01 Nov Shadow Wood at the Brooks Real Estate News | November 2024
As of November 1, 2024, there are 18 active listings in our area multiple listing service (MLS) in Shadow Wood. That is 7 more than last month.
For comparison, last year on Nov. 1, there were 18 listings in Shadow Wood.
There are 10 single-family homes on the market, listed from $980,000 to $2,995,000. The average list price is $1,719,400. The average days on the market is 36 days; the average total days on the market is 45 days.
In the condo market, there are 8 active listings ranging from $495,000 to $959,000. The average list price is $648,863. The average days on the market is 98 days; the average total days on the market is 127 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 38 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
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- Within the last 12 months, there were 25 sales; the average sales price was $701,540; and, these condos were on the market an average of 39 days; combined days on the market is 106.
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- During the 12 months previous, there were 23 sales; the average sales price was $641,996; and, these homes were on the market an average of 30 days; combined days on the market is 81.
SINGLE-FAMILY SHADOW WOOD HOMES
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- During the last 12 months, there were 47 sales; the average sales price was $1,676,660; and, these homes were on the market an average of 59 days; combined days on the market is 114.
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- During the 12 months previous, there were 39 sales; the average sales price was $1,660,115 and, these homes were on the market an average of 28 days; combined days on the market is 85.
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.
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November 2024 Market Update
DOWNING-FRYE: READY FOR A BUSY WINTER SEASON
“October was a month where sales faced a lot of headwinds,” said Mike Hughes, V. P. and Gen. Mgr. of Downing-Frye Realty, Inc. “Even though our area was largely spared from multiple hurricanes, our sales were still affected. When a hurricane is approaching Florida, I have found that you lose two weeks of sales – the week before the hurricane due to preparations and the week after as the utility companies restore power to the affected areas. This year, I believe that sales were also hampered by many buyers waiting for the Presidential election results. With close to 1,500 sales for the year for our company, 2024 is still shaping up to be a decent year for sales. We are cautiously optimistic that 2025 will be a better year for sales as we have a lot of factors trending in the correct direction. These factors include a good supply of inventory for buyers to choose from, substantially lower inflation (hopefully this helps with interest rates )and the Presidential election is now behind us. Now we are now gearing up for what we think will be a busy winter season.”
BONITA / ESTERO: SEPTEMBER ACTIVITY
The Bonita Springs/Estero Realtors® reported September 2024 figures as compared to September 2023: For single-family homes: new listings were up 31.8% and pending sales were up 7.9%. The median sales price of $677,500 was down 1.5% and the average sales price of $769,940 was up 6.1%. Inventory was up 38.2% to 528 single-family homes for a 4.9-months’ supply. For Condominiums: new listings were up 13.3%, and pending sales were down 12.5%. The median sales price was down 10.8% to $387,499 and the average sales price was $437,478, down 10.7% from September 2023. Inventory was up 59.1% to 619 condos for a 6.7-months’ supply. On average, sellers received 95.8% of list price for single-family homes and 94.9% for condominiums.
NAPLES AREA: INVENTORY GOOD FOR BUYERS
Overall inventory of homes in Naples increased 37.3% in September to 4,288 properties from 3,123 properties in September 2023. Overall closed sales decreased 13.2% in September to 527 closed sales from 607 closed sales in September 2023. The overall median closed price in September increased 2.4% to $588,560 from $575,000 in September 2023. In the condominium market, the median closed price in September decreased 4.3% to $450,000 from $470,000 in September 2023. Brokers reviewing September’s reports are concerned that national news coverage makes it appear as if damage from the hurricanes was widespread, even though the most significant storm damage was concentrated in a relatively small area along the gulf coast. The Naples beachfront and inter-coastal areas experienced some storm surge and high winds, while inland regions saw much less to no damage. The misinformation being reported may contribute to slower market activity in the last quarter of 2024.
MARCO ISLAND AREA: INVENTORY UP; SALES DOWN
The Marco Island Area Assoc. of Realtors® reported September 2024 figures as compared to September 2023: The inventory of 507 properties was up 23%; the number of sales (28) was down 100%; the median sales price for homes was $1.6M (up 6%), for condos was $475K (down 40%), and for lots was $1.4M (up 543%).The sales volume was $42M (down 50% from $85M last year).
