01 Mar Shadow Wood at the Brooks Real Estate News | March 2023
As of March 1, 2023, there are 15 active listings in our area multiple listing service (MLS) in Shadow Wood. That is 2 more than last month.
For comparison, last year on February 1, there were 2 listings in Shadow Wood.
There are 5 single-family homes on the market, listed from $875,000 to $2,700,000. The average list price is $1,609,800. The average days on the market is 52 days; the average total days on the market is 52 days.
In the condo market, there are 10 active listings ranging from $580,000 to $900,000. The average list price is $675,330. The average days on the market is 53 days; the average total days on the market is 53 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 $620,144; and, these condos were on the market an average of 17 days; combined days on the market is 71.
- During the 12 months previous, there were 32 sales; the average sales price was $461,774; and, these homes were on the market an average of 12 days; combined days on the market is 56.
SINGLE-FAMILY SHADOW WOOD HOMES
- During the last 12 months, there were 50 sales; the average sales price was $1,653,520; and, these homes were on the market an average of 11 days; combined days on the market is 74.
- During the 12 months previous, there were 45 sales; the average sales price was $1,212,436 and, these homes were on the market an average of 20 days; combined days on the market is 63.
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.
March 2023 Market Update
DOWNING-FRYE: LOW-PRICED PROPERTY DIFFICULT TO FIND
“The February 2023 closings were about the same as what we saw in January,” said Mike Hughes, V. P. and Gen. Mgr. of Downing-Frye Realty, Inc. “One of the things that is holding our market back is the absence of low-end inventory. Buyers need to be aggressive with their offers if they are looking for properties below $400,000. These properties generally have a lot of interest from various groups of prospective buyers. The groups that like the low-end product include many first time home buyers, investors and some retirees on a fixed income. This market is also popular with renters and our labor workforce. The high-end market continues to get a lot of activity from our Downing-Frye agents. Our high-end activity continues to stay elevated. Inventory has been climbing but not in the low-end market. There is a good chance that summer buyers will see more choices this summer than they did last summer. The market continues to see a high percentage of cash buyers. Mortgage offers are being accepted, but you generally must put in a strong offer for a financed offer to be considered.
BONITA / ESTERO: NEW LISTINGS INCREASE
New listings (427) were up 4.1% in January 2023 compared to January 2022. Pending sale units (286) were down 19.2% and closed sale units (186) were down 25.% during that same time period. Over two-thirds of January’s sales were for cash, and sellers were receiving an average of 97.1% of the listed price. In January there was a 2.6-month’s supply of inventory and it was taking an average of 43 days to sell a property. The overall active inventory at the end of January 2023 was 676 properties.
NAPLES AREA: SELLER CONFIDENCE RETURNED
New listings in January rose 74.5% compared to December 2022, and 3.2% to 1,338 new listings from 1,297 new listings a year ago. The rise in home options during January did not stymy home values as median closed prices rose 11.1% to $600,000 from $540,000 in January 2022. Closed sales in January decreased 33.8% to 555 homes from 839 homes in January 2022. The spike in new listings is a promising turn of events as they pushed inventory in January up 122.7% to 2,699 properties from 1,212 properties in January 2022. After seven months of equable activity, pending sales rebounded as the new year began. Though compared to last January’s phenomenal sales activity, pending sales this January decreased 20.5% to 1,092 pending sales from 1,373 pending sales in January 2022.
MARCO ISLAND AREA: MOSTLY CASH BUYERS
The Marco Island Area Assoc. of Realtors® reported January 2023 figures: 16 homes were sold for the median sell price of $1.6M (down 3% from January 2022) averaging 61 days on the market; 20 condos were sold for the median sell price of $794K (up 18% from January 2022) averaging 44 days on the market; 8 lots were sold with the median sell price of $1.3M (up 298% from January 2022) averaging 152 days on the market. The total inventory at the end of January 2023 was 414 properties (up 106% from January 2022).
FLORIDA: INVENTORY RISING
Continuing trends from the final few months of last year, Florida’s housing market started 2023 with higher median prices and more active listings in January compared to a year ago. However, inflation and still rising interest rates above 6% continued to erode buyer demand: Closed sales of single-family homes statewide in January 2023 totaled 14,766, down 32.5% year-over-year, while existing condo-townhouse sales totaled 6,078, down 40.7% from January 2022. In January, the statewide median sales price for single-family existing homes was $389,990, up 4% from the previous year; for condo-townhouse units, it was $310,000, up 8.8% over January 2022. Statewide inventory in January was higher than a year ago for both existing single-family homes, increasing by 134.2%, and for condo-townhouse units, up 90%.
USA: PENDING SALES INCREASE AGAIN
Pending home sales increased for the second consecutive month, up 8.1% in January 2023 from December 2022. Month-over-month, contract signings raised in all four major U.S. regions. Pending home sales dropped in all regions compared to one year ago. “Buyers responded to better affordability from falling mortgage rates in December and January,” said NAR Chief Economist Lawrence Yun.
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®
Floridians Feel More Optimistic in February
Attitudes turn positive: A monthly UF study of Floridians saw a 1.9-point increase overall, with a rise in current expectations as well as expectations for the future.
In February, consumer sentiment among Floridians increased 1.9 points to 67.2 from January’s revised figure of 65.3. A similar national consumer sentiment index increased 2.1 points. However, The Conference Board reported a decline in Americans’ overall consumer attitudes last month.
