01 Feb Shadow Wood at the Brooks Real Estate News | February 2024
As of February 1, 2024, there are 24 active listings in our area multiple listing service (MLS) in Shadow Wood. That is 4 more than last month.
For comparison, last year on Feb. 1, there were 13 listings in Shadow Wood.
There are 14 single-family homes on the market, listed from $825,000 to $2,499,000. The average list price is $1,493,071. The average days on the market is 63 days; the average total days on the market is 63 days.
In the condo market, there are 10 active listings ranging from $595,000 to $725,000. The average list price is $642,300. The average days on the market is 54 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 22 sales; the average sales price was $661,291; and, these condos were on the market an average of 31 days; combined days on the market is 71.
- During the 12 months previous, there were 27 sales; the average sales price was $622,148; and, these homes were on the market an average of 14 days; combined days on the market is 69.
SINGLE-FAMILY SHADOW WOOD HOMES
- During the last 12 months, there were 37 sales; the average sales price was $1,826,878; and, these homes were on the market an average of 35 days; combined days on the market is 90.
- During the 12 months previous, there were 51 sales; the average sales price was $1,639,471 and, these homes were on the market an average of 11 days; combined days on the market is 71.
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.
February 2024 Market Update
DOWNING-FRYE: ACTIVE HIGH-END MARKET
“Although Downing-Frye Realty, Inc. had a solid year for sales in 2023, December’s pending sales were a little tepid, not just with our company but in the area in general,” said Mike Hughes, V. P. and Gen. Mgr. of Downing-Frye Realty, Inc. “However, in January, we saw Downing-Frye’s pending sales transactions go up 79% from 87 in December to 155 pending sales for the month of January! When comparing Downing- Frye’s sales activity this January to the previous January, we see that high-end pending sales transactions increased quite a bit, going from 28 pending sales during January 2023 to 38 pending sales during January 2024. This is encouraging for our high-end market. All in all, we are off to a great start, and I’m optimistic that this will be a more active year for sales.”
BONITA / ESTERO: 2023 OVERVIEW
Buyers had a sense of hesitation in the 2023 Bonita Springs/Estero market. Factors included high interest rates, low inventory and the 2022 hurricane after effects. The number of homes available for sale was 75.2% higher when comparing 2023 to the prior year. Median prices seemed to hold steady but strong with only a 6.7% increase. List price received in 2023 averaged 96.6% which was 3.3% less than 2022. Pending sales decreased by 10.3% and closed sales decreased by 9.3%, both factors pointing to a slower, normalizing market and buyer sensitivity due to the drastic changes the previous years brought. The days a property stayed on the market in 2023 was an average of 45 days. In 2022 that number was at 19 days and in 2021 it was 39 days.
NAPLES AREA: HOME INVENTORY RISING
Overall inventory of homes in Naples for December increased 45.9% to 3,949 properties from 2,706 properties in December 2022, which means more options for buyers in 2024; especially in the condominium market, which reported a 78.7% increase in inventory. Closed sales in 2023 decreased 13.6% to 8,816 closed sales from 10,206 closed sales in 2022. Even though the Naples area housing market faced several challenges in 2023 like rising interest rates, rising insurance rates, and rising inflation, it still enjoyed a 9.7% increase in overall median closed price in December to $631,000 from $575,000 in December 2022. (In comparison, according to the National Association of Realtors, the median existing- home price in the U.S. increased 4.4% in December to $382,000 from $366,000 in December 2022.)
MARCO ISLAND AREA: 2023 RESULTS
The Marco Island Area Assoc. of Realtors® reported 2023 figures as compared to 2022: The inventory of 460 properties was up 64%; the number of sales was down 13%; the median sales price for homes was $1.65M (down 8%) and for condos was $721K (up 6%), and the sales volume was $1.2B (down 7%).
FLORIDA: NEW RESIDENTS; NEW JOBS
Florida Realtors® Chief Economist Dr. Brad O’Connor said, “The state’s economy churned out new jobs at one of the highest rates of any state, and throughout the year, both retirees and working-age adults and their families continued to move here in droves from elsewhere in the country.” Statewide closed sales of existing single-family homes at the end of 2023 totaled 257,679, down 10.3% compared to the 2022 year-end level, and for existing condo-townhouses, 105,411 units sold, down 16%. The statewide median sales price for single-family existing homes at the end of 2023 was $410,000, up 1.9% from the previous year, and for condo-townhouse properties was $322,500, up 5.2%.
USA: PENDING HOME SALES CLIMB
“The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices,” said Lawrence Yun, NAR chief economist. “Job additions and income growth will further help with housing affordability, but increased supply will be essential to satisfying all potential demand. Home sales are projected to rise significantly in each of the next two years as the market steadily returns to normal sales activity.”
Real Estate Trends: What’s in Store for 2024?
By Kim Hays
FLORIDA REALTORS CHIEF ECONOMIST: WATCH FOR THE MARKET TO REIGNITE OVER THE NEXT SEVERAL MONTHS. “WE HAVE WEATHERED THE WORST OF IT.”
