01 Oct Bonita Bay Real Estate News | October 2022
Posted at 08:01h in Bonita Bay, Ed Gongola, Real Estate News, Seaglass at Bonita Bay
Real estate market update for homes sold in Bonita Bay in Bonita Springs, Florida
As of October 1, 2022, there are 23 active listings in our area multiple listing service (MLS) in Bonita Bay; 6 more than last month.
For comparison, last year on October 1, there were 20 listings in Bonita Bay.
There are 8 single-family homes on the market from $859,000 to $3,400,000. The average list price is $2,231,736 and the average days on the market is 68. The combined days on the market is 68.
There are 5 listings in the carriage, mid-rise, townhouse, and attached villa market with prices ranging from $725,000 to $859,000. The average list price is $801,800 and the average days on the market is 15. The combined days on the market is 15.
In the high-rise market, there are 10 active listings in Bonita Bay ranging in price from $1,590,000 to $5,750,000. The average list price is $3,988,900 and the average days on the market is 134. The combined days on the market is 141.
A reminder, you have access to the most comprehensive website devoted to Bonita Bay, BonitaBayRealty.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 Bonita Bay. With over 35 years of helping buyers and sellers in SWFL, my experience will be invaluable in this fast-moving, low-inventory market.
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SUMMARY OF BONITA BAY HOME SALES
If you are considering selling your Bonita Bay home, here are some statistics that may help you decide to place your home on the market:
BONITA BAY CARRIAGE, MID-RISE, TOWNHOUSE AND ATTACHED VILLA HOMES
- Within the last 12 months, there were 92 sales with an average sales price of $608,622; these condos were on the market an average of 11 days; combined days on the market is 52.
- During the 12 months previous, there were 97 sales with an average sales price of condominiums was $423,251; these homes were on the market for 61 days; combined days on the market is 134.
BONITA BAY HIGH-RISES
- During the last 12 months, there were 63 sales with an average sales price of $2,021,848; these homes were on the market an average of 30; combined days on the market is 87.
- During the 12 months previous, there were 106 sales with an average sales price of $1,497,566; these homes were on the market for an average of 144 days; combined days on the market is 206.
SINGLE-FAMILY BONITA BAY HOMES
- During the last 12 months, there were 48 sales with an average sales price of $2,185,484; these homes were on the market an average of 40 days; combined days on the market is 105.
- During the 12 months previous, there were 97 sales with an average sales price of $1,663,629; these homes were on the market for an average of 71 days; combined days on the market is 148.
For a list of BONITA BAY homes sold in the last 12 months, click here.
For a list of BONITA BAY homes that are pending at the moment, click here.
Meet Ed Gongola and discover how he can help you with his concierge style of service when buying or selling your home.
October 2022 Market Update
DOWNING-FRYE: SOUTHWEST FLORIDA STILL REMAINS POPULAR
“We had 153 pending sales in the month of September” said Mike Hughes, Vice President of Downing-Frye Realty, Inc. “Frankly, it was a month that was shaping up nicely until Hurricane Ian visited us. We basically lost the last week of September due to hurricane preparations and the hurricane itself with the ensuing aftermath. I am getting a lot of people asking what the market might be like after Hurricane Ian. I looked at our company numbers after Hurricane Irma. We slowed down for the following month and then pending sales were off about 9% for the next three months. Hurricane Ian was a unique storm. It has been years since we saw this kind of storm surge. You would have to go back to 1960 when Hurricane Donna visited a much smaller town of Naples. My sense is that the hurricane might trigger some new listings which would be welcome news for buyers. It also could bring a new wave of buyers as the area gets more exposure. Southwest Florida is very popular with our visitors. I don’t see that changing.”
BONITA / ESTERO: DEFYING NATIONAL TRENDS
Inventory continues to be low relative to pre- pandemic levels with 1,376 listings in August of 2019 and only 486 in August of 2022. Local brokers agree that more people are coming to Florida, purchasing homes and holding on to them to potentially rent or keep as a second home. Local sellers are looking at a median price of $583,000 which is a 42.9% increase from August 2021 along with 65.4% of transactions being cash transactions. The low levels of inventory have caused sale prices to hold strong along with days on market holding relatively strong at 24 days in 2021 compared to 103 in 2019. Managing Broker of Downing-Frye’s Bonita Springs office, Jerry Murphy said, “The current prices we face will simply become the prices of homes here in southwest Florida. The prices are based upon the inventory and the desirability of the area. There is a fight for good neighborhoods and there are only so many houses that are available.”
