CALL 239.770.0561

Bonita Bay Real Estate News | September 2022

01 Sep Bonita Bay Real Estate News | September 2022

Posted at 08:01h in Bonita Bay, Ed Gongola, Real Estate News, Seaglass at Bonita Bay by
0 Likes

Summary

Real estate market update for homes sold in Bonita Bay in Bonita Springs, Florida

As of  September 1, 2022, there are 17 active listings in our area multiple listing service (MLS) in Bonita Bay; 3 more than last month.
 
For comparison, last year on August 1, there were 22 listings in Bonita Bay.
 
There are 9 single-family homes on the market from $859,000 to $3,400,000. The average list price is $2,094,654 and the average days on the market is 39. The combined days on the market is 39.
 
There are zero listings in the carriage, mid-rise, townhouse, and attached villa market.
 
In the high-rise market, there are 8 active listings in Bonita Bay ranging in price from $1,590,000 to $5,750,000. The average list price is $4,010,625 and the average days on the market is 112. The combined days on the market is 114.
 
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.

Your Bonita Bay REALTOR®,

Ed Gongola

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 $606,959; these condos were on the market an average of 10 days; combined days on the market is 51.
  • During the 12 months previous, there were 117 sales with an average sales price of condominiums was $505,211; these homes were on the market for 57 days; combined days on the market is 129.
 
BONITA BAY HIGH-RISES
  • During the last 12 months, there were 65 sales with an average sales price of $1,980,381; these homes were on the market an average of 29; combined days on the market is 84.
  • During the 12 months previous, there were 106 sales with an average sales price of $1,459,594; these homes were on the market for an average of 147 days; combined days on the market is 212.
 
SINGLE-FAMILY BONITA BAY HOMES
  • During the last 12 months, there were 47 sales with an average sales price of $2,105,601; these homes were on the market an average of 35 days; combined days on the market is 102.
  • During the 12 months previous, there were 98 sales with an average sales price of $1,643,952; these homes were on the market for an average of 71 days; combined days on the market is 147.
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.

September 2022 Market Update


DOWNING-FRYE: AVERAGE AUGUST PENDING SALES PRICE UP 53%
“From an analysis of the August 2022 Downing-Frye pending sales transactions, several conclusions can be made,” said Mike Hughes, VP and Gen. Mgr. of Downing-Frye Realty, Inc. “The first one is that the average pending sale in August 2022 is elevated compared to what we normally see. This is no doubt tied to our rising property values in SW Florida. For the five years prior to the pandemic, for the month of August, we had an average pending sale of $428,305. The average pending sale for August of 2022 was $652,000. The second conclusion is that the high end market has settled down a bit. The third conclusion is that the summer sales were a bit slower this year. In August of 2021 and August of 2020, we had over 270 pending sales in each month. This August, Downing-Frye agents had 167 pending sales. So the bottom line is that the elevated end of summer sales that we have seen the last two years has pulled back a bit this year.
 
BONITA / ESTERO: POSITIVE FACTORS AFFECT THE MARKET
The current market continues to be strong with the July pending sales having increased slightly from June but down 19% from a year ago. The current inventory situation has had an impact on median prices. For July, the median price for the Bonita Springs-Estero market was $530K, and appears to be leveling off. Brokers expect to see some monthly fluctuations but no major swings. As the market begins to normalize, local realtors like Jerry Murphy, Managing Broker of Downing-Frye Real Estate’s Bonita Springs office, have started seeing financing come into play more and more despite the continued high percentage of cash sales at 62% in July. Murphy added, “Cash sales have been affected by other areas like the stock market because buyers tend to move assets from a location to pay cash for a home.”
 
BONITA / ESTERO: POSITIVE FACTORS AFFECT THE MARKET
The current market continues to be strong with the July pending sales having increased slightly from June but down 19% from a year ago. The current inventory situation has had an impact on median prices. For July, the median price for the Bonita Springs-Estero market was $530K, and appears to be leveling off. Brokers expect to see some monthly fluctuations but no major swings. As the market begins to normalize, local realtors like Jerry Murphy, Managing Broker of Downing-Frye Real Estate’s Bonita Springs office, have started seeing financing come into play more and more despite the continued high percentage of cash sales at 62% in July. Murphy added, “Cash sales have been affected by other areas like the stock market because buyers tend to move assets from a location to pay cash for a home.”
 
