02 May Shadow Wood at the Brooks Real Estate News | May 2018
As of May 1, 2018, there are 90 active listings in Shadow Wood; 5 less than last month. There are 60 single-family, listed homes ranging from $435,000 to $2,800,000. The average list price is $1,115,035 and the average days on the market is 121 days. Combined days on the market is 188. In the condo market, there are 30 active listings in Shadow Wood, ranging in price from $239,000 to $615,000. The average list price is $387,483 and the average days on the market is 113. Combined days on the market is 145.
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SUMMARY OF SHADOW WOOD HOME SALES
- Within the last 12 months, there were 27 sales; the average sales price was $396,285; and, these condos were on the market an average of 90 days; combined days on the market is 152.
- During the 12 months previous, there were 27 sales; the average sales price was $419,193; and, these homes were on the market an average of 93 days; combined days on the market is 181.
- During the 12 months previous, there were 60 sales; the average sales price was $957,603; and, these homes were on the market an average of 102 days; combined days on the market is 180.
- During the 12 months previous, there were 50 sales; the average sales price was $948,745; and, these homes were on the market an average of 112 days; combined days on the market is 196.
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Shadow Wood at the Brooks MAY Events Calendar
DINING & SOCIAL
May 5 | Cinco De Mayo Party
May 13 | Mother’s Day Brunch
May 28 | Memorial Day Cookout
TENNIS & BOCCE BALL
May 28 | Memorial Day Tennis Mixer
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Florida Consumer Attitudes Change Course, Move Higher
GAINESVILLE, Fla. – May 1, 2018 – After two months of decline, consumer sentiment among Floridians increased six-tenths of a point in April to 98.1 from a revised figure of 97.5 in March. Among the five components that make up the index, three increased and two decreased. “Overall, Floridians are slightly more optimistic,” says Hector H. Sandoval, director of the Economic Analysis Program at UF’s Bureau of Economic and Business Research. “The gain in April’s confidence came from the perceptions and expectations regarding Floridians’ personal financial situation. These numbers increased for women as well as those aged 60 and older.”
Perceptions of personal financial situations now compared with a year ago rose 5.5 points from 91 to 96.5, the greatest increase of any component this month. Similarly, perceptions as to whether this is a good time to buy major household items like appliances increased 3.1 points from 101.1 to 104.2. “Increases in these two components show that opinions regarding the current economic condition improved among Floridians in April,” Sandoval says.
Of the three components representing expectations about future economic conditions, one increased and two decreased. Expectations of personal financial situations a year from now went up 3.2 points from 105.9 to 109.1. In contrast, expectations of U.S. economic conditions over the next year plummeted 6 points from 96.4 to 90.4 – the greatest decline in this month’s reading. Additionally, expectations of U.S. economic conditions over the next five years decreased 2.9 points from 93.3 to 90.4. “Despite the large decline in short- and long-run confidence in the national economy, opinions are split among the population by age. Those under age 60 have strong negative expectations, while those aged 60 and older hold positive opinions,” Sandoval says.
Florida economic overview
Economic indicators in Florida continue to be positive. The labor market in Florida continues to strengthen with more jobs added on a monthly basis. Since January 2017, labor force participation reached 10 million, and with the exception of December 2017, participation has increased every month. Regardless of increased participation, the unemployment rate has remained unchanged at 3.9 percent for the past seven months.
In March, 173,100 jobs were added statewide, a 2 percent increase compared with a year ago. Among all industries, professional and business services gained the most jobs, followed by leisure and hospitality, construction, and education and health services.
Additionally, personal income in Florida increased 3.8 percent on average in 2017, compared with 3.1 percent for the nation, according to estimates by the Bureau of Economic Analysis. Net earnings – the sum of wages and salaries, supplements to wages and salaries, and proprietors’ income – contributed most to this increase in personal income. Construction was the largest contributor to the earnings increase in Florida, growing 8.7 percent compared with 5.2 percent for the nation. “Overall, consumer confidence is increasing, but expectations of future economic conditions may predict a significant change in this trend,” Sandoval says.
