01 Nov Shadow Wood at the Brooks Real Estate News | November 2023
As of November 1, 2023, there are 18 active listings in our area multiple listing service (MLS) in Shadow Wood. That is 10 more than last month.
For comparison, last year on Nov. 1, there were 4 listings in Shadow Wood.
There are 13 single-family homes on the market, listed from $950,000 to $4,500,000. The average list price is $2,225,223. The average days on the market is 45 days; the average total days on the market is 56 days.
In the condo market, there are 4 active listings ranging from $575,000 to $639,000. The average list price is $615,975. The average days on the market is 107 days; the average total days on the market is 152 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 23 sales; the average sales price was $641,996; and, these condos were on the market an average of 30 days; combined days on the market is 81.
- During the 12 months previous, there were 26 sales; the average sales price was $606,269; and, these homes were on the market an average of 12 days; combined days on the market is 65.
SINGLE-FAMILY SHADOW WOOD HOMES
- During the last 12 months, there were 38 sales; the average sales price was $1,655,382; and, these homes were on the market an average of 28 days; combined days on the market is 85.
- During the 12 months previous, there were 51 sales; the average sales price was $1,579,702 and, these homes were on the market an average of 11 days; combined days on the market is 69.
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.
November 2023 Market Update
DOWNING-FRYE: STEADY SALES; STEADY PRICES; STEADY DESIRE TO LIVE HERE
“The sales activity in the second half of 2023 has been steady,” said Mike Hughes, V. P. and Gen. Mgr. of Downing- Frye Realty, Inc. “We had 145 closings in July 2023, followed by 130 closings in August, 131 closings in September and another 131 closings in October. We saw this same trend in the second half of 2022. While inventory is still low by historical standards, it has been rising recently, which is encouraging for buyers. Many buyers that require financing are still grappling with current interest rates. Even so, price levels in this area seem to be holding up. The demand remains that great. Certainly, there are some neighborhoods that have seen price decreases, but looking at the big picture, we have not seen a major price correction in the local real estate market. As we work our way through the fourth quarter, we anticipate about $1.8 billion in closed sales volume for the year. Our slower season is now winding down and we’re gearing up for our busy winter season, so if you’re thinking about selling your property, now is a great time to talk with a Downing-Frye agent about how they can help you. If you want to purchase, your choices are now more plentiful, and we can help guide you through any complexities in the buying process. We would love to welcome you to Southwest Florida. We wish everyone a Happy Thanksgiving!”
BONITA/ESTERO: 3.2-MONTH PROPERTY SUPPLY
When comparing this September with last, there have been several improvements: new listings surged by 29.2%, pending sales increased by 36.5%, closed sales grew by 6.3%, and inventory expanded by 38.4%. These figures collectively indicate a promising upturn, with the median price holding steady at $547,950, representing a $43,450 increase. September showed these positive increases despite the continued increase in mortgage interest rates. Local realtors and brokers encourage buyers to make their move now before interest rates adjust further. There are currently 779 active listings for a 3.2-month supply. Despite the increase in inventory compared to the previous year, the pre-pandemic period maintained a level of 6.0 months.
NAPLES AREA: PRE-SEASON BUYERS ARRIVE
Pre-season homebuying is starting earlier every year as pending sales (homes under contract) in September increased 18.7% to 735 pending sales from 619 in September 2022 and 687 in September 2019 (pre-pandemic). The combination of new listings plus price reductions on existing inventory made September a great month to purchase a home in the Naples area. Dr. Brad O’Connor, Florida Realtors®’ chief economist said, “prices in Naples increased 88% from pre-COVID prices.” Dr. Lawrence Yun, the chief economist for the National Association of REALTORS®, said that “Naples is at a $250,000 to $300,000 spike in wealth gain for its property owners.” The overall median closed price in September increased 3 percent to $571,500 from $555,000 in September 2022. Total active listings at the end of September were 2,793, up 13.2% from September 2022.
MARCO ISLAND AREA: VOLUME SOLD +72%
The Marco Island Area Assoc. of Realtors® reported August 2023 figures: 25 homes were The Marco Island Area Assoc. of Realtors® reported September 2023 figures: 32 homes were sold for the median sell price of $1.5M, averaging 108 days on the market; 21 condos were sold for the median sell price of $795K, averaging 94 days on the market; 3 lots were sold with the median sell price of $215K, averaging 304 days on the market. The total inventory at the end of September 2023 was 404 properties (up 23% from September 2022).
