01 Oct Shadow Wood at the Brooks Real Estate News | October 2019
As of October 1, 2019, there are 49 active listings in Shadow Wood; 6 more than last month. There are 34 single-family, listed homes ranging from $449,000 to $1,999,000. The average list price is $1,119,591 and the average days on the market is 137 days. Combined days on the market is 216. In the condo market, there are 15 active listings in Shadow Wood, ranging in price from $299,000 to $579,000. The average list price is $419,132 and the average days on the market is 136. Combined days on the market is 214.
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SUMMARY OF SHADOW WOOD HOME SALES
SHADOW WOOD CONDOS
- Within the last 12 months, there were 29 sales; the average sales price was $357,031; and, these condos were on the market an average of 110 days; combined days on the market is 194.
- During the 12 months previous, there were 31 sales; the average sales price was $351,603; and, these homes were on the market an average of 110 days; combined days on the market is 195.
SINGLE-FAMILY SHADOW WOOD HOMES
- During the last 12 months, there were 62 sales; the average sales price was $837,235; and, these homes were on the market an average of 109 days; combined days on the market is 223.
- During the 12 months previous, there were 71 sales; the average sales price was $869,067 and, these homes were on the market an average of 102 days; combined days on the market is 191.
For a list of SHADOW WOOD homes sold during the past 12 months, click here.
For a list of SHADOW WOOD homes that are pending at the moment, click here.
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OCTOBER 2019 MARKET UPDATE
A BUSY FALL
“With over 720 closed sales this summer, the Downing-Frye family is smiling!” said Mike Hughes, Vice President of Downing-Frye Realty, Inc. We now have over 2,200 closings for the first nine months of 2019.
It is important to note that as we enter the fall, the local real estate market changes. A significant change is that many people list their properties for sale ahead of our busy winter season, trying to get a jump on potentially competing properties. Astute buyers realize that they might get an early glimpse of properties for sale prior to the arrival of our winter visitors. Also, many of this fall’s buyers will probably hope to close soon so that they will have a home to come to during the winter months. They like our “winter” weather!”
BONITA /ESTERO: PENDING SALES UP 16 PERCENT
August 2019 saw the strongest closed sales in the $1 to $2 million price segment for single-family homes. Jerry Murphy, Managing Broker, Downing-Frye Realty, Bonita Springs, said, “Opportunities for home affordability are greater in Bonita Springs and Estero than some of our surrounding areas, which further encourages year round residents to relocate to the area, as well as new businesses.” Low inventory numbers have been trending. For single-family homes and condominiums, each market segment showed more than a 24 percent decrease in inventory for August 2019 compared to the same time last year. The median sales price increased 9.7 percent in August 2019 for single-family homes, but decreased 7.5 percent for condominiums. The days on market increased 39.2 percent for single-family homes and 22.7 percent for condominiums.
FLORIDA: MEDIAN PRICES, PENDING SALES UP
Florida’s housing market reported rising median prices and more pending inventory in August compared to a year ago. In August, statewide median sales prices for both single-family homes and condo/townhouse properties rose year-over-year for 92 months in a row. The statewide median sales price for single-family existing homes was $265,000, up 4.2% from the previous year. Looking at Florida’s condo/townhouse market in August, statewide closed sales totaled 10,062, down 2.9% compared to a year ago. “On a statewide basis, sales and price growth was pretty much in line with what we’ve seen throughout the year,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “There’s no real relief in sight for the inventory shortage, either, so it looks like this downward trend is going to continue, as well. Interest rates remain a wild card. We’re near record lows on the 30-year fixed mortgage rate, but there’s no guarantee we’re going to stay down here for any significant length of time.”
