gas, mineral rights, or royalty interested affecting land in Florida
- Instruments granting a tenant-stockholder the right to occupy an apartment in a building
- Instruments conveying an ownership in a condominium unit
- Documents conveying cemetery lots, interment rights or sepulcher rights
- Easements transferring an interest in real property
- Conveyances to or by banks or savings and loan associations
- An installment contract (Installment contract is also known as an Agreement for Deed.)
- A cancelation of an agreement for a deed (If the purchaser has no personal liability for a default, then the cancelation is not taxable.)
- A gift of real property encumbered by a mortgage (Tax is based on the unpaid balance of the mortgage at the time of transfer.)
- The sale of a mobile home if it is permanently affixed to the land
- An assignment of a lease if consideration is paid
- An assignment of a successful bid at a foreclosure sale
- An assignment of a beneficial interest in a Florida land trust
- A deed between spouses which transfers an interest in Florida real property
- A deed to or from a trustee conveying real property (This is only applicable when the deed transfers the beneficial ownership of the real property; and consideration is given or paid for the transfer.)
- Certain direct transfers of real property by a partnership to one of its partners
- The transfer is a gift
- The entity shares are publicly traded on a regulated security exchange
- The transfer is made for estate planning purposes by a natural person to an irrevocable grantor trust
- A mortgage, release of mortgage, a satisfaction of mortgage, or a reconveyance of real property
- A gift of unencumbered real property
- A deed conveying real property when the consideration is nominal
- Corrective deeds recorded to correct an error or deficiency in a previous deed on which the tax has already been paid
- A personal representative’s deed given by a personal representative under the terms of a will
- A deed conveying real property from an agent to the agent’s principal if the real property is purchased for the principal and with the principal’s funds
- A partition deed of unencumbered real property
- Leases of real property if the only consideration given to the landlord is the tenant’s promise to pay future rent
- Conveyances from a bank, savings and loan association, or other mortgagee to a federal agency under a guaranty contract
- Conveyances between exempt parties (Exempt parties include: the United States Government; the State of Florida; Florida counties, municipalities, and public agencies; Federal and state agencies and their instrumentalities. Note that conveyances between exempt and nonexempt parties are still subject to tax.)
- Conveyances to the United States or its agencies
- Cancelling a non-recourse agreement for deed
- Conveyances to governmental entities
- An assignment or transfer of real property from certain nonprofit organizations
- A transfer of interest in real property under a confirmed bankruptcy plan
- Under certain specific circumstances – a deed transferring the martial home between spouses
- A transfer for a real property agreement for certain educational facilities
- A contract to sell the residence of an employee relocating (This exemption only applies when the contract is between the employee and the employer or the employee and an employee relocating services business.)
- Consideration
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Naples Housing Market Prime for Summer Buyers
Broker analysts reviewing the June 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), believe a surge in summer travel contributed to the reduction in home sales in Naples during June.
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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.
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