DOWNING-FRYE: HIGH-END MARKET STILL DOING WELL

“We are now over five months into 2023 and certain observations can be made,” said Mike Hughes, V. P. and Gen. Mgr. of Downing-Frye Realty, Inc. “The first observation is that there is a real shortage of low-end priced listings, and because of this, properties listed below $350,000 are moving quickly and will probably result in multiple offers. The second observation is that the high-end market continues to do well. Downing-Frye Realty, Inc. typically has about 22 pending sales above $1 million in the month of May, but this year we had 47 pending sales above $1 million! The overall listing inventory in the area has come up quite a bit from last year, but it is still low compared to what we have seen historically. One surprise is that Downing-Frye’s rental listing inventory is starting to climb. For a while, it was decreasing. This market is still pretty good for sellers. Cash buyers are finding more properties to view and discovering that some sellers are more willing to negotiate slightly. For buyers that require financing, many are wrestling with where current interest rates might go. Overall, it is difficult to time the market, but opportunities are there. Working with a Realtor is very helpful in navigating this kind of market.”

BONITA / ESTERO: SUPPLY STILL AN ISSUE

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: CLIMBING HOME VALUES

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: 80% CASH BUYERS

The Marco Island Area Assoc. of Realtors® reported April 2023 figures: 43 homes were sold for the median sell price of $1.5M (sales down 24% from April 2022) averaging 73 days on the market; 56 condos were sold for the median sell price of $725K (sales up 2% from April 2022) averaging 50 days on the market; 11 lots were sold with the median sell price of $750K (sales down 37% from April 2022) averaging 129 days on the market. The total inventory at the end of April 2023 was 464 properties (up 106% from April 2022).

FLORIDA: INVENTORY RISES

In April, closed sales of existing single-family homes statewide totaled 23,334, down 17.2% year-over-year, while existing condo-townhouse sales totaled 10,040, down 26.8% over April 2022. The statewide median sales price for single-family existing homes in April was $410,000, the same as in April 2022, and for condo-townhouse units was $325,000, up 4.8% over the year-ago figure. Active listings rose year-over-year with single-family existing homes at a 2.6-months’ supply in April, while condo-townhouse inventory was at a 3.5-months’ supply.

USA: PENDING HOME SALES STEADY

Pending home sales were unchanged in April. Month over month, contract signings improved in three U.S. regions but dropped in the Northeast.

“Not all buying interests are being completed due to limited inventory,” said NAR Chief Economist Lawrence Yun. “Affordability challenges certainly remain and continue to hold back contract signings, but a sizeable increase in housing inventory will be critical to get more Americans moving.”

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®

More Than 500K Florida Renters Lie About Having a Pet

Many landlords don’t want pets, so about 1 in 5 Fla. renters (19%) say they lie to their landlord about living with a pet – roughly 504,684 undocumented animals.

Having a pet and renting a property poses challenges. Landlords are often reluctant to allow them – barking, shredded cushions and scratched furniture are some of the reasons. But figures show that 86 million households own a pet – and also that 1 in 3 of them rent. Ergo, this must mean that there are a lot of renters out there who live with their pets in someone else’s property – but how many of them have actually declared them to their landlord?

AgentAdvice.com wanted to find out and surveyed 3,000 pet-owning tenants. They first discovered that 18% of them had kept the existence of Buddy quiet – equating to about 7.7 million pets across the country. That’s a lot of barking to try and cough over, or scratched table legs to try and cover-up.

In Florida, 19% of pet-owning renters admit to not disclosing this to their landlords (equating to 504,684 illegal pets).

The guiltiest pet owners are in Vermont, with the percentage of households hiding illegal pets reaching 50%, or 36,791 furry friends. The most law-abiding pet-owning renters live in Indiana, where the figure is just 4% or 32,400 pets.

Renters have it tough enough as it is, with landlords always having the upper hand in the situation. However, given the choice, the survey found that 82% of pet owners would be willing to pay an additional fee to keep their furry friend in the rental property with them – the extra cost could quite easily be used to make any repairs to anything that was damaged.

And when it comes to how much people would be willing to pay on top of their rent, the average amount was $375.69.

Not all neighbors would be put off by the fact someone next door had a pet, either. AgentAdvice.com also asked, hypothetically, “If your property renewal was coming up and someone new was moving in with a dog, would you consider finding somewhere else to live?” Only 26% said yes, suggesting that the vast majority of Floridians are actually pet-friendly.

The research also revealed that two-thirds thought it was fair for landlords to ask tenants to leave the property if it turned out they had pets that were not permitted. The challenge of finding a rental property that allows pets discourages 58% of people from getting a pet if they are renters.

