01 Jan Shadow Wood at the Brooks Real Estate News | January 2024
As of January 1, 2024, there are 15 active listings in our area multiple listing service (MLS) in Shadow Wood. That is 20 less than last month.
For comparison, last year on Jan. 1, there were 10 listings in Shadow Wood.
There are 15 single-family homes on the market, listed from $700,000 to $2,750,000. The average list price is $1,709,193. The average days on the market is 70 days; the average total days on the market is 70 days.
In the condo market, there are 5 active listings ranging from $609,000 to $725,000. The average list price is $654,600. The average days on the market is 66 days; the average total days on the market is 127 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 20 sales; the average sales price was $651,920; and, these condos were on the market an average of 32 days; combined days on the market is 79.
- During the 12 months previous, there were 29 sales; the average sales price was $619,121; 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 39 sales; the average sales price was $1,742,808; and, these homes were on the market an average of 33 days; combined days on the market is 89.
- During the 12 months previous, there were 50 sales; the average sales price was $1,573,196 and, these homes were on the market an average of 9 days; combined days on the market is 68.
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.
January 2024 Market Update
DOWNING-FRYE: 2023 AVERAGE CLOSED SALES PRICE IS BEST EVER
“Downing-Frye Realty, Inc. had a solid year for sales in 2023,” said Mike Hughes, V. P. and Gen. Mgr. of Downing-Frye Realty, Inc. “While closed transactions were down due to a low listing inventory in Southwest Florida (and higher mortgage interest rates), it was our seventh best year for closed sales volume. Interestingly, it was our best year ever for average closed sales price! For 2023, our average closed sales price was $964,496 which is a 14% increase over the year before. It should be pointed out that 2022 was our second best year ever for average closed sales price. I believe that 2023 will go down as a transitional year for our real estate market. Mortgage interest rates spiked and briefly hovered around 8% for a 30-year fixed mortgage but then started to decline by the end of the year finishing in the mid 6’s. The encouraging news for buyers is that the listing inventory of homes for sale has been steadily rising, leaving buyers with more choices as we start the 2024 year. We look forward to an active real estate market in 2024. Buyers will have more inventory to view and sellers will be happy that the demand is still pretty robust and that the pricing is considerably better than it was several years ago. Happy New Year!”
BONITA / ESTERO: INVENTORY RISES
Inventory at the end of November 2023 was 1,038 properties, the first time it’s been above 1,000 units since November of 2020. The median price has been about the same since April of 2022. While showing an increase from last November, New Listings, Pending Sales and Average Days on Market all declined from the previous month. New Listings were down 12%, Pending Sales were down 4.3% and Average Days on Market were down 19%. Closed Sales, however, were up 1.4% from a year ago and up 16% from October 2023. The median closed sales price in November 2023 was $577,710. The percentage of cash buyers was 65.7%, and sellers received an average of 97% of the listed price.
NAPLES AREA: PRICES COOL AS INVENTORY CLIMBS
Overall inventory of homes in Naples for November increased 38.8% to 3,795 properties from 2,734 properties in November 2022. Buyers have not enjoyed this level of choice since September 2020. The month also included 1,080 price decreases resulting in a 3.3% decrease in overall median closed price. Pending sales (homes under contract) in November decreased 13.8% to 661 pending sales from 767 pending sales in November 2022. Closed sales also decreased by 6.1% to 537 closed sales from 572 closed sales. Inventory in the condominium home market in November rose by 74.5% compared to a 17.4% increase in the single family home market. Brokers said the rise in condominium inventory was most likely due to obstacles that prohibited sellers from listing their condominiums if it or the property encountered hurricane damage last year.
MARCO ISLAND AREA: STEADY SALES
The Marco Island Area Assoc. of Realtors® reported November 2023 figures as compared to November 2022 figures: The inventory of 454 properties was up 83%; the number of sales was consistent at 41 sales; the median sales price for homes was $1.6M (down 18%) and for condos was $670K (down 7%), and the sales volume was $56.8M (down 3%).
FLORIDA: INCREASE IN NEW LISTINGS
In November 2023, closed sales of existing single- family homes statewide totaled 17,722, up 4.2% year- over-year, while existing condo-townhouse sales totaled 7,108, a slight rise of 0.3% over November 2022. The statewide median sales price for single- family existing homes in November was $413,000, up 3.3% from one year earlier. For condo-townhouse units, the median price was $330,000, up 7.5% from a year earlier. Florida had a 3.7-months’ supply of single-family existing homes in November, while condo-townhouse units reported a 5-months’ supply.