MARCO ISLAND AREA: MEDIAN SALES PRICE UP
The Marco Island Area Assoc. of Realtors® reported that in July, 9 homes were sold for the median sell price of $1.6M (up 34% from last July) averaging 36 days on the market. The total inventory for July 2022 was 340 properties (up 38% from 2021) with 45 total closed units for a total volume sold $61M.
 
FLORIDA: NEW LISTINGS , MEDIAN PRICES UP
In July, closed sales of single-family homes statewide totaled 23,705, down 22.9% year-over-year, while existing condo-townhouse sales totaled 9,341, down 30.7% over July 2021. If not for those two factors – higher mortgage rates and rising prices – “buyer demand would be booming in Florida right now,” said Florida Realtors Chief Economist Dr. Brad O’Connor. The statewide median sales price for single-family existing homes in July was $412,303, up 16.1% from the previous year, and for condos was $305,000, up 20.6%. The supply of single-family existing homes increased to a 2.2-months’ supply while existing condo-townhouse properties are at a 2.1-months’ supply.
 
USA: HOME SALES DIP IN JULY
Pending home sales dropped slightly by 1.0% from June. It was the second straight monthly decline and the eighth in the last nine months. Pending sales fell in three of four major regions, with the West posting a small increase. Compared to the prior year, contract signings declined by double digits in each region, with pending sales in the West down 30%. “In terms of the current housing cycle, we may be at or close to the bottom in contract signings,” said NAR Chief Economist Lawrence Yun. “This month’s very modest decline reflects the recent retreat in mortgage rates. Inventories are growing for homes in the upper price ranges, but limited supply at lower price points is hindering transaction activity.” Typical monthly mortgage payment reached nearly $2,000 in June, up 54% from last 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®

National Home Price Gains Exceeded 20% in May

CoreLogic: Tampa had the highest year-over-year home price gain, 33.4%, for the 20 biggest metros. Fla. was the state with the highest home price gain at 33.2%.
 
CoreLogic’s Home Price Index for May reported that although U.S. home price growth relaxed slightly in May from April, it remained in double digits year-over-year for the 16th consecutive month. As in past months, all states and Washington, D.C., posted annual appreciation, with 13 states reporting gains of more than 20%.
 
Though U.S. home price growth relaxed slightly in May from April, it remained in double digits year over year for the 16th consecutive month. As in past months, all states and Washington, D.C. posted annual appreciation, with 13 states posting gains of more than 20%.
 
While rising interest rates cooled overheated demand this spring and are expected to contribute to slowing price growth over the next year, motivated buyers may have less competition and more opportunities moving forward.
 
“Slowing home price growth reflects the dampening consequence of higher mortgage rates on housing demand, which was the intention,” said Selma Hepp, deputy chief economist at CoreLogic. “With monthly mortgage expenses up about 50% from only a few months ago, fewer buyers are now competing for continually limited inventory. And while annual home price growth still exceeds 20%, we expect to see a rapid deceleration in the rate of growth over the coming year. Nevertheless, the normalization of overheated buying conditions should bring about more of a balance between buyers and sellers and a healthier overall housing market.”
 
Top Takeaways
U.S. home prices (including distressed sales) increased 20.2% in May 2022, compared to May 2021. On a month-over-month basis, home prices increased by 1.8% compared to April 2022.
 
In May, annual appreciation of detached properties (20.9%) was 2.9 percentage points higher than that of attached properties (18%).
 
Annual U.S. home price gains are forecast to slow to 5% by May 2023 as rising mortgage rates and affordability challenges are expected to cool buyer demand.
Tampa, Florida, logged the highest year-over-year home price increase of the country’s 20 largest metro areas in May, at 33.4%, while Phoenix posted the second-largest hike, at 28.7%. These two metros also registered the largest gains in March and April.
 
