01 Feb Shadow Wood at the Brooks Real Estate News | February 2020
As of February 1, 2019, there are 61 active listings in Shadow Wood; 4 more than last month. There are 46 single-family, listed homes ranging from $529,900 to $2,100,000. The average list price is $1,167,311 and the average days on the market is 108 days. Combined days on the market is 168. In the condo market, there are 15 active listings in Shadow Wood, ranging in price from $265,000 to $595,000. The average list price is $414,400 and the average days on the market is 168. Combined days on the market is 191.
Whether you are buying or selling, if you are looking for REALTOR® representation, think of me and allow me to share my 30 years of experience putting buyers and sellers together in SWFL
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Ed Gongola
SUMMARY OF SHADOW WOOD HOME SALES
SHADOW WOOD CONDOS
- Within the last 12 months, there were 33 sales; the average sales price was $362,888; and, these condos were on the market an average of 110 days; combined days on the market is 192.
- During the 12 months previous, there were 30 sales; the average sales price was $337,087; and, these homes were on the market an average of 98 days; combined days on the market is 195.
SINGLE-FAMILY SHADOW WOOD HOMES
- During the last 12 months, there were 59 sales; the average sales price was $822,738; and, these homes were on the market an average of 132 days; combined days on the market is 265.
- During the 12 months previous, there were 73 sales; the average sales price was $858,964 and, these homes were on the market an average of 94 days; combined days on the market is 182.
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FEBRUARY 2020 MARKET UPDATE
2020 OFF TO A GOOD START
“January was a very good month,” said Mike Hughes, Vice President of Downing-Frye Realty, Inc. Pending sales and closed sales were ahead of last year. Last January we had 271 pending sales (21 were above $1 million) and this January we had 304 (39 were above $1 million) with a 36 percent increase in pending sales volume ($132 million vs. $179 million). Last January we had $86 million in closings, and this January we had $120 million. There is a lot of money flowing into real estate right now, and it’s not about flipping properties like we saw in 2005. The sales environment is different today. Back then we had low inventory and high sales, and you might see the same home for sale multiple times during the year. Now we’re not selling the same properties over and over again. There are fresh new listings every month.”
In December 2019, pending sales in the Bonita Springs-Estero market increased by a whopping 41.8 percent versus December 2018, and closed sales were up 31.2 percent. Also, new listings were down 16.3 percent, closed sales were up 31.2 percent, and the median closed sales price went down 10.8 percent to $300,000. The highest priced home sold in Lee County in 2019 is located on Bonita Beach, and sold for $7,250,000. The available inventory at the end of 2019 was 1,484 properties, which was 24.3 percent lower than at the end of 2018.
“Despite lower inventory levels, we still closed out the 2019 year with increases in pending and closed sales,” stated Jerry Murphy, Managing Broker, Downing-Frye Realty, Bonita Springs. “Clearly, the desirability to buy in Bonita Springs and Estero was very strong in 2019.” A the end of 2019 there was a 5.3 months’ supply of inventory.
FLORIDA: STELLAR DECEMBER ACTIVITY
Single-family sales were up by 23.8 percent in December 2019, and condo-townhouse sales were up 17.7 percent compared to December 2018. The statewide median price for single-family homes rose 5.9 percent to $270,000, and the condo-townhouse median price went up 8.1 percent to $200,000. Pending inventory and new pending sales also rose statewide in both categories. Sales of single-family homes statewide totaled 25,557, up 23.8 percent from December 2018, while closed sales of condo/townhouses totaled 9,605, up 17.7 percent. Florida Realtors Chief Economist Dr. Brad O’Connor said that the big jump in 2019 sales was due to near-historically low interest rates that took hold in mid-2019 and the Federal Reserve’s drop in the federal funds rate three times during the year. The result for Florida was that new pending sales began to surge in October, with many of those deals closing by the end of December.