Florida saw almost $200 billion in closed sales in 2023, which wasn’t far below 2022, a super-strong sales year post-pandemic, he told a packed room of Realtors®. Moreover, that number was substantially higher than in the pre-pandemic year of 2018, according to Florida Realtors data.
“There’s still a lot of money flowing through our industry. We’re not dead,” O’Connor said. “Over the next several months, the market could reignite a little bit. Even though there aren’t as many homes for sale, the ones that are for sale are selling for more.”
The summit was part of this year’s Florida Realtors’ Mid-Winter Business Meetings at the Hyatt Regency Orlando. In addition to O’Connor, the summit featured Dr. Sean Snaith, a nationally recognized economist in the field of business and economic forecasting. Snaith has won multiple awards for the accuracy of his forecasts and research.
Mortgage interest rates have likely peaked, and there’s a good possibility that the Fed could begin cutting rates in the coming months — and that could reinvigorate buyers. O’Connor speculated a cut to below 6% could be in the forecast with the first relief possibly coming by May.
“The psychology of buying or selling a home is closely tied to these rates,” he said.
In addition to interest rates, Florida’s high property insurance prices paired with inflation continue to slow buyer demand, O’Connor said.
“People are still saying the real estate market is going to crash. But that’s just not the case,” he said, explaining that adjustable-rate mortgages, which played a large part in the housing crisis of the aughts, aren’t as widespread. “We have weathered the pandemic with no foreclosure crisis. We are not in a position for a crash to happen.”
Recession on the horizon?
Both O’Connor and Snaith acknowledged that signs point to a slowdown in economic growth at the national level, but that a full-blown recession isn’t likely. Even so, Florida’s strong economy is well-positioned.
“We are forecasting a slowdown, not a downturn at this point,” said Snaith. “I think Florida is prepared to weather any national economic storm. We’re ready.”
A few of the factors buffering the Florida real estate market from some national economic trends include:
- The state’s labor market is strong. (Snaith: “Paychecks are still coming in.”)
- Florida’s population growth remains strong at about 1,000 new people a day. (Snaith: “An increase in population means an increase in economic activity.”)
- The state is still attractive to “untethered” remote workers. (O’Connor: “The workplace will never be what it used to be.”)
- Retirees with home equity looking to relocate are unfazed by high interest rates.
Snaith pointed out, however, that “commercial real estate has a much bumpier road ahead than does residential” in 2024. Commercial lending has gotten significantly tighter and is still feeling repercussions of the “work from home” transition.
© 2024 Florida Realtors®
Home Prices Cool as Inventory Climbs in November
According to the December 2023 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 45.9 percent to 3,949 properties from 2,706 properties in December 2022.
The report showed consistent monthly increases in inventory during the year, which means more options for buyers in 2024; especially in the condominium market, which reported a 78.7 percent increase in inventory. However, according to broker analysts reviewing the December report, the housing market faced several challenges in 2023: rising interest rates, rising insurance rates, and rising inflation. Brokers also point to increased personal travel in 2023 as another reason home sales lagged in 2023. As a result, closed sales in 2023 decreased 13.6 percent to 8,816 closed sales from 10,206 closed sales in 2022.
Despite the challenges, there were seven months in 2023 when new listings increased more than new listings reported in comparative months in 2022. For December, new listings increased 12.1 percent to 892 new listings from 796 new listings in December 2022. Interestingly, unlike other industries that experience a reduction in price when supply increases, the Naples area housing market enjoyed a 9.7 percent increase in overall median closed price in December to $631,000 from $575,000 in December 2022.
In comparison, according to the National Association of Realtors, the median existing-home price in the U.S. increased 4.4 percent in December to $382,000 from $366,000 in December 2022.
“Migration is booming in eastern Collier County,” said Cindy Carroll, of Carroll & Carroll Appraisers & Consultants, LLC, who added that it is one of the “last vestiges of affordable housing in our county”. Not surprising, in 2023, the Immokalee/Ave Maria area was the only geographic area tracked by NABOR® that reported an increase in single family home closed sales (+34.1 percent). Conversely, the report indicated a 24.8 percent decrease in closed sales for single family homes nearest the beach.
“The total cost of homeownership includes a lot more than just the home price,” quipped Jeff Jones, Broker at Keller Williams Naples. “Depending on the type and location of the property, a buyer will appreciate the benefit of working with an experienced local REALTOR® because they can help determine various contributing costs like property and flood insurance, association fees, and potential future assessments or property value adjustments when planned infrastructure projects like road expansions, rezoning, and storm-water improvements happen.”
On reviewing the report, Adam Vellano, Managing Director of South and Southwest Florida at Compass Florida, said, “One big reason we didn’t outperform last year’s sales is because buyers who had plans to eventually relocate to Florida moved up their timeline. The pandemic convinced a lot of people to buy sooner so the high sales numbers we enjoyed in 2021 and 2022 were stolen sales from what would have taken place in 2023.”
Carroll added that according to her records, “Rapid market advancement stopped in early 2022. On average, it takes 12 to 24 months for the market to readjust. What we are seeing now are more sellers accepting that this phase is over. And that’s why there was a 29.6 percent increase in the number of price decreases reported in 2023.”
The NABOR® December 2023 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 2023:
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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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