NAPLES AREA: HEALTHY HOUSING MARKET
Overall inventory increased 71.3% to 2,140 properties from 1,249 properties in August 2021. Of the homes on the market during August, 35.8% of them (766) experienced a price decrease and the overall list price received for the month slipped slightly to 96.4% from 99.2% in August 2021. The overall median closed price continued to increase in August, up 30.7 percent to $575,000 from $440,000 in August 2021. “There were only 31 single-family homes and 79 condominiums under $300,000 on the market during August,” said Mike Hughes. In August 2019, there were over 1,400 properties on the market under $300,000. But with so few available in the lowest price category today, Hughes remarked that “we should expect the median closed price to continue to stay high as long as the high-end market continues to stay very active.”
MARCO ISLAND AREA: INCREASED INVENTORY
The Marco Island Area Assoc. of Realtors® reported that in the month of August, 26 homes were sold for the median sales price of $1.75M (up 40% from last August) averaging 43 days on the market. The total inventory for August 2022 was 315 properties (up 36% from 2021) with 63 total closed units for a total volume sold of $89.7M.
FLORIDA: MEDIAN PRICES UP
In August, closed sales of single-family homes statewide totaled 24,877, down 15.8% year- over-year, while existing condo-townhouse sales totaled 10,000, down 20.3% over August 2021. The statewide median sales price for single-family existing homes in August was $407,000, up 15% from the previous year, and for condo-townhouse units was $305,000, up 20.8%. The supply of single- family existing homes increased to a 2.4-months’ supply while existing condo-townhouse properties were at a 2.2-months’ supply.
USA: HOME SALES DIP IN AUGUST
Pending home sales waned for the third consecutive month, down 2.0% from July. For the second month in a row, pending sales retreated in the Northeast, Midwest and South, while the West, again, registered a small increase. Compared to the previous year, contract signings retracted by double- digit percentages in each region.
“The direction of mortgage rates – upward or downward – is the prime mover for home buying, and decade-high rates have deeply cut into contract signings,” said NAR Chief Economist Lawrence Yun. “If mortgage rates moderate and the economy continues adding jobs, then home buying should also stabilize.” Yun expects the economy will remain sluggish throughout the remainder of this year.
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®
Moody’s: Housing Correction Coming — but No Crash
The Fed’s interest rate hikes will cause the “pendulum to swing back down” some places but no crash if vacancies staly low and underwriting standards remain high.
NEW YORK – Moody’s Analytics Chief Economist Mark Zandi predicts that the latest Federal Reserve interest rate hike will cause a housing correction across the United States – but there won’t be a housing crash.
He suggests that the Southeast and Mountain West are the most overvalued housing markets, and the pendulum will swing back down. Cities and states due for a correction include Phoenix and Tucson in Arizona, the Carolinas, northeast Florida, and above all, Boise – “the most overvalued market in the country,” according to Moody’s analysis.
While a reduction in housing prices is likely, however, renters won’t see any immediate relief because homebuyers have few options even if values fall.
Zandi says the market likely won’t crash but the fundamentals remain strong: Vacancy rates are at an all-time low, mortgage underwriting quality is high, and most loans are “plain vanilla” 30-year or 15-year fixed-rate products. There’s no sign of subprime or negative amortization activity that precipitated the foreclosure crisis during the Great Recession.
“I just don’t see the kind of mortgage defaults and distressed sales that would be necessary for big declines in housing values,” Zandi says. “That’s when you get crashes, when you have lots of foreclosures and a lot of distressed sales. That’s just not going to happen.”
Source: Bloomberg CityLab (06/23/22) Capps, Kriston
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While overall closed sales for August decreased 36.7 percent to 669 from 1,057 in August 2021, it increased 5.6 percent compared to July’s closed sales. Historically, closed sales and pending sales (homes under contract) in August do not outperform July’s closed and pending sales. But this year is different. “Pending sales in August increased nearly 20 percent [19.2%] compared to July,” said Bill Coffey, Broker Manager of Amerivest Realty Naples. “This means that people wrote more contracts in August, but we will be tracking to see if this becomes a trend.”
Jeff Jones, Broker at Keller Williams Naples, commented, “There are many opportunities for buyers. The market is healthy, inventory is up, demand continues and prices are realistic. Also, with rents skyrocketing, the option to buy is more desirable.”
The overall median closed price continued to increase in August, up 30.7 percent to $575,000 from $440,000 in August 2021. “There were only 31 single-family homes and 79 condominiums under $300,000 on the market during August,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. In August 2019, there were over 1,400 properties on the market under $300,000. But with so few available in the lowest price category today, Hughes remarked that “we should expect the median closed price to continue to stay high as long as the high-end market continues to stay very active.”
While looking at new listings reported in August, Molly Lane, Senior Vice President at William Raveis Real Estate, commented that, “We are on par with new listings compared to pre-pandemic levels in August 2019.” There were 850 new listings in August, a 16.9 percent decrease compared to 1,023 in August 2021. Jones responded that “buyers should be aware that new listings don’t just come from new sellers entering the market, but also from existing inventory where the home’s list price was decreased or from sales that were pending but fell through and went back on the market.”
The NABOR® August 2022 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 2022:
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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