USA: AUGUST PENDING SALES UP
Pending home sales increased in August, a welcome rebound after a prior month of declines. Each of the four major regions reported both month-over-month growth and year-over-year gains in contract activity. “It is very encouraging that buyers are responding to exceptionally low interest rates,” said Lawrence Yun, NAR chief economist. Yun noted that historically low interest rates will affect economic growth, especially home buying, going forward. “With interest rates expected to remain low, home sales are forecasted to rise in the coming months and into 2020,” said Yun. “Unfortunately, so far in 2019, new home construction is down 2.0%. The hope is that housing starts quickly move into higher gear to meet the higher demand. Moreover, broader economic growth will strengthen from increased housing activity.” The National Association of Realtors® is forecasting home sales to rise 0.6% in 2019 and another 3.4% in 2020. Housing starts are predicted to increase by 2.0% in 2019 and jump an additional 10.6% in 2020.
Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®.
Florida Faces Apartment Shortage
The state needs to add more than 600K new apartments by 2030 to keep up with the state’s growing population and demand for rentals, according to the Florida Apartment Association
TAMPA, Fla. – A growing number of residents in Florida are turning to renting instead of homeownership, spurring a shortage of apartments. Data from the Florida Apartment Association indicates that the state would need to add more than 600,000 new apartments by 2030 to keep up with both the increase in population and demand.
The association’s government affairs director, Amanda Gill, says, “We have over 900 people moving here every single day, and if we don’t have housing for them, at some point, those individuals and their companies and their economic opportunity will go to another state.”
The report estimates that 47,814 new apartment homes would have to be built annually to address the state’s needs in the next decade. However, Florida is projected to add only 33,688 apartments in 2019. Gill also warns that the apartment shortage is driving up rent.
Meanwhile, developers statewide are facing higher material costs and regulatory fees. Gill estimates that about 32% of a developer’s construction costs come from a combination of federal, state, and local regulations such as fire codes and inspection requirements.
The Florida Apartment Association recommends that developers and government officials work together to reduce upfront construction costs and pass on savings to consumers.
Source: WUSF News (09/10/19) Brown, Delaney
© Copyright 2019 INFORMATION, INC. Bethesda, MD (301) 215-4688
August Home Sales Strong as Prices Hold Steady
Closed sales of homes in Collier County increased 7.4 percent in August, but overall inventory fell 17.8 percent to 4,917 properties compared to 5,980 in August 2018, according to the August 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). This reduction in inventory – which included 616 homes that were either terminated, expired or withdrawn from the Southwest Florida MLS in August – resulted in a six-month supply of inventory for Collier County at the end of August.
“We know that traditionally, inventory will begin to creep up in September, October and November as many sellers try to get a jump on the competition that might list their properties closer to our winter season,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. “But the pre-season months (September through November) can be a great time for buyers as well. Buyers will find less competition [from other buyers] in the pre-season months. They will also get an early peek at properties that will probably sell during season.”
The August ShowingTime report indicated that local REALTORS® scheduled 16,878 appointments during August. This is an increase of 16 percent compared to showings in August 2018. On average, a home in the Naples area is shown 16 times before it secures a contract.
Broker analysts reviewing the August Report are leery of sales activity next year as sellers will face market uncertainty brought on by a presidential election. In the third quarter of 2016 – right before the last presidential election – overall closed sales in Collier County decreased 14 percent compared to closed sales during the third quarter of 2015.
Budge Huskey, President of Premier Sotheby’s International Realty added, “The overall market is very healthy today based on the average person’s financial position continuing to improve in tandem with the economy. Yet in the luxury and upscale second homes markets, which are often elective, buyers tend to have a longer-term horizon and base investment decisions on where they believe the economy and markets will be a year or more out in the future. Accordingly, there are mixed signals and sentiment.”
Incidentally, the $300,000 to $500,000 price category led closed sales in August with a 10.1 percent increase followed by closed sales of properties under $300,000, which increased 6.5 percent. Closed sales of homes between $1,000,000 and $2,000,000 decreased 5.7 percent.
“Sales of single-family homes were up almost 10 percent this August,” said Huskey. “Despite the reduced inventory overall, new listings coming on the market were up 4 percent in August and builder inventory is up as well.”