Conducted Apr. 1-26, the UF study reflects the responses of 361 individuals who were reached on cellphones, representing a demographic cross section of Florida. The index used by UF researchers is benchmarked to 1966.
Source: 2018 Florida Realtors®
MAY 2018 MARKET UPDATE
SUMMER SEASON – BUSY SEASON
“Downing-Frye’s agents are in a great position as we finish one season and begin the next with one of the highest listing inventories in the area,” said Mike Hughes, General Manager for Downing-Frye Realty, Inc. “The Snowbirds are famous for flocking here in the Winter, but the Summer is such a “hot” time for sales that there’s hardly any lag time anymore between one season and the next. Serious buyers are here all year round, and sales activity supports that. During April 2018, we had 373 pending sales contracts turned in, which was a 21 percent increase over April 2017 pending sales and a 54 percent increase in closed sales volume. We could hit one billion in closed sales volume for the year earlier than expected, perhaps by mid-Summer.”
BONITA /ESTERO: INCREASED BUYER ACTIVITY
Area brokers are advising buyers to dismiss seasonality trends of years past and focus on the current market, which has been moving towards a ‘seasonless’ market for the past several quarters. “The market has home styles and communities for every type of buyer,” said Jerry Murphy, Broker, Downing-Frye Realty, Bonita Springs. “We have new families moving into the area as well as those looking to retire or become part-time residents, making Bonita Springs and Estero top choices for buyers.” Pending sales in the Bonita Springs and Estero markets increased by 6 percent comparing March 2018 to March 2017. During that same time period, active inventory decreased by only 2 percent to 1,816 properties and the median closed sales price was $300,000, a decrease of 6 percent compared to the previous year. The Days on Market was 103 days at the end of March 2018.
FLORIDA: MEDIAN PRICES CONTINUE TO RISE
The statewide median sales price for single-family existing homes in March was $250,800, up 8.2 percent from the previous year, while the statewide median price for townhouse-condos was $183,000, up 7 percent. Sales of single-family homes statewide totaled 25,020 last month, down 3.5 percent compared to March 2017, while statewide closed sales in Florida’s townhouse-condo market totaled 10,997 in March, down 1.8 percent compared to a year ago. March’s for-sale inventory tightened even more with a 3.8-months’ supply for single-family homes and a 5.9-months’ supply for townhouse-condo properties. According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.44 percent in March 2018, up from the 4.20 percent averaged during the same month a year earlier.
USA: SUPPLY & AFFORDABILITY AT ODDS
Housing affordability is down from a year ago and fewer households can afford the active inventory of homes currently for sale on the market based on their income. “Wages are growing, which is welcome news for prospective buyers, but prices are increasing at a faster rate, up almost 6 percent in the first two months of 2018. Solutions to improve these conditions include more homeowners selling, investors releasing their portfolio of single-family homes back onto the market and more single-family housing construction,” said Lawrence Yun, NAR chief economist. The states with the lowest Affordability Score were Hawaii, California, Oregon, D.C, Montana and Rhode Island. The states with the highest Affordability Score were Ohio, Indiana, Kansas, Iowa, and West Virginia.
Most Recent Blog: Shadow Wood Dinner Dances
“The dinner dances that we host at Shadow Wood Country Club are always a favorite social event among our members. For our dinner dances, we have a special tribute artist or band put on a show for our members, accompanied by dinner, drinks, and dancing. Some artists we’ve had perform in the past have been tributes to Neil Diamond, The Eagles, Elton John, Disco, Rod Stewart, and more. This season we had some classic acts such as Rat Pack, Duos through the Decades, and coming up this month will be our Motown Music Dinner Dance featuring a Stevie Wonder tribute performance.”
To visit the blog and read more about Shadow Wood Legacy Golf Events, click here.
A Buyer’s Guide to Closing Costs.
A Word from Downing-Frye Broker & General Manager Mike Hughes: 54% Increase in Closed Sales Volume