01 Aug Shadow Wood at the Brooks Real Estate News | August 2024
As of August 1, 2024, there are 14 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 9 listings in Shadow Wood.
There are 5 single-family homes on the market, listed from $750,000 to $3,195,000. The average list price is $1,962,700. The average days on the market is 49 days; the average total days on the market is 67 days.
In the condo market, there are 9 active listings ranging from $499,000 to $975,000. The average list price is $644,756. The average days on the market is 147 days; the average total days on the market is 213 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 38 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 22 sales; the average sales price was $703,795; and, these condos were on the market an average of 20 days; combined days on the market is 74.
- During the 12 months previous, there were 24 sales; the average sales price was $635,030; and, these homes were on the market an average of 31 days; combined days on the market is 82.
SINGLE-FAMILY SHADOW WOOD HOMES
- During the last 12 months, there were 43 sales; the average sales price was $1,693,210; and, these homes were on the market an average of 57 days; combined days on the market is 105.
- During the 12 months previous, 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.
For a list of SHADOW WOOD homes sold in the last 12 months, click here.
For a list SHADOW WOOD homes that are pending at the moment, click here.
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August 2024 Market Update
DOWNING-FRYE: POSITIVE NEWS ABOUT JUNE’S SALES
“This has been a year of change for the real estate industry,” said Mike Hughes, V. P. and Gen. Mgr. of Downing-Frye Realty, Inc. “One thing that hasn’t changed is that our agents are selling a lot of properties! As of July 31, 2024, Downing-Frye agents have had 1,112 closed transactional sides. We have proven once again that in a challenging real estate market, we can move properly priced homes. As of August 17, 2024 all buyers looking at properties with a Realtor will be required to sign Buyer Broker Agreements prior to viewing properties. I think this is a win/win scenario for both buyers and real estate agents. We have been preparing our agents for this industry change and look forward to closing the year with a lot more sales!”
BONITA / ESTERO: LISTINGS UP; SALES DOWN
The Bonita Springs/Estero Realtors® reported June 2024 figures as compared to June 2023: For single-family homes: new listings were up 7.3% while pending sales were down only 1%. The median sales price of $732,118 was up 4.6% and the average sales price of $869,704 was up 5.8%. Inventory was up 38.7% to 563 single-family homes for a 5.1-months’ supply. For Condominiums: new listings were equal while pending sales were down 15.8%. The median sales price was up 5% to $462,500 and the average sales price was $552,845, down 1.9% from June 2023. Inventory was up 76.4% to 658 condos for a 6.8-months’ supply. On average, sellers received 95.4% of list price for single-family homes and 95.2% for condominiums.
NAPLES AREA: BUYERS HAVE MORE CHOICES
Despite a 59% increase in overall inventory during June (compared to June 2023), overall closed sales decreased 17.3% to 710 closed sales from 859 closed sales in June 2023. The overall median closed price decreased .8% to $595,000 from $600,000 in June 2023. The June report showed 1,351 price reductions compared to 94 price increases with a 95% list to sale price ratio. In June, the 59% increase in inventory resulted in an available pool of 4,680 properties compared to only 2,943 properties during June 2023. Confidence in the market remains steady with overall new listings in June increasing 1.5% to 896 new listings from 882 new listings in June 2023, with condominium listings increasing 9% compared to a 3.9% decrease in new listings for the single-family home market.
MARCO ISLAND AREA: INVENTORY UP IN JUNE
The Marco Island Area Assoc. of Realtors® reported June 2024 figures as compared to June 2023: The inventory of 578 properties was up 23%; the number of sales (75) was down 4%; the median sales price for homes was $1.8M (up 3%), for condos was $615K (down 18%), and for lots was $473K (down 33%). The sales volume was $114M (down 4%).
FLORIDA: BECOMING A MORE BALANCED MARKET
Sales of single-family homes fell by more than 11% in June compared to the previous year, while townhouse and condo sales dropped by more than 20%. Pending sales for single-family homes were about the same as a year ago, and condo pending sales were a bit less. Year to date, new listings of single- family homes for sale are up over 16%, but in June they were only up by 6% compared to a year ago. New listings of townhouses and condos are up by over 19% year-to-date, but were only up by less than 5% in June.