USA: EXISTING HOME SALES UP
Total existing-home sales increased 3.6 percent from November to a seasonally-adjusted annual rate of 5.54 million in December 2019. Additionally, overall sales took a significant bounce, up 10.8 percent from a year ago (5.00 million in December 2018). Total housing inventory at the end of December totaled 1.40 million units, down 14.6 percent from November and 8.5 percent from one year ago (1.53 million). Unsold inventory sits at a 3-month supply at the current sales pace, down from the 3.7-month figure recorded in both November and December 2018. Unsold inventory totals have dropped for seven consecutive months from year-ago levels, taking a toll on home sales. “Price appreciation has rapidly accelerated, and areas that are relatively unaffordable or declining in affordability are starting to experience slower job growth,” said Lawrence Yun, NAR’s chief economist. “The hope is for price appreciation to slow in line with wage growth, which is about 3%.”
Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®.
Some ‘Luxury’ Home Features Becoming ‘Standard’
Builders say some the home elements that were considered upgrades only a few years ago are a standard element of most new home construction today and include items such as laundry rooms, walk-in master closets and low-emissivity (low-e) windows.
LAS VEGAS – First-time and repeat buyers say they’d rather have a smaller home with high-quality amenities than a bigger property with fewer such features, according to a survey the National Association of Home Builders released during the International Builders’ Show last week in Las Vegas.
NAHB’s report, titled “What Home Buyers Really Want,” identified the following features as being most desired by both segments of buyers.
- Laundry rooms
- Energy Star-rated windows
- Hardwood flooring
- Walk-in pantries
- Patios
- Ceiling fans
- Kitchen double sink
Builders report that designers are including flexible spaces that add greater functionality to laundry rooms. They’re also creating more outdoor spaces to seamlessly integrate indoor and outdoor living.
The survey also uncovered the most likely features that single-family homebuilders say is becoming standard in most new homes built today, including
- walk-in master closets
- low-emissivity (low-e) window
- laundry rooms
Builders say they’re also more likely to add energy efficient features, such as lighting, programmable thermostats and Energy Star-rated appliances.
The open design concept, along with great rooms and 9-plus-foot ceilings on the first floor, is also becoming common in newly built homes, the survey finds.
Source: National Association of Home Builders
© Copyright 2019 INFORMATION INC., Bethesda, MD (301) 215-4688
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Dining Events in February
February 2 | Super Bowl Party
February 4 | Wine Tasting
February 8 | Lobster & Clam Bake
February 14 | Sweetheart’s Ball
February 4 | Wine Tasting
February 8 | Lobster & Clam Bake
February 14 | Sweetheart’s Ball
Golf Events in February
February 5 & 6 | Men’s Member-Member
February 9 | Couples’ Championship
February 11 | Ladies’ Guest Day
February 25 & 26 | Ladies’ Legacy
February 9 | Couples’ Championship
February 11 | Ladies’ Guest Day
February 25 & 26 | Ladies’ Legacy
Tennis & Bocce Events in February
February 7 | Fort Myers Pro Tennis Exhibition
February 15 | JDRF Tennis Fundraiser
February 15 | JDRF Tennis Fundraiser
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Shadow Wood released the video from the 2020 Season Celebration White Out Party! It was a truly fantastic and memorable evening with over 650 members joining us to celebrate, complete with musicians, dancers, fireworks, and more!
Visit the blog post to read more about how you can get involved as a Shadow Wood member: visit the blog here.
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Decade Ends with Strongest Year in Home Sales!
Naples, Fla. (January 17, 2020) – According to the 2019 Year End Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), existing home sales through December 2019 are the highest in a decade. Overall closed sales in 2019 increased 5.6 percent to 10,244 closed sales compared to 9,704 closed sales in 2018. In comparison, the only other year that came close to reaching this stellar sales activity was 2015, which had 10,154 closed sales.