The median closed price in August decreased just 0.2 percent to $317,918, which is only $582 lower than the median closed price in August 2018 ($318,500). In fact, price increases have only been reported in two of the last 12 months (October 2018, 3.7%; and April 2019, 3.4%).
“We don’t know how changes in the political climate will affect the housing market in 2020,” said Wes Kunkle, President and Managing Broker at Kunkle International Realty. The August Report showed median closed prices for homes below $300,000 and homes between $1 million and $2 million decreased 4 percent in August, while homes between $300,000 and $1 million showed no change in median closed prices.
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CATEGORIES
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AUG 2018
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AUG 2019
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CHANGE
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Total closed sales (month/month)
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741 | 796 | +7.4% |
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Median closed price (month/month)
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$318,500 | $317,918 | -0.2% |
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Total active listings (inventory)
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5,980 | 4,917 | -17.8% |
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Average days on market
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99 | 103 | +4.0% |
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Single-family closed sales (month/month)
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356 | 417 |
+17.1%
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Single-family median closed price (month/month)
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$405,000 | $399,000 | -1.5% |
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Single-family inventory
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3,147 | 2,523 | -19.8% |
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Condominium closed sales (month/month)
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385 | 379 | -1.6% |
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Condominium median closed price (month/month)
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$250,000 | $245,000 | -2.0% |
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Condominium inventory
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2,833 | 2,394 | -15.5% |
Kunkle added, “We have an entire generation of first-time homebuyers who have never seen interest rates over 6 percent. With the recent quarter percentage point cut in interest rates, there isn’t been a better time to lock in and buy than now!”
Geographically, closed sales of single-family homes in the East Naples are (34114, 34117, 34120, 34137) increased the most in August by 35.6 percent followed by closed sales of single-family homes in North Naples (34109, 34110, 34119), which increased 15.6 percent.
11:00 a.m. – 10:00 p.m.
WASHINGTON (October 3, 2019) – Homeowners who decide to undergo a home improvement project, whether it be interior or exterior modifications, often find that the task was worth the investment and time, according to a new report from the National Association of Realtors®, with insights from the National Association of the Remodeling Industry.
The 2019 Remodeling Impact Report , an examination of 20 projects, surveyed Realtors®, consumers who have taken on home renovation projects and members of the National Association of the Remodeling Industry.
The report examines a variety of remodeling projects, using responses to rank the appeal of a given project, rank the value of the project in terms of resale and determine its overall functionality. The findings also reveal the reasons for remodeling, the success of taking on the various projects and the increased happiness reported in the home upon completion of the job.
After completing a remodeling project, 74% of owners have a greater desire to be in their home, 65% say they experience increased enjoyment, and 77% feel a major sense of accomplishment, according to the survey. Additionally, 58% report a feeling of happiness when they see their completed projects, while 38% say they have a feeling of satisfaction.
“Realtors® and homeowners alike recognize the value of taking on a major home remodeling project,” said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota, and broker at Edina Realty. “While these tasks can be time-consuming and costly, the projects are well worth the temporary inconveniences, as this report shows, and the final products ultimately reward us, with feelings of accomplishment, satisfaction and higher home values.”
NAR calculated what it refers to as a “Joy Score” for each project. The score is based on the happiness homeowners reported with their renovations; the more pleased with a given project, the better the Joy Score, with the highest possible score being 10. Interior projects that received some of the higher Joy Scores are complete kitchen renovations, closet renovations, full interior and individual room paint jobs, kitchen upgrades and basement conversions to living areas. Exterior jobs with the highest Joy Scores were new fiberglass or steel front doors, new vinyl and wood windows and new roofing.
“The NAR report shows us that people often remodel for resale purposes, but it also reminds us that homeowners remodel, too, with the desire to make a home their own,” said Lawrence Yun, NAR chief economist.