USA: RECORD MEDIAN PRICE IN AGAIN IN JUNE
Existing-home sales faded 5.4% in June to a seasonally adjusted annual rate of 3.89 million. Sales also slumped 5.4% from one year ago. The median existing-home sales price bounced 4.1% from June 2023 to $426,900 – the second straight month it reached an all-time high. The inventory of unsold existing homes rose 3.1% from the previous month to 1.32 million at the end of June, or the equivalent of 4.1 months’ supply at the current monthly sales pace. “Even as the median home price reached a new record high, further large accelerations are unlikely,” said NAR Chief Economist Lawrence Yun. “Supply and demand dynamics are nearing a balanced market.”
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®
Summer Buyers Enjoy More Options as Inventory Picks Up in June
Despite a 59 percent increase in overall inventory during June (compared to June 2023), overall closed sales during the month decreased 17.3 percent to 710 closed sales from 859 closed sales in June 2023. Data reflected in the June 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), showed the overall median closed price decreased .8 percent to $595,000 from $600,000 in June 2023. Broker analysts say a steady number of list price reductions each month coupled with more realistic prices set by sellers will help the Naples market find its new “sweet spot” for home buying.
Despite a 59-percent increase in overall inventory during June (compared to June 2023), overall closed sales during the month decreased 17.3 percent to 710 closed sales from 859 closed sales in June 2023. Data reflected in the June 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), showed the overall median closed price decreased .8 percent to $595,000 from $600,000 in June 2023. Broker analysts say a steady number of list price reductions each month coupled with more realistic prices set by sellers will help the Naples market find its new “sweet spot” for home buying.
“I consider price reductions to be new listings because these homes become a new option for a larger pool of buyers,” said Jeff Jones, Broker at Keller Williams Naples. “This is helpful to buyers because June was the first month in 2024 where new listings were not above 1,200.”
Price reductions occur for many reasons: nearby comparative homes are priced lower, there have been no recent showings or offers on the home, the home has received a low appraisal, or to attract more buyers. The June report showed 1,351 price reductions compared to 94 price increases. Coupled with a 95 percent list to sale price ratio, the data appears to indicate that sellers are making headway to adjust their initial asking prices to better reflect today’s market and, to some degree, are entertaining negotiations to secure a buyer.
A Bounty of Options Summer buyers will enjoy more home options as the inventory of properties continues to rise compared to the last three years. In June, the 59 percent increase in inventory resulted in an available pool of 4,680 properties compared to only 2,943 properties during June 2023. Plus, confidence in the market remains steady with overall new listings in June increasing 1.5 percent to 896 new listings from 882 new listings in June 2023. Driving this influx of inventory was the number of new listings in the condominium market, which increased 9 percent compared to a 3.9 percent decrease in new listings for the single-family home market.
“The condominium market is challenging right now because fees are increasing to meet structural integrity reserve law requirements,” said Molly Lane, Senior Vice President at William Raveis Real Estate. “Condominium sellers and buyers should work with an experienced REALTOR® because they can help figure out pricing, given the future financial impact of these new reserve requirements to condominium values.
On the other hand, this knowledge can also help during negotiations.” Lane went on to note that the report showed closed and pending sales were at a five-year low for the month. Jones responded that “there are still a lot of homes lingering on the market with aspirational pricing, which is a disconnect between asking prices and market value.”
While inventory is nearly split between single-family homes and condominiums, the median close price in the single family home market decreased 3 percent in June to $730,000 from $752,500 in June 2023, while the median closed price in the condominium market increased .8 percent to $485,000 from $481,250.
The NABOR® June 2024 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 (singlefamily and condominium) findings for 2024:
Geographic Standouts
The South Naples area (34112, 34113) reported the highest percentage of inventory increase in June (+80 percent) compared to other geographic areas tracked by NABOR®.
The median closed price in South Naples increased 1.1 percent in June to $477,500 from $472,500 in June 2023. Alternately, the North Naples area (34109, 34110, 34119) showed the highest decrease in median closed price in June (-15.2 percent) to $627,500 from $740,000 in June 2023.
Sales activity in the Naples area housing market during the off-season summer months is historically lower than sales activity reported during its high-visitor winter season. The days on market in June increased 56 percent to 78 days from 50 days in June 2023.
According to Adam Vellano, managing director of South and Southwest Florida at Compass Florida, “Before the pandemic, we were between 90 and 120 days on the market so we are still well below our traditional average.”
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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