“Consumer sentiment continued to improve for the second consecutive month in February, indicating a reversal in trajectory compared with a year ago,” said Hector Sandoval, director of the Economic Analysis Program at UF’s Bureau of Economic and Business Research. “This optimistic outlook is consistent with the observed resilience of the labor market, despite the recent layoffs in the tech sector. Furthermore, the easing of inflation and inflation expectations over past months is also in line with growing optimism.”
Each of the five components that make up the index increased in February.
Current conditions: Floridians’ opinions about current economic conditions were positive. Views of personal financial situations now compared with a year ago showed the greatest increase in this month’s reading, increasing 3.1 points from 55.4 to 58.5. Similarly, opinions as to whether now is a good time to buy a major household item like an appliance increased 1.7 points from 55.3 to 57, the highest level in the past twelve months.
These positive views were shared by all Floridians except for women, who reported less-favorable views to the former component and people with an annual income under $50,000, who reported less-favorable views to the latter.
Future conditions: Outlooks regarding anticipated economic conditions were also positive. Expectations of personal finances a year from now increased 1.5 points from 79.7 to 81.2. Similarly, expectations about the U.S. economic conditions over the next year increased 3 points from 64 to 67, while views of U.S. economic conditions over the next five years increased slightly one-tenth of a point from 72.2 to 72.3.
However, a positive outlook was not uniform across sociodemographic groups. People with an annual income under $50,000 expressed less-favorable views regarding all three components.
Additionally, women and people younger than 60 reported less favorable views regarding their financial situation and national economic conditions over the next 5 years.
“Overall, Floridians were more optimistic in February,” said Sandoval. “The increase in consumer sentiment is attributed to improvements in Floridians’ current financial situation compared with a year ago and their expectations for the national economy over the next year. This suggests that consumers’ fears of a recession over the next year are declining, which could translate into higher discretionary spending. While a recession is not ruled out from the future economic outlook, improved confidence could assist policymakers in achieving a soft landing, that is, to slow the economy without triggering a recession.”
He added, “Looking ahead, a tight labor market will likely lead Fed officials to continue raising interest rates and borrowing costs, and to hold these rates higher for a longer period of time to cool the economy and reduce inflation. In turn, this could lead to increased fears of a recession, resulting in a decline in consumer sentiment.”
The index used by UF researchers is benchmarked to 1966, which means a value of 100 represents the same level of confidence for that year. The lowest index possible is a 2, the highest is 150.
© 2023 Florida Realtors®
Seller Confidence Returns to Greet Seasonal Demand
Evidence of growing confidence in the Naples real estate market revealed itself in January as a wave of new sellers entered the market during the month. New listings in January rose 74.5 percent compared to December 2022, and 3.2 percent to 1,338 new listings from 1,297 new listings a year ago according to the January 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). But the rise in home options during January did not stymy home values as median closed prices rose 11.1 percent to $600,000 from $540,000 in January 2022.
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According to the report, the only home type that experienced a rise in closed sales during January compared to last year were condominiums in the $500,000 to $1 million price category, which increased 4.2 percent. Interestingly, the median closed price of single-family homes decreased 2.7 percent between December and January, but the median closed price for condominiums increased 6 percent. Not surprising, due to high demand for properties in the $300,000 and below price category, condominiums in this price category had the highest reported median closed price increase (16.1 percent) and were the only price category that reported a decrease in inventory (13.1 percent) in January. “Homeowners who have a low mortgage rate are reluctant to sell and repurchase a home locally because they fear they won’t be able to afford a home in Naples at the higher interest rate today,” said Adam Vellano, a Naples Sales Manager at Compass Florida. “Unlike other cities, Naples has never had to rely on people moving internally to keep the sales pace up. There’s always a new group of buyers migrating to the area to make up the difference.” 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. |
Is it a Good Time to Sell Your Home?
Buyers are more focused on a home’s asking price in the face of higher interest rates. In a sellers’ market, pricing too high may work. Now it might be a deal breaker.
Real estate agents say price is the most important thing for sellers to worry about right now. With average 30-year mortgage rates above 6%, homebuyers are much more price-sensitive than they were a year ago.
During the boom times of the sellers’ market, over-pricing didn’t backfire as prices surged broadly, but doing so now could scare off many buyers.
Agents and housing economists say homeowners selling now need to accept the fact that they’re probably not going to get the same price their neighbor did early last year when mortgage rates were around 3%.
Plus there’s additional competition as more homes go on the market.
At the end of January, there were 980,000 homes for sale or under contract across the country, up 2.1% from December and up 15.3% from January 2022, according to the National Association of Realtors.
Sellers are faring best in the middle and lower-priced slices of the housing market, says Rob Barber, chief executive of real-estate analytics firm Attom Data Solutions. In areas with homes priced below $350,000, prices declined 1% to 6% during the second half of last year. For areas with median prices above $400,000, prices dropped 4% to 10%, Attom found.
Buyers place an even higher premium on homes’ nearby amenities, such as quick access to public transportation, public spaces and retail stores, says Sam Chandan, founding director of the Chen Institute for Global Real-Estate Finance at New York University.
Source: Wall Street Journal (02/26/23) Dagher, Veronica
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