USA: EXISTING HOME SALES GROW
Existing-home sales edged higher by 0.8% in November to a seasonally adjusted annual rate of 3.82 million, finishing a five-month drop. Sales retreated 7.3% from one year ago. The median existing-home sales price rose 4.0% from November 2022 to $387,600 – the fifth consecutive month of year-over-year price increases. The inventory of unsold existing homes slid 1.7% from the previous month to 1.13 million at the end of November, or the equivalent of 3.5 months’ supply at the current monthly sales pace.
‘Buy Now, Refinance Later’ Mortgage Deals Luring New Homebuyers
By Jeremy Tanner
Lenders are offering free refinancing to get buyers into homes, but proceed with caution and read the fine print.
Some lenders are getting creative and offering free refinancing to buyers willing to take the leap and purchase a house amid America’s crushing combination of lofty home prices and high mortgage rates.
The selling point? It can be summed up by the real estate slogan that seems like it was created for 2023: “marry the house, date the rate.”
Essentially, fall in love with your home, but remember that you can break up with your costly mortgage rate when you find a lower one in the future.
Mortgage rates retreated some in November but are still historically high, with the average rate on a 30-year fixed-rate mortgage at 7.22% as of Thursday, according to Freddie Mac. The last time they were this high was two decades ago.
Current conditions have created an incentive for lenders to find new ways of attracting buyers and driving business as demand stagnates. The sale of previously owned homes tumbled to a 13-year low in October, according to the National Association of Realtors.
Is there a downside for homebuyers?
For someone ready to buy a home, it might seem only logical to lock in a free, future refinance deal – but there are some things to keep in mind.
First, it’s important to keep in mind that there is no guarantee rates will drop any time soon. Furthermore, if the housing values fall and the dollar amount of your loan is higher than the market value of the house, the lender might require cash to offset the negative equity.
Buyers should make the decision – a monumental one for many people – based on the finances they have now, and even if they do refinance in the future, they should still feel comfortable making payments at today’s rates, National Association of Realtors Deputy Chief Economist and Vice President of Research Jessica Lautz told Nexstar.
“Rates may lower, and this could provide an opportunity for monthly savings, but it may depend on how long the homeowner plans to own the home and the closing costs of the refinance if this is the best financial move for them at the time,” Lautz said.
Real estate investor Brad Smotherman advises buyers to make sure they’re working with a reputable company, because the financing process comes with stacks of paperwork that can easily hide crucial details.
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Home Prices Cool as Inventory Climbs in November
Overall inventory of homes in Naples for November increased 38.8 percent to 3,795 properties from 2,734 properties in November 2022. Buyers have not enjoyed a level of choice since September 2020. The month also included 1,080 price decreases resulting in a 3.3 percent decrease in overall median closed price.
According to the November 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), data showed the housing market is poised to enjoy healthy winter sales, but it will depend on whether sellers continue to price their homes to sell and whether buyers feel the investment is right.
“A lot of the underlying foundation that drives the real estate market is in place,” said Budge Huskey, CEO, Premier Sotheby’s International Realty. “The primary obstacle to overcome is a residual feeling by buyers that things feel more expensive than they once were due to inflation, and this hesitancy is being translated to real estate.”
The November Report showed 1,080 price decreases, the highest in six months. Price deceleration may be happening in parts of Naples as the overall median closed price dropped to $580,000 from $600,000 in November 2022. As such, November was one of four months this year that reported a decrease in median closed prices. In fact, year-over-year price decreases have not been reported since 2019.
According to Mike Bone, Area Sales Manager with D.R. Horton, “Area builders have experienced a much slower fall sales market than what was budgeted for the fall months. Sales were lagging behind monthly budgets by approximately 25 percent, and cancellation rates on contracts have hovered around 20 percent due to the higher interest rates.”
Pending sales (homes under contract) in November decreased 13.8 percent to 661 pending sales from 767 pending sales in November 2022. Closed sales also decreased by 6.1 percent to 537 closed sales from 572 closed sales. Responding to this data, broker analysts reviewing the November report wonder if the Federal Reserve’s promise to lower rates in 2024 may be keeping some buyers on the fence.
The NABOR® November 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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