Florida posted the highest home price gain, at 33.2% year-over-year, followed by Tennessee with 27.4%. Arizona ranked third with a 27.3% year-over-year increase. Washington, D.C. ranked last for appreciation at 4.3%, but CoreLogic forecasts that the rate of price growth there will rise slightly by May 2023.
 
© Florida Realtors®

July Home Sales Return to Pre-Pandemic Levels

Naples housing market experts reviewing the July 2022 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), confirm the data reflected familiar activity levels akin to pre-pandemic summer months. Historically, closed sales in Naples during summer months trend around 800 sales a month. But during the last two years, summer sales were well above 1,000 closed sales a month. This July, overall closed sales decreased 43.4 percent to 662 closed sales from 1,170 closed sales in July 2021. For perspective, in July 2018 and 2019, there were 774 and 829 closed sales, respectively. The current level of activity is what market experts expected in a post-pandemic summer and consider it a sign that we are on a path back to a balanced market.
Additional indications in the July report that support this shift is the number of pending sales. As such, overall pending sales decreased 33.8 percent to 751 pending sales from 1,135 pending sales in July 2021. The tempering of closed and pending sales, which began in June, is producing one very welcome result: an increase in inventory. In July, inventory rose 87.6 percent to 2,429 properties from 1,295 properties in July 2021 (there were 5,200 properties in inventory during July 2019).
 
“In a balanced housing market, buyers have more opportunities,” said Brenda Fioretti, Broker Associate at Berkshire Hathaway HomeServices Florida Realty. “They might look at five or six homes, maybe take a break for a couple of days, then go look at five or six more. That’s possible in a balanced market because homes aren’t flying off the shelf.”
 
Starting in the fall of 2020 and continuing into this past spring, the Naples housing market experienced remarkable sales activity that was fueled by a frenzy of home buying by those seeking the ideal Naples lifestyle. However, as pandemic pandemonium diminished, broker analysts predicted a slow, gradual return to a balanced market would occur in Naples.
 
Dominic Pallini, Broker at Vanderbilt Realty, remarked that, “We have a very resilient market. When sales went off the charts during the pandemic, our inventory plummeted, and this contributed to price increases. In July, there were 905 price reductions compared to 293 price reductions in July 2021. But demand is still very high. The difference is that today, buyers don’t feel the pressure to buy like they did during the pandemic. They are taking their time to find a home that they feel justifies the price.”
 
Adding his opinion that our market has shifted and is now on a trajectory to become balanced again, Budge Huskey, CEO, Premier Sotheby’s International Realty, said, “The report showed pending sales were off less than closed sales in July, which indicates we have likely reached the bottom and can expect to now turn the other way.”
 
Market experts reviewing the July report say buyers should not expect home values to drop dramatically. While year over year price growth is trimming, demand is still high, and inventory is still not at pre-pandemic 2019 levels. The median closed price in July increased 16 percent to $545,000 from $469,950 in July 2021; it decreased 9.8 percent from $604,000 in June.
 
The NABOR® July 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:
“Pre-COVID, we were averaging 90 days on market,” said Adam Vellano, a Naples Sales Manager at Compass Florida. “We are currently at 26 days on market, so while we are moving in the right direction, we still have a long path back to being balanced.”
 
“For sellers who were sitting on the fence, it appears they might have missed the pandemic peak,” added Huskey. “The fact that we are no longer in nirvana is further supported by other data in the report including the number of listings withdrawn in last three months.”
Jeff Jones, Broker at Keller Williams Naples, responded by stating, “While down compared to July 2020 and July 2021, the number of new listings coming on to the market this July [944] was still slightly higher than it was in July 2019 [935].”
 
With regard to the 905 properties that had a price reduction in July, Jones repeated his message to buyers in June that, “Price reductions should be viewed as new listings because the newly lowered price is now attractive to a larger pool of buyers. Thus, these properties represent new opportunities for home buyers.”
 
