01 Jul Shadow Wood at the Brooks Real Estate News | July 2023
As of June 1, 2023, there are 9 active listings in our area multiple listing service (MLS) in Shadow Wood. That is 2 more than last month.
For comparison, last year on June 1, there were 8 listings in Shadow Wood.
There are 6 single-family homes on the market, listed from $995,000 to $3,400,000. The average list price is $1,930,833. The average days on the market is 47 days; the average total days on the market is 52 days.
In the condo market, there are 3 active listings ranging from $590,000 to $799,000. The average list price is $681,333. The average days on the market is 79 days; the average total days on the market is 79 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 $630,033; and, these condos were on the market an average of 29 days; combined days on the market is 81.
- During the 12 months previous, there were 32 sales; the average sales price was $573,344; and, these homes were on the market an average of 8 days; combined days on the market is 54.
SINGLE-FAMILY SHADOW WOOD HOMES
- During the last 12 months, there were 48 sales; the average sales price was $1,625,490; and, these homes were on the market an average of 24 days; combined days on the market is 86.
- During the 12 months previous, there were 51 sales; the average sales price was $1,495,309 and, these homes were on the market an average of 9 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.
July 2023 Market Update
DOWNING-FRYE: SUMMER SALES STEADY
Now may be a good time to buy a home, and here’s why: In May 2023, there were 803 properties available, which was a 59.3% increase from May 2022. This has made the months of supply increase 106.3%, giving the market 3.3 months of supply for May 2023 versus the 1.6 months in 2022. For the first time in 3 years, median closed prices saw a decrease from May 2022 to May 2023 with a small $9,000 drop or 1.6% decrease. Average days on market also saw a triple digit increase with May 2022 holding strong at 13 days vs. May 2023 with an average of 37 days. Comparing May of this year to May of last year, there has been a decrease in new listings, pending sales and closed sales. Current interest rates may be playing a role. Jerry Murphy, Managing Broker for Downing-Frye’s Bonita Springs office reminds buyers, “You can always buy now with the higher interest rates and refinance when the rates decrease.”
BONITA / ESTERO: BUYERS ENCOURAGED
The inventory of available properties is slowly recovering but still facing strong overall demand. April’s inventory of 794 properties was a 70.8% increase over April 2022, but down by 48% from April 2020. A contributing factor is the continued desirability of southwest Florida. “According to the Tampa Bay Economic Development Council, 1,218 people move to Florida every day,” said Jerry Murphy, Managing Broker of Downing-Frye’s Bonita Springs office. “The new market of buyers are purchasing homes here in southwest Florida to live in them and not just flip them or buy them as an investment. Many people are also staying here year-round and selling their homes up north.” In April 2023, the median closed sales price was $565,000, up 2.9% from April 2022. Cash sales accounted for 72% of total sales.
NAPLES AREA: PRICES HOLDING STEADY
The Naples real estate market enjoyed another month of increased home values driven mainly by another month of below typical inventory levels. Overall inventory increased 64.4% in April to 2,868 homes for sale from 1,745 homes for sale in April 2022. In April, the median closed price for single family homes increased 3.1% to $825,000 from $800,000 in April 2022. In the condominium market, the median closed price increased 14.3% in April to $526,000 from $460,000 in April 2022. As a result of slow inventory gains this year, pending and closed sales activity simmered slightly in April compared to March. Pending sales decreased 18.4% to 1,123 pending sales from 1,377 pending sales in April 2022, and closed sales in April decreased 24.2% to 947 closed sales from 1,250 closed sales in April 2022. The overall median closed sales price in April 2023 was $627,500, up 5.5% from April 2022.
MARCO ISLAND AREA: 79% CASH BUYERS
The Marco Island Area Assoc. of Realtors® reported May 2023 figures: 41 homes were sold for the median sell price of $1.9M (sales up 17% from May 2022) averaging 54 days on the market; 58 condos were sold for the median sell price of $739K (sales down 12% from May 2022) averaging 48 days on the market; 7 lots were sold with the median sell price of $465K (sales down 65% from May 2022) averaging 155 days on the market. The total inventory at the end of May 2023 was 470 properties (up 81% from May 2022).
FLORIDA: MEDIAN PRICE FLAT
In May, closed sales of existing single-family homes statewide totaled 26,396, down 8.5% year-over- year, while existing condo-townhouse sales totaled 11,392, down 14.1% from May 2022. The statewide median sales price for single-family existing homes in May was $419,900, about the same as in May 2022, and for condo-townhouse units was $325,000, up slightly by 0.9%. Active listings rose year-over-year with single-family existing homes at a 2.7-months’ supply in May, while condo-townhouse inventory was at a 3.6-months’ supply.
USA: EXISTING HOME SALES EDGE HIGHER
Existing-home sales recorded a minor gain of 0.2% in May to a seasonally adjusted annual rate of 4.30 million. Sales retreated 20.4% from one year ago. The inventory of unsold existing homes grew 3.8% from the previous month to 1.08 million at the end of May, or the equivalent of 3.0 months’ supply at the current monthly sales pace. “Mortgage rates heavily influence the direction of home sales,” said NAR Chief Economist Lawrence Yun. “Relatively steady rates have led to several consecutive months
of consistent home sales.”
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®
Study: Real Estate Hot in Hurricane-Ian-Hit Areas
Storms rarely have a long-term effect on the local real estate market. Cape Coral-Fort Myers listings dropped for two months after Ian but rose for the six after that.
After plunging in the wake of last fall’s Hurricane Ian, home listings in the Cape Coral-Fort Myers metropolitan area have recovered, and sales have begun to bounce back, according to a report from Redfin.
