01 May Shadow Wood at the Brooks Real Estate News | May 2024
As of May 1, 2024, there are 16 active listings in our area multiple listing service (MLS) in Shadow Wood. That is 5 less than last month.
For comparison, last year on May 1, there were 9 listings in Shadow Wood.
There are 8 single-family homes on the market, listed from $770,000 to $3,150,000. The average list price is $1,745,613. The average days on the market is 66 days; the average total days on the market is 67 days.
In the condo market, there are 8 active listings ranging from $499,000 to $799,900. The average list price is $617,725. The average days on the market is 104 days; the average total days on the market is 149 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 $647,325; and, these condos were on the market an average of 26 days; combined days on the market is 77.
- During the 12 months previous, there were 32 sales; the average sales price was $631,731; and, these homes were on the market an average of 22 days; combined days on the market is 75.
SINGLE-FAMILY SHADOW WOOD HOMES
- During the last 12 months, there were 47 sales; the average sales price was $1,646,458; and, these homes were on the market an average of 54 days; combined days on the market is 103.
- During the 12 months previous, there were 53 sales; the average sales price was $1,764,604 and, these homes were on the market an average of 19 days; combined days on the market is 81.
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.
May 2024 Market Update
DOWNING-FRYE: GOOD NEWS FOR SUMMERTON BUYERS
“We are now just over four months into 2024,” said Mike Hughes, V. P. and Gen. Mgr. of Downing-Frye Realty, Inc. “We have gone through our winter season (Christmas to Easter) and are now starting to get a read on 2024. What are we seeing? You have to start the assessment by looking at the Downing-Frye’s total inventory of listings. On December 31, 2023, we had 707 total listings, including rental listings. We currently have 868 total listings. This is a 23% increase in all Downing-Frye listings overall. (The number of rental listings has gone up slightly by 6%.) The residential listed properties for sale have increased 33% since the end of 2023. Sellers need to continue to watch this rise in inventory. It is important to have your property priced right to get it under contract in this type of market. Our summer buyers will have considerably more choices to view this summer compared to a year ago. This is good news for summer buyers. The Downing-Frye team is looking forward to the summer season. Summers in Southwest Florida can be pretty special.”
BONITA / ESTERO: MORE CHOICES FOR BUYERS
The Bonita Springs/Estero Realtors® reported March 2024 figures as compared to March 2023: For single-family homes: new listings were down 13.7% while pending sales were up 23.9%. The median sales price of $711,000 was down 5.8% and the average sales price was down 10.4% to $898,081. Inventory was up 48.4% to 656 single-family homes for a 5.7-months’ supply. For Condominiums: new listings were down 1.9% and pending sales were also down 13.7%. The median sales price was up 9.7% to $525,000 and the average sales price was $608.755, down 10.7% from March 2023. Inventory was up 87.6% to 743 condos for a 7.3-months’ supply. On average, sellers received 95.3% of list price for single- family homes and 96.4% for condominiums.
NAPLES AREA: VALUES STRONG AS INVENTORY EXPANDS
Positive shifts in the Naples area housing market during March continued to attract buyers and sellers with a 67.6% increase in inventory to 5,283 properties from 3,153 properties in March 2023, while median home prices continued to appreciate steadily, up 6% in March to $649,000 from $612,000 in March 2023. Closed sales in March decreased 14.2% to 893 from 1,041 closed sales in March 2023. The average time to sell a property increased to 68 days in March 2024 compared to 49 days in March 2023. The enduring appeal of Naples to the affluent home buyer, coupled with lower luxury home prices in the Naples area compared to other luxury markets and the steady growth in Naples area property values is driving sales now more than ever. There were 32 homes sold in the $5 million and above price range and 126 homes sold in the $1.5 to $5 million price range in March 2024.
MARCO ISLAND AREA: INVENTORY INCREASES
The Marco Island Area Assoc. of Realtors® reported March 2024 figures as compared to March 2023: The inventory of 652 properties was up 36%; the number of sales (95) was down 10%; the median sales price for homes was $1.6M (down 6%), for condos was $730K (up 11%), and for lots was $1.1M (up 103%). The sales volume was $153M (up 18%).
FLORIDA: NEW LISTINGS, MEDIAN PRICES UP
In March, closed sales of existing single-family homes statewide totaled 23,435, down 10.4% year- over-year, while existing condo-townhouse sales totaled 9,332, down 16.6% over March 2023. The statewide median sales price for single-family existing homes in March was $420,600, up 3.9% from the previous year, and for condo-townhouse units was $330,000, up 3.1%. On the supply side of the market, inventory (active listings) rose in March as well as for 1Q 2024. Single-family existing homes were at a 4.1-months’ supply while condo-townhouse properties were at a 6.6-months’ supply.
USA: PENDING HOME SALES CONTINUE TO INCREASE
Pending home sales increased 3.4% in March. The National Assoc. of Realtors forecasts that existing- home sales will rise by 9% in 2024 to 4.46 million (from 4.09 million 2023) and another 13.2% in 2025 to 5.05 million (from 2024). Housing starts are expected to rise by 1.2% in 2024 to 1.43 million (from 1.413 million in 2023) and 4.9% to 1.5 million in 2025 (from 2024). Also expected is that median home prices will increase by 1.8% in 2024 to a record of $396,800 (from $389,800 in 2023) and another 1.8% in 2025 to $403,800 (from 2024).