Overall pending sales in 2019 also broke a record during the last decade; resulting in 12,604 total pending sales, a 9.4 percent increase over 2018, which reported 11,520 pending sales.
The 2019 Year End Market Report showed closed sales in 2019 increased in all but the $2 million and above price category, which had a 4 percent decrease to 523 closed sales compared to 544 closed sales in 2018. Of those in this price category, 376 were for single-family homes, and according to Wes Kunkle, President and Managing Broker at Kunkle International Realty. “The MLS further revealed that 14 single-family homes priced above $4 million closed in December 2019 compared to just 7 in 2018.”
Condominium closed sales held steady with a 1.9 percent increase in 2019 to 5,085 compared to 4,990 in 2018, but broker analysts reviewing the year-end report anticipate closed sales of condominiums in January will be much higher, especially since pending sales for condominiums increased 28.8 percent in December.
A breakdown of December’s closed sales by area showed Naples Beach reported the highest increase in closed sales during December with a 59.1 percent increase to 140 closed sales compared to 88 closed sales in December 2018. Closed sales by zip code revealed 34113 and 34108 commanded impressive increases, 62.3 percent and 61.5 percent, respectively, in December 2019 compared to December 2018.
“Growth in the eastern part of the county, including the addition of many desirable amenities like restaurants, retail shopping centers, banking, and personal care, is redefining what is a desirable ‘location’ for Collier County,” said Coco Amar, VP, Strategic Growth, South Florida, William Raveis Real Estate. “West of 41 was a location high point for many years, but I think buyers are finding beach proximity is less important than the lifestyle offered in and around new communities now.”
While inventory fell 21 percent in 2019 to 5,401 properties compared to 6,801 properties in 2018, the Collier County market is still commanding a much higher supply than the state’s average levels (as reported by Florida Realtors®). As such, the Market Report showed Collier County enjoyed 6.2 months of supply in the single-family home market during December, while the state reported 3.6 months of supply for the month. Likewise, the report showed 6.4 months of supply in the condominium market for December compared to 5.5 months of supply statewide.
Interestingly, inventory levels dropped in all price categories except in the $2 million and above condominium market, which reported a 16.3 percent increase in inventory during December.
Broker analysts reviewing the Market Report like Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., agree that “the sales environment today is much different than it was in 2005 – when we also had low inventory and high sales. Back then, you might see the same home for sale multiple times [flipping] during the year. But it’s a different market today. Last year we had a rolling inventory; we’re not selling the same properties, there are fresh new listings every month.”
The NABOR® YE 2019 Market Reports provide 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:
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CATEGORIES
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YE 2018
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YE 2019
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CHANGE
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Total closed sales (year/year)
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9,704
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10,244
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+5.6% |
| Total pending sales (homes under contract) (year/year) | 11,520 | 12,604 | +9.4 |
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Median closed price (year/year)
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$338,000 | $332,514 |
-1.6%
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Total active listings (inventory)
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6,801 | 5,401 | -20.6% |
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Average days on market
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95 | 101 | +6.3% |
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Single-family closed sales (year/year)
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4,714 | 5,159 |
+9.4%
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Single-family median closed price (year/year)
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$425,000 | $415,000 | -2.4% |
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Single-family inventory
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3,479 | 2,678 | -23% |
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Condominium closed sales (year/year)
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4,990 | 5,085 | +1.9% |
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Condominium median closed price (year/year)
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$265,000 | $260,000 | -1.9% |
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Condominium inventory
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3,323 | 2,723 | -18.0% |
Jeff Jones, Broker at Keller Williams Naples, pointed out that the report also showed, “There were 1,550 price reductions in December. That is 26 percent of the available inventory. This has been a trend for the past few months.”
Median closed prices in 2019 decreased 1.6 percent to $332,514 from $338,000 in 2018. Only the $2 million and above price category had a significant increase of 6.7 percent during the year. But, on a month-to-month comparison, median closed prices in December 2019 increased 6.7 percent to $348,000 compared to $326,000 in December 2018. However, the overall average closed price in Collier County during 2019 increased 19.3
percent to $772,380.