Hurricanes present unique housing market events. Their immediate impact on the local real estate market is harsh, but investors often rush in and the number of real estate transactions bounces back and often increases.
In the two months after the devastating September 2022 storm, Cape Coral-Fort Myers saw 900 fewer new listings than there would have been had the storm not hit, according to Redfin projections. But in the six months after that, the area had 1,314 more new listings than projected, a number that more than offsetting the shortfall.
Put another way, the metro area had a net gain of 415 more new listings.
New listings are likely outperforming expectations due to a backlog created by the storm. Homeowners who paused selling plans or delisted properties in the wake of Hurricane Ian are now putting their homes on the market. There are also probably other homeowners who didn’t intend to sell but are now moving because their home was damaged and/or they want to live in a safer area.
Redfin Senior Economist Sheharyar Bokhari says property insurance prices have gone up, but “homebuyers are still moving to the Sunshine State in search of warm weather and relatively affordable home prices,” though, “ultimately, lower-income residents may be pushed out of the riskiest areas due to rising insurance and rebuilding costs.”
The analysis focuses on home listings, but it’s worth noting that scores of vacant plots have also hit the market in Cape Coral after the homes atop many of those lots were destroyed. There were 6,167 land listings in Cape Coral as of June 16 – comparable with the number of home listings (6,619). Some don’t mention the impact of the storm or the potential for future natural disasters. Other listings do mention Hurricane Ian, and tout the opportunities for builders and homebuyers despite continued storm risk.
While some people who moved to Florida during the pandemic are leaving, new out-of-staters continue to move in, which is incentivizing homebuilders in Cape Coral to keep building, according to local Redfin Premier real estate agent Isabel Arias-Squires.
Florida has doled out 80,000 residential building permits so far this year–more than any other state but Texas. Arias-Squires noted that new-construction homes in Florida have the advantage of being built under the most recent building codes, providing better resistance against natural disasters
Sales bounced back but haven’t fully recovered
In the three months after Hurricane Ian, there were 723 fewer home sales in Cape Coral-Fort Myers than there would have been had the storm not hit, according to Redfin projections. But in the following five months, there were 538 more sales than projected. That means the sales shortfall had shrunk from 723 to 185 by early May 2023.
The home sale recovery suggests that many buyers continue to prioritize waterfront views, relatively affordable home prices and lower taxes more than climate concerns.
Cape Coral-Fort Myers is the seventh most popular migration destination for homebuyers, according to Redfin’s latest ranking. Four other Florida metros – Miami, Tampa, Orlando and North Port – are also in the top 10 as the Sunshine State attracts house hunters from New York, Chicago and other major metros.
Hurricane Ian and home prices
“The storm’s effect on prices was likely muted because at first, new listings fell, which pressured prices to rise due to a shortage of homes for sale.” Bokhari says. “But new listings then more than recovered, which pressured prices to fall because there was more supply than usual.”
© 2023 Florida Realtors®
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Home Prices Holding Steady
A slight reduction in overall median closed price along with fewer new listings during May indicates a window of opportunity for both buyers and sellers this summer. According to the May 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), overall median closed price decreased 1.2 percent to $600,000 from $607,500 in May 2022. There were also 1,045 price decreases and a 31.2 percent decrease in new listings reported during the month.
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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.
Americans Start to Cut Back – Vacations Take a Hit
Inflation and higher interest rates are taking a toll. Many are cutting back on nonessential items, such as dining out, and using credit cards for must-have purchases.
A consumer sentiment survey on spending and summer plans by ScoreSense, a credit score monitoring product, found that about half of American consumers are feeling financial stress. As a result, they’re canceling or postponing summer vacations.
Most consumers said they’re cutting expenses across all areas, including dining out and entertainment – and many had used personal loans to help pay for groceries (48%), utility bills (47%), rent and mortgage (42%), and car maintenance and vehicle fuel (both 41%). Nearly one in five respondents do not have an emergency fund, and 58% have enough to cover six months or less.
A separate market report from ScoreSense found that credit card delinquencies and over-limit cards both rose 14% in the first quarter of the year. At the same time, new credit-card inquiries were down 10% year-to-year in the first quarter.
“We’re really starting to see the worst effects of many months of staggering inflation and rising interest rates beating up consumers’ home budgets, with people falling behind on bills and changing plans for vacations and major purchases,” says Carlos Medina, senior vice president at One Technologies, LLC. “We’re seeing fewer people apply for loans, an indicator that consumers are postponing major purchases, and some may be struggling with their current credit lines. For those who have a negative credit standing, it’s also less likely that a lender would give them a new account or give them attractive interest rates for an account.”
High-profile survey results
- 72% of respondents are either somewhat or very concerned about a possible recession this year, especially those ages 64 and older.
- 48% feel financially stressed, primarily due to inflation and higher prices.
- 50% are canceling or postponing vacation trips due to financial challenges, while 1 in 3 plan to spend less on expensive vacation locations.
- 53% planning a vacation this summer intend to spend less than $2,000, especially apparent among respondents without children (69%) compared to those with children (31%). Older respondents were more likely to spend less than $2,000 on summer trips than younger ones.
- 65% are eating out less than last year.
- In addition to dining out less often, people are spending less on entertainment (46%) and clothing (44%).
- 55% are using coupons and 57% are buying “on sale” as a money-saving strategy; 48% are buying store brand products.
- Overall, 38% are canceling or postponing purchasing a vehicle this year due to financial challenges – 43% of consumers with children.
- Within ScoreSense’s sample, 36% of respondents were dealing with federal student loans. Of those, 37% will resume payments without any help from others, 29% will need help from others to pay, and 34% will be helping their child/relatives/friends make loan payments.
© 2023 Florida Realtors®
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