01 Sep Shadow Wood at the Brooks Real Estate News | September 2024
As of September 1, 2024, there are 12 active listings in our area multiple listing service (MLS) in Shadow Wood. That is 2 less than last month.
For comparison, last year on Sept. 1, there were 7 listings in Shadow Wood.
There are 6 single-family homes on the market, listed from $750,000 to $3,095,000. The average list price is $1,965,000. The average days on the market is 48 days; the average total days on the market is 78 days.
In the condo market, there are 6 active listings ranging from $499,000 to $975,000. The average list price is $651,000. The average days on the market is 94 days; the average total days on the market is 133 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
- Within the last 12 months, there were 22 sales; the average sales price was $703,795; and, these condos were on the market an average of 20 days; combined days on the market is 75.
- During the 12 months previous, there were 22 sales; the average sales price was $644,359; and, these homes were on the market an average of 32 days; combined days on the market is 82.
SINGLE-FAMILY SHADOW WOOD HOMES
- During the last 12 months, there were 44 sales; the average sales price was $1,650,637; and, these homes were on the market an average of 57 days; combined days on the market is 108.
- During the 12 months previous, there were 43 sales; the average sales price was $1,671,012 and, these homes were on the market an average of 27 days; combined days on the market is 88.
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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September 2024 Market Update
DOWNING-FRYE: BUYERS ARE ENCOURAGED
“With 430 closings this summer, Downing-Frye agents remained busy!” said Mike Hughes, V. P. and Gen. Mgr. of Downing-Frye Realty, Inc. “Pending sales were steady through the summer months. The real estate industry continues to experience some headwinds from higher interest rates, higher insurance rates and changes within our industry. However, we are also seeing some encouraging signs as well, as more insurance companies are entering the state of Florida. There is also talk about the potential for interest rates to go down in late 2024 and into 2025. Eighteen months ago we were challenged with a lack of inventory to sell, which is no longer an issue as the area has seen a significant increase in inventory that is on the market. If you are a buyer, you should be encouraged. Buyers have a wide range of inventory to view and also have interest rates that are trending lower. With the upcoming opening of the Naples Great Wolf Lodge, you can experience a beautiful resort while looking for property in Southwest Florida!”
BONITA / ESTERO: JULY LISTINGS INCREASE
The Bonita Springs/Estero Realtors® reported July 2024 figures as compared to July 2023:
For single-family homes: new listings were up 10.3% while pending sales were down 9.5%. The median sales price of $689,000 was down 4.4% and the average sales price of $811,306 was down 8.3%.
Inventory was up 37.6% to 531 single-family homes for a 4.9-months’ supply.
For Condominiums: new listings were up 1.8%, and pending sales were down 17.9%. The median sales price was up 15.5% to $495,000 and the average sales price was $559,009, up 8.9% from July 2023.
Inventory was up 67.6% to 605 condos for a 6.4-months’ supply. On average, sellers received 95.7% of list price for single-family homes and 94.4% for condominiums.
NAPLES AREA: SOFT SUMMER FOR SALES
Overall closed sales during July decreased 2.6% to 608 closed sales from 624 closed sales in July 2023. Pending sales activity reported for July decreased 15.%. Overall inventory has been climbing for the last 28 months. For July, inventory increased 50.5% to 4,352 properties from 2,892 properties in July 2023. There are 6.2 months of inventory available, up 59% from 2.9 in July 2023. Conversely, overall closed sales have been declining since July 2021. On average, home values in Naples have increased 50% since 2019, due in large part to the buying frenzy of the pandemic. The percent of list price received in July decreased 1.4% to 94.8% from 96.1% in July 2023. Median closed price during both June and July decreased .8%. In July, the overall median closed price was $590,000 compared to $595,000 in July 2023. For both summer months, reductions in the median closed price of single family homes drove the overall median closed price decrease. Conversely, the median closed price of condominiums increased in June and July.
MARCO ISLAND AREA: INVENTORY UP IN JULY
The Marco Island Area Assoc. of Realtors® reported July 2024 figures as compared to July 2023: The inventory of 549 properties was up 20%; the number of sales (63) was up 19%; the median sales price for homes was $1.5M (down 23%), for condos was $615K (down 24%), and for lots was $915K (up 208%). The sales volume was $84.4M (down 12%).
FLORIDA: INVENTORY RISES IN JULY
According to Brad O’Connor, Chief Economist for Florida Realtors®, the inventory of single-family homes continues to rise. New listings of single-family homes remained in line with what we would have expected in the pre-pandemic market, but there were almost 11% more new listings this July compared to last year’s unusually low count. Meanwhile, nearly 14% more townhouses and condos came onto the market in July compared to a year ago. In July, the median sale price for closed single family home sales in Florida was about $417,000, up a half a percent from a year ago, and for townhouses and condos was $315,000, down by 1.3%.