Fioretti summed up the market experts’ analysis of the July report by stating, “In a balanced market, buyers tend to place reasonable offers on homes and sellers tend to accept them. Homes remain on the market for a moderate amount of time—neither lagging for months nor getting snapped up in mere hours or days. Home prices remain stable or grow at a steady pace. My advice to buyers is, ‘Don’t wait for prices to go down. Lower your expectations so you can jump into the home ownership arena now. Interest rates are still lower than what they may be in the future.’”
 
 
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.

 

National Home Price Gains Exceeded 20% in May

A number of real-estate-related bills passed in the 2022 Florida Legislature and were signed by Gov. Ron DeSantis, including the Hometown Heroes program.
 
From the environment to mortgage aid, septic tanks to licensing, a roster of new Florida laws passed by the 2022 Florida Legislature and signed by Gov. Ron DeSantis go into effect Friday. They include:
 
Hometown Heroes – The 2022-2023 fiscal year budget (HB 5001) include $100 million to fund the Hometown Hero Housing Program backed strongly by Florida Realtors®. The revolving loan program provides some upfront homeownership costs to help qualified firefighters, law enforcement officers, teachers, nurses and other hometown hero professions become homeowners. It provides zero-interest loans to help with down payment and closing costs. The loan is repaid once the home is sold, rented or refinanced, creating a continuous cycle of homeownership for some of Florida’s essential workers.
 
Home hardening and other tax breaks for Floridians – HB 7071 includes the “home hardening” initiative, a 2022 Florida Realtors’ legislative priority that provides sales tax relief to homeowners who harden their homes from storms. The bill also includes an abatement of all property taxes for owners of the condos that collapsed in Surfside, pro-rated refunds of property taxes on residential properties rendered uninhabitable by a catastrophic event for at least 30 days, a sales tax reduction on new mobile homes and several sales tax holidays.
 
Flooding and sea level rise resilience – HB 7053 establishes the Statewide Office of Resilience within the Governor’s Office, with the governor appointing the Chief Resiliency Officer. It sets a minimum of $100 million in funding to be identified annually in a comprehensive and ranked list of resilience projects.
 
Private property rights – SB 518 helps property owners who wish to prune, trim and remove trees that present a danger to their property by strengthening a 2019 law passed that prohibits local governments from requiring permits for the removal of “dangerous” trees on residential property.
 
Water quality – HB 965 creates a public/private partnership-oriented approach to improving water quality by authorizing the creation of water quality enhancement areas – natural systems constructed, operated, managed and maintained to provide offsite regional treatment through enhancement credits.
 
Preventing unlicensed real estate activity – The Legislature allocated up to $500,000 in the 2022-2023 fiscal year budget (HB 5001) to combat unlicensed real estate activity.
 
Everglades –The 2022-2023 fiscal year budget (HB 5001) that goes into effect July 1 includes money for Everglades Restoration ($425 million), Lake Okeechobee Watershed Restoration ($450 million), springs restoration ($75 million), beaches ($50 million), Biscayne Bay ($20 million), the Wastewater Grant Program ($125 million) and the Resilient Florida Grant Program ($470 million).
 
Septic system inspections – SB 856 makes private inspections an option for onsite sewage treatment and disposal systems, also known as septic systems. Cities and counties have dealt with a backlog of septic inspections for years, partially because of the number of inspectors and workload. This bill allows an authorized contractor to hire a private provider to inspect the system in addition to the inspections performed by public inspectors.
 
Landfills – HB 1419 creates a Municipal Solid Waste-to-Energy program to address the amount of municipal solid waste created in Florida, particularly in highly populated areas that don’t have the space or ability to permit new landfills.
 
© 2022 Florida Realtors®
 

Why Chose Me as Your REALTOR®?

To learn more about me and my real estate business and Bonita Bay real estate specifically, I encourage you read the About Ed  section as well as the Testimonial section of the site. Over the years, my clients have expressed their satisfaction in my services and I’ve showcased their kind words so you can determine if I am the right REALTOR® to represent you.

 If you are curious as to my sales success, visit my Sold Homes page. This gives a clear picture of exactly what I’ve accomplished and, more importantly, what I can accomplish for you.
 
Tags:
, , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,


Wordpress IDX Plugin