Florida Cities Lead in All-Cash Purchases
By Amy Connolly
Redfin reports over one-third of U.S. home purchases in February were all cash – close to the record high. Florida saw big increases in year-over-year all-cash purchases.
Six Florida metro areas lead the nation in all-cash home purchases, possibly highlighting the impact investors are having on the state’s housing market.
Jacksonville, West Palm Beach, Fort Lauderdale, Miami, Tampa and Orlando account for six of the top 12 metro areas in the United States that have home purchases made in cash, according to new Redfin research. Redfin defines an all-cash home purchase as one with no mortgage loan information on the deed.
Share of homes purchases made with cash:
- Jacksonville: 54.4%
- West Palm Beach: 53.4%
- Cleveland: 48.8%
- Fort Lauderdale: 46.2%
- Atlanta: 46.1%
- Miami: 44.0%
- Baltimore: 43.1%
- Tampa 42.8%
- Detroit: 40.9%
- Riverside: 40.7%
- Cincinnati: 40.5%
- Orlando: 40.1%
Investors aren’t the only reason accounting for the increase in all-cash purchases, Redfin said. Some buyers, flush with cash from equity from a previous home sale, are paying in cash to ease the sting of higher interest rates.
In Florida, Jacksonville saw an increase of 8 percentage points (ppts) in all-cash purchases from a year earlier – the biggest jump in the state. Tampa, Fort Lauderdale and Miami also saw year-over-year increases in all-cash purchases (2.5 ppts, 2.1 ppts and 1 ppts respectively). West Palm Beach and Orlando saw year-over-year decreases in all-cash purchases (-1.6 ppts and -.1 ppts, respectively).
Florida also follows the national trend of higher down payments, according to Redfin research. Nationally, median down payments increased 24.1% from a year earlier – the largest annual increase in percentage terms since April 2022, Redfin said. Jacksonville was the only city in the state to come out ahead of the national trend at a 29.4% increase in median down payments year over year.
West Palm Beach
- Median down payment: $80,000
- YOY change: 13.6%
Miami
- Median down payment: $77,220
- YOY change: 12.7%
Fort Lauderdale
- Median down payment: $60,000
- YOY change: 11.4%
Orlando
- Median down payment: $49,490
- YOY change: 23.7%
Tampa
- Median down payment: $39,702
- YOY change: 10.1%
Jacksonville
- Median down payment: $31,500
- YOY change: 29.4%
“Homebuyers are doing whatever they can to pull together a large down payment in order to lower their monthly payments moving forward,” said Rachel Riva, a real estate agent in Miami. “The smallest down payment I’ve seen recently is 25%. I had one client who put down 40%.”
© 2024 Florida Realtors®
Home Values Remain Strong and Inventory Expands in March
Positive shifts and trends in the Naples area housing market during March continued to attract buyers and sellers. The March 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), reported a 67.6 percent increase in inventory to 5,283 properties from 3,153 properties in March 2023. While home prices continue to appreciate steadily, up 6 percent in March to $649,000 from $612,000 in March 2023, there were also 2,667 price decreases during March, the highest number of decreased reported in over five years. According to broker analysts, these decreases are not placing downward pressure on prices; they are an indication that sellers are taking steps to stay competitive.
Familiarity Fuels Optimism
“March’s data shows a familiar trend that we haven’t enjoyed for some years,” said Sherry Stein, CRB, Managing Broker, Berkshire Hathaway HomeServices. “Compared to activity in the years leading up to the pandemic, March’s data reflects behavior that we would consider normal. Visitors get familiar with our real estate market during winter season to make certain they like the area well enough to purchase a residence here and to identify the communities that will meet their lifestyle needs. Then, they return during the summer to look for the right home, in the right location, at the right price and make a purchase.”
Closed sales in March decreased 14.2 percent to 893 from 1,041 closed sales in March 2023. While some analysts point to interest rates as the primary factor home sales have simmered recently, Budge Huskey, CEO, Premier Sotheby’s International Realty, remarked that “total price increases of homes over recent years are far more financially impactful than interest rates to a home buyer considering our average lower loan-to-value ratios and amount of cash.”
“Despite rising home prices and an increase in insurance rates, cash offers on homes have surged,” said Adam Vellano, Managing Director of South and Southwest Florida at Compass Florida, “The report shows 63 percent of transactions reported in March were cash sales. Naples has a very high cash market.”
Luxury Sales on the Rise
The enduring appeal of Naples to the affluent home buyer, coupled with lower luxury home prices in the Naples area compared to other luxury markets and the steady growth in Naples area property values is driving sales now more than ever. There were 32 homes sold in the $5 million and above price range and 126 homes sold in the $1.5 to $5 million price range in March 2024.
“People were buying anything during the pandemic,” said Stein. “But today they are looking for homes they desire and in locations or communities that can offer the lifestyle they prefer. Buyers are now finding more homes to choose from. For example, in the $500,000 to $1.5 million price range, there were 2,404 homes for sale in March 2024, an increase of 71 percent from March 2023 when there were 1,406 for sale in that price category. Pre-sale activity for the new, ultra-high end properties like the Ritz Carlton Residences and Rosewood Residences have been remarkable, a reflection of the strong demand for luxury residences.”
The NABOR® March 2024 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 2024:
|
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.
|
|
|