USA: HOME SALES UP IN JULY
Existing-home sales grew 1.3% in July to a seasonally adjusted annual rate of 3.95 million, stopping a four- month sales decline that began in March. However, sales slipped 2.5% from one year ago. The median existing-home sales price elevated 4.2% from July 2023 to $422,600, the 13th consecutive month of year- over-year price gains. The inventory of unsold existing homes edged higher by 0.8% from the prior month to 1.33 million at the end of July, or the equivalent of 4.0 months’ supply at the current monthly sales pace. “Despite the modest gain, home sales are still sluggish,” said NAR Chief Economist Lawrence Yun. “But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.”
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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Starting October 1, 2024, there is a new flood disclosure requirement in Florida. Florida Statute 689.302 requires a seller to complete and provide a flood disclosure to a buyer of residential real property. This disclosure must be done at or before the time of a contract being executed.
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Summer Buyers Enjoy More Options as Inventory Picks Up in June
Despite a 59 percent increase in overall inventory during June (compared to June 2023), overall closed sales during the month decreased 17.3 percent to 710 closed sales from 859 closed sales in June 2023. Data reflected in the June 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), showed the overall median closed price decreased .8 percent to $595,000 from $600,000 in June 2023. Broker analysts say a steady number of list price reductions each month coupled with more realistic prices set by sellers will help the Naples market find its new “sweet spot” for home buying.
Despite a 59-percent increase in overall inventory during June (compared to June 2023), overall closed sales during the month decreased 17.3 percent to 710 closed sales from 859 closed sales in June 2023. Data reflected in the June 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), showed the overall median closed price decreased .8 percent to $595,000 from $600,000 in June 2023. Broker analysts say a steady number of list price reductions each month coupled with more realistic prices set by sellers will help the Naples market find its new “sweet spot” for home buying.
“I consider price reductions to be new listings because these homes become a new option for a larger pool of buyers,” said Jeff Jones, Broker at Keller Williams Naples. “This is helpful to buyers because June was the first month in 2024 where new listings were not above 1,200.”
Price reductions occur for many reasons: nearby comparative homes are priced lower, there have been no recent showings or offers on the home, the home has received a low appraisal, or to attract more buyers. The June report showed 1,351 price reductions compared to 94 price increases. Coupled with a 95 percent list to sale price ratio, the data appears to indicate that sellers are making headway to adjust their initial asking prices to better reflect today’s market and, to some degree, are entertaining negotiations to secure a buyer.
A Bounty of Options Summer buyers will enjoy more home options as the inventory of properties continues to rise compared to the last three years. In June, the 59 percent increase in inventory resulted in an available pool of 4,680 properties compared to only 2,943 properties during June 2023. Plus, confidence in the market remains steady with overall new listings in June increasing 1.5 percent to 896 new listings from 882 new listings in June 2023. Driving this influx of inventory was the number of new listings in the condominium market, which increased 9 percent compared to a 3.9 percent decrease in new listings for the single-family home market.
“The condominium market is challenging right now because fees are increasing to meet structural integrity reserve law requirements,” said Molly Lane, Senior Vice President at William Raveis Real Estate. “Condominium sellers and buyers should work with an experienced REALTOR® because they can help figure out pricing, given the future financial impact of these new reserve requirements to condominium values.
On the other hand, this knowledge can also help during negotiations.” Lane went on to note that the report showed closed and pending sales were at a five-year low for the month. Jones responded that “there are still a lot of homes lingering on the market with aspirational pricing, which is a disconnect between asking prices and market value.”
While inventory is nearly split between single-family homes and condominiums, the median close price in the single family home market decreased 3 percent in June to $730,000 from $752,500 in June 2023, while the median closed price in the condominium market increased .8 percent to $485,000 from $481,250.
The NABOR® June 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 (singlefamily and condominium) findings for 2024:
Geographic Standouts
The South Naples area (34112, 34113) reported the highest percentage of inventory increase in June (+80 percent) compared to other geographic areas tracked by NABOR®.
The median closed price in South Naples increased 1.1 percent in June to $477,500 from $472,500 in June 2023. Alternately, the North Naples area (34109, 34110, 34119) showed the highest decrease in median closed price in June (-15.2 percent) to $627,500 from $740,000 in June 2023.
Sales activity in the Naples area housing market during the off-season summer months is historically lower than sales activity reported during its high-visitor winter season. The days on market in June increased 56 percent to 78 days from 50 days in June 2023.
According to Adam Vellano, managing director of South and Southwest Florida at Compass Florida, “Before the pandemic, we were between 90 and 120 days on the market so we are still well below our traditional average.”
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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