“Caring for a pet is a responsibility that requires commitment and dedication, yet the current rental market often makes it challenging for pet owners to find suitable and affordable accommodations. Discriminatory pet policies and limited pet-friendly options not only place an undue burden on renters but also deny them the joy and companionship that pets bring to their lives,” says Chris Heller of AgentAdvice.com.

“One factor holding back home sales right now is interest rates,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. “Even though a majority of our sales in Naples are cash transactions, many buyers who own a home up north and want to purchase a home in Naples are having a hard time selling their northern home because the pool of potential buyers that can afford a mortgage at today’s rates is limited.”

Interest rates may also be influencing prospective sellers in Naples who currently enjoy a low interest rate on their mortgage too. In April, new listings decreased 25 percent to 1,116 new listings from 1,488 new listings in April 2022. Though many homes in Naples have doubled in value since 2019, providing sellers with a nice profit to use toward their next home purchase. With a hefty down payment, these sellers can minimize their next home’s mortgage obligation to make monthly payments affordable, even at a higher interest rate.

Interestingly, and according to Cindy Carroll of Carroll & Carroll Appraisers & Consultants, LLC, months of inventory is decreasing in communities off the water and east of I-75; a telltale sign that living in close proximity to the beach is not always a required factor of homeownership in Naples anymore. “In January 2019, Port Royal had 1.3 years of inventory; and today it has 1.3 years of inventory. But in January 2019, the Vineyards had 10 months of inventory; and today it has less than a month.” Carroll went on to add that in some areas east of Collier Boulevard (SR 951) there is less than four months of inventory.

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 percent to 1,123 pending sales from 1,377 pending sales in April 2022, and closed sales in April decreased 24.2 percent to 947 closed sales from 1,250 closed sales in April 2022.

While the April report revealed 1,128 price decreases occurred during the month, Hughes said, “some price negotiating is happening, though low ball offers are not a good strategy in today’s tight inventory market.”

The report also showed the area’s overall median closed price is not increasing by double-digits each month anymore. In April, the median closed price for single family homes increased 3.1 percent to $825,000 from $800,000 in April 2022. But it’s a different story in the condominium market, where the median closed price increased 14.3 percent in April to $526,000 from $460,000 in April 2022.

The NABOR® April 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:

View the April 2023 Market Statistics

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.

DeSantis Signs Renter Fee Bill

Gov. Ron DeSantis signed a heavily debated bill that can enable landlords to charge renters monthly fees instead of security deposits. The bill (HB 133), which passed the Florida Legislature in April, was one of 12 measures DeSantis signed Friday.

Under the bill, landlords would be able to offer monthly fees to tenants instead of security deposits, though landlords are not required to do so. Renters would decide whether to pay the fees or a deposit. The new law goes into effect on July 1, 2023.

In the face of Florida’s risi

ng rental costs, the bill’s supporters say it provides an option to help renters get into apartments without having to come up with potentially thousands of dollars in upfront money.

In turn, opponents say the fees would not be capped, and that renters can’t eventually recoup the money, like they might with security deposits. The monthly fee also isn’t insurance, and also note that renters can still be forced to pay for damages after they move out.

For details on the new lease system, consult the bill itself. It outlines the conditions a landlord must follow in order to offer this type of payment option.

Why Choose Me As Your REALTOR®?

To learn more about me and my real estate business and Bonita Bay real estate specifically, I encourage you read the About Ed section as well as the Testimonial section of the site. Over the years, my clients have expressed their satisfaction in my services and I’ve showcased their kind words so you can determine if I am the right REALTOR® to represent you.

If you are curious as to my sales success, visit my Sold Homes page. This gives a clear picture of exactly what I’ve accomplished and, more importantly, what I can accomplish for you.

SOLD by Ed Gongola

OAK HAMMOCK

10361 AUTUMN BREEZE DR., #102

3 Bedrooms | 2 Full Baths | 1 Half-Bath

2,060 Sq. Ft. of Living Area

$695,000

Shadow Wood at the Brooks Real Estate News | June 2023

01 Jun Shadow Wood at the Brooks Real Estate News | June 2023

Summary of Shadow Wood Home Sales

June 2023 Market Update

More Than 500K Florida Renters Lie About Having a Pet

Many landlords don’t want pets, so about 1 in 5 Fla. renters (19%) say they lie to their landlord about living with a pet – roughly 504,684 undocumented animals.

Home Values Continue to Climb in April

DeSantis Signs Renter Fee Bill

Starting July 1, renters may get the option to pay a monthly fee instead of a security deposit. However, fee money cannot be used to cover any damage costs.

SOLD by Ed Gongola

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