FLORIDA: INVENTORY UP
In September, Florida’s housing market continued to show improving inventory levels (active listings) and signs of stabilization. Closed sales of existing single-family homes statewide totaled 18,721, down 12.3% year-over-year; existing condo-townhouse sales totaled 6,655, down 20.7% over September 2023. The statewide median sales price for single-family existing homes was $410,000, about the same (up 0.2%) from $409,243 a year earlier. For condo-townhouse units, the median price was $314,000, down 3.4% from $324,990 recorded in September 2023.
USA: HOME SALES UP DIP IN SEPTEMBER
Existing-home sales descended 1.0% in September to a seasonally adjusted annual rate of 3.84 million. Sales dipped 3.5% from one year ago. The median existing-home sales price climbed 3.0% from September 2023 to $404,500, the 15th consecutive month of year-over-year price increases. The inventory of unsold existing homes rose by 1.5% from the prior month to 1.39 million at the end of September, or the equivalent of 4.3 months’ supply at the current monthly sales pace. “Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing,” 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®
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“Florida continues to attract new residents and the increase in active inventory we’re seeing means more housing options for those buyers,” said 2024 Florida Realtors President Gia Arvin, broker-owner with Matchmaker Realty in Gainesville. “As we hopefully continue to see lower mortgage interest rates, that – along with more available inventory – will also result in increased affordability for buyers who have been waiting on the sidelines.”
September 2024: Last month, closed sales of existing single-family homes statewide totaled 18,721, down 12.3% year-over-year; existing condo-townhouse sales totaled 6,655, down 20.7% over September 2023, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations.
The statewide median sales price for single-family existing homes in September was $410,000, about the same (up 0.2%) from $409,243 one year earlier. For condo-townhouse units, the median price was $314,000, down 3.4% from $324,990 recorded in September 2023. The median is the midpoint; half the homes sold for more, half for less.
Hurricane Helene did disrupt Florida’s housing market in some fashion for at least six of the 20 business days in the short month, according to Florida Realtors Florida Realtors Chief Economist Dr. Brad O’Connor.
“That said, the National Hurricane Center was remarkably consistent in its forecasting of Helene, and the cone largely focused in on the Big Bend area the entire time, keeping the worst of Helene off the highly populated West Coast of the peninsula,” he explained. “That allowed the real estate market in much of the peninsula and the western Panhandle to essentially operate in a close-to-normal fashion as the storm approached. And, while the surge was significant in the Tampa Bay area and certainly caused damage near the coast, Helene’s central hurricane-force winds missed all of the state’s major population centers, minimizing power outages and inland structural damage, as well.”
Home sales in September 2023 were unexpectedly strong, O’Connor said, which factors into the drop in the year-over-year comparison. “We can look back to 2018, 2019, and 2022 to see that it’s common for sales to drop off a good amount from August to September, but that didn’t happen last year,” he noted. “Still, housing demand in Florida and across much of the U.S. has remained relatively weak for much of 2024.”
3Q 2024: Statewide existing single-family home sales totaled 64,749 for the 3Q, down 2.6% from 3Q 2023. Statewide existing condo-townhouse sales totaled 22,917, down 12.3% year-over-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
In 3Q 2024, Florida’s single-family median sales price was $414,990, again, about the same (up 0.2%) as 3Q 2023. The 3Q condo-townhouse median sales price was $314,000, down 2% from the same quarter a year ago.
O’Connor said, “Good news came late last month in the form of the Federal Reserve finally announcing its first rate cut. The market actually started pricing in this shift in Fed policy a few weeks in advance, so the average national 30-year fixed mortgage rate spent much of September at its lowest point since the beginning of 2023, just above the 6% mark. This stimulated some buyer demand, particularly in the single-family segment of the housing market.
“New pending sales of single-family homes in September were actually up year-over-year by 1.9%,” he said. “On the townhouse and condo side of things, new pending sales did not have the same luck; however, the 16.3% decline was still an improvement over last month’s decline of 20.5%.”
On the supply-side of the market, Florida had a 4.6-month supply of single-family existing homes in September and in 3Q 2024, which was up 43.8% year-over-year. For condo-townhouse units, the state had a 7.4-month supply for both September and in 3Q, up 80.5% year-over-year.
September 2024 market data reports (click to view):
3Q 2024 market data reports (click to view):
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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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