FLORIDA: PRICES STABLE
In September 2023, closed sales of existing single-family homes statewide totaled 21,335, up 6.1% year-over-year; existing condo-townhouse sales totaled 8,387, down 0.2%. “In September, closed sales of single-family homes were up for the first time compared to a year ago, rising by over 6%,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “Closed sales of townhouses and condos in 2023 have been converging with their 2022 levels as well. We were still down in September year over year, but by a fraction of 1%. While higher mortgage rates continue to challenge buyers, they’ve been rising “at a much slower pace than last year.”
USA: PENDING SALES GREW
Pending home sales increased in September, up 1.1% from August. The Northeast, Midwest and South posted monthly gains in transactions while the West experienced a loss. “Despite the slight gain, pending contracts remain at historically low levels due to the highest mortgage rates in 20 years,” said Lawrence Yun, NAR chief economist. “Furthermore, inventory remains tight, which hinders sales but keeps home prices elevated.”
Eight Reasons Sellers Aren’t Selling
Current owners fear the dearth of for-sale homes and high interest rates, but many still desire a move. These are the top issues holding them back.
Homeowners aren’t listing their homes, which is keep prices up along with buyer frustration.
A fear of many current homeowners who want to upsize or downsize is an inability to find a replacement home. To address this, some companies help owners buy their new home with cash, and before selling their existing home. However, these companies don’t operate in every state and, in some cases, they require a lower selling price or a fee structure that sellers aren’t willing to consider.
Many homeowners don’t want to lose their current low-interest rate – or getting hit with a major federal capital gains tax bill – or potential increases in property tax payments.
Other homeowners feel frustrated because they missed the peak of the previous market, which in most regions took place between April and June of 2022.
Homeowners also face high costs related to improving their homes for sale, as the cost of some building materials continue to rise.
Other concerns are possibly higher insurance premiums if they’re planning on a larger home or one in more desirable location.
Meanwhile, many older adults are opting to age in place.
However, all these homeowner reasons will change over time. Real estate professionals should establish meaningful relationships with homeowners now, so that as changes occur, they will remain top of mind.
Agents also should engage would-be sellers about discussing their dreams in order to keep them viable. Potential sellers can be asked, “Are you going to allow the current market conditions to rob you of your dreams?”
The “dreams” typically include moving up, downsizing, relocating into better school districts, moving closer to grandchildren, living in a community of people with like-minded political views and/or living closer to recreational amenities.
Source: Inman (09/20/23) Medford, Carl
© Copyright 2023 INFORMATION INC., Bethesda, MD (301) 215-4688
Pre-Season Buyers Jump on New Inventory During September
New listings in Naples during September increased 27.3 percent to 937 new listings from 736 new listings in September 2022, making pre-season buyers very happy. According to the September 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), overall inventory continues to inch upward at a steady pace.
For September, inventory for the single family home and condominium markets increased 13.2 percent to 2,793 properties from 2,468 properties in September 2022. The report also demonstrated that pre-season homebuying is starting earlier every year as pending sales (homes under contract) in September increased 18.7 percent to 735 pending sales from 619 in September 2022 and 687 in September 2019 (pre-pandemic).
The overall median closed price in September increased 3 percent to $571,500 from $555,000 in September 2022. Interestingly, the September report indicated there were 723 price reductions compared to 80 price increases during the month. The combination of new listings plus price reductions on existing inventory made September a great month to purchase a home. Historical data in the report confirms prices and competition during autumn months are lower than the winter months.
“The report showed the average closed price increased over 13 percent (month over month) for September,” said Budge Huskey, CEO, Premier Sotheby’s International Realty. “While we are seeing appreciation rates decelerate across all markets, Naples continues to command top values for quality properties.”
Incidentally, during the September 27th NABOR® Economic Summit, Dr. Brad O’Connor, Florida Realtors®’ chief economist of its research department, spoke in length about home appreciation and said, “prices in Naples increased 88 percent from pre-COVID prices.” Following Dr. O’Connor’s presentation, Dr. Lawrence Yun, the chief economist for the National Association of REALTORS®, further commented that “Naples is at a $250,000 to $300,000 spike in wealth gain for its property owners.”
Overall closed sales increased 5.4 percent to 587 closed sales from 557 closed sales in September 2022; but – as pointed out by several broker analysts including Wes Kunkle, President and Managing Broker at Kunkle International Realty, “The last six to ten days of September 2022 were spent preparing for a hurricane, so fewer pending sales were able to close by the end of the month.” As a result, the hurricane limited the month’s potential for closed sales transactions.
While inventory in the $300,000 and below single-family market is limited to primarily manufactured homes, Huskey pointed out that “inventory in the $5 million and above market nearly doubled in the last year.”
The NABOR® September 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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