Showings remain on the rise as well. There were 10 showings for each listing reported in December 2019 compared with just 7 in December 2018.
| CATEGORIES | DEC 2018 | DEC 2019 | CHANGE |
| Total closed sales (month/month) | 702 | 929 | +32.3% |
| Total pending sales (under contract) (month/month) | 676 | 817 | +9.4 |
| Median closed price (month/month) | $326,000 | $348,000 | -1.6% |
| Total active listings (inventory) | 6,801 | 5,401 | -20.6% |
| Average days on market | 94 | 97 | +6.3% |
| Single-family closed sales (month/month) | 362 | 476 | +9.4% |
| Single-family median closed price (month/month) | $395,900 | $439,000 | -2.4% |
| Single-family inventory | 3,479 | 2,678 | -23% |
| Condominium closed sales (month/month) | 340 | 454 | +1.9% |
| Condominium median closed price (month/month) | $255,000 | $262,500 | -1.9% |
| Condominium inventory | 3,322 | 2,723 | -18.0% |
Broker analysts agreed that new state actions, led by Governor Ron DeSantis, to address water quality issues during 2019 made a significant impact in local real estate activity during 2019, especially during the summer months.
On whether an election year is a good time to buy a home, broker analysts contend that stable pricing, great financing rates, and above state-level months of supply in inventory are three great reasons for Naples real estate agents to be optimistic in 2020. Of course, location shouldn’t be overlooked, as well.
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.
How Much Does Curb Appeal Affect Home Value?
A great looking home front can boost selling prices 7%, according to a university study – and up to 14% in markets with a higher inventory of listings.
NEW YORK – Homes with high curb appeal tend to sell for an average 7% more than similar houses with an uninviting exterior, according to a joint study by the University of Alabama and the University of Texas at Arlington. Further, the premium rises as high as 14% in slower real estate markets with greater housing inventory, finds the study, which was published in the Journal of Real Estate Finance and Economics.
Researchers examined Google Street View photos and sales data from 88,980 properties in the Denver metro area to find how much curb appeal matters to a home’s value.
In addition, the researchers found that the curb appeal of neighboring properties also can impact a home’s value. The appearance of the yard next door accounts for about a third of a home’s overall premium, the study notes.
It’s considered common knowledge that curb appeal affects a home’s value, but quantifying the financial impact is a challenge, said Sriram Villupuram, senior author of the study and an associate professor at UT Arlington, to The Wall Street Journal. “It’s observable, but not quantifiable,” Villupuram said.
The researchers manually scored a set of properties using Google Street View on a scale of one to four (one indicates lowest curb appeal; four indicates highest). Researchers considered it “low curb appeal” if a property had blemishes, like a broken pavement or overgrown grass. Homes were considered to have high curb appeal if they included features like well-kept lawns and professional landscaping.
Many appraisers evaluate a home based on interior features like the number of bedrooms and bathrooms, square footage and home improvements. But Villupuram told the Journal that the study’s ultimate goal is to create an algorithm that could be used to automate assessments of curb appeal. Villupuram says that could make it easier for large investors, banks and institutions to include such assessments in their property appraisals.
Source: “Selling Your Home? It’s What’s on the Outside That Counts,” The Wall Street Journal (Jan. 23, 2020) [Log-in required.]
©Copyright 2020 INFORMATION INC., Bethesda, MD (301) 215-4688
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SHADOW WOOD FEATURED LISTINGS
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LISTED by Ed Gongola
Indigo Isle at Shadow Wood at the Brooks 3 Bedrooms | 3 Baths (2/1) $439,900
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LISTED by Ed Gongola
Morningside at Shadow Wood at the Brooks 3 Bedrooms | 2 Baths $309,900
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