Kitchen Renovation
A complete kitchen renovation received a top Joy Score of 10. Ninety-three percent of those polled said they have a greater desire to be at home since the completion of their kitchen, and 95% said they have an increased sense of enjoyment when at home.
“The kitchen is a space homeowners frequent regularly throughout the course of the day,” Yun noted. “So when that area is remodeled to owners’ exact preferences – as they enter and exit the room – they continually experience the satisfaction of a job well done.”
The most important result of a kitchen renovation is improved functionality and livability, according to 46% of those polled. As to the reasons why they decided to take on the project, 24% say they wanted to upgrade worn-out surfaces and materials. Another 20% report they had recently moved into their home and had a desire to customize the kitchen to their particular tastes.
“Kitchens serve as the “heart of the home” for many, and whether you like to entertain or cook, updating a kitchen ensures greater access and use as homeowners age, especially when the upgrades take accessibility into account,” said NARI 2019-2020 President of the Board, Robert Kirsic, (CKBR) certified kitchen and bath remodeler. “No matter the size of the kitchen, a certified professional can guide the design and build process in a way that will yield joy and happiness for the homeowner.”
Closet Renovation
Upgrading home closets was another task that received a 10 Joy Score. This is due in part to the inconvenience of a disorganized closet, which is something a homeowner encounters daily, often at the start of their day. When a closet renovation is finished, the sense of achievement is immediate. Thusly, 68% of those surveyed say they feel a major sense of accomplishment when they think about the completed project. Nearly three-quarters, 72%, report having a greater desire to be at home since finishing the job.
With a closet redesign, 56% say the most important result is better functionality and livability. Fifty-four percent say the top reason for doing the job was the need to improve organization and storage. Fifteen percent answered that it was time for a change.
Full Interior Paint Job
Completing a full interior paint job in the home scored a 9.8 Joy Score. A finished paint job is usually visible in every room in a home, which speaks to how important a task this is to respondents.
A vast majority, 88%, say they have a greater desire to be home since having their home freshly painted. Eighty-six percent report feeling a major sense of accomplishment when they think of the project.
New Fiberglass Front Door
As mentioned, the installation of fiberglass front doors is a highly rated exterior project, receiving a Joy Score of 9.7. Seventy-nine percent of polled homeowners say they have had a greater desire to be at home upon completion of the job. Sixty-seven percent say they have an increased sense of enjoyment when they are at home, and another 69% state that they feel a major sense of accomplishment when they think of the completed project.
New Vinyl Windows
New vinyl windows also received a very high Joy Score, 9.6, while 42% of those surveyed say the most important result is improved functionality and livability. As for the top reasons for doing the job, 47% say they had a desire to improve their home’s energy efficiency and 23% say they wanted to upgrade worn-out surfaces, finishes and materials.
Cost Recovered
Remodelers often take on projects with resale in mind, rather than their own home preferences. The report found the top projects for recovering cost are new roofing, hardwood floor refinishing, and new hardwood floor installation. NARI Remodelers estimate that new roofing costs $7,500, and Realtors® estimate that new roofing helps sellers recover $8,000, on average. That equates to 107% of value recovered from the project.
Lastly, NARI Remodelers estimate that new wood flooring costs $4,700, with Realtors® estimating the project helps sellers recover $5,000, or a 106% value recovery. NARI Remodelers estimate that hardwood floor refinishing costs $2,600, and Realtors® estimate that the hardwood floor refinishing would help sellers recover $2,600.
“Using a trusted, professional remodeler paves the way for a successful project outcome,” said NARI CEO, David R. Pekel, MCR, UDCP, CAPS. “NARI members adhere to our code of ethics, and work to design the best solution for homeowners to deliver satisfaction.”
About NAR’s Survey
In June and July of 2019, homeownership site HouseLogic.com surveyed consumers regarding the last remodeling project they undertook. A total of 2,193 respondents took the online survey. The Joy Score was calculated by combining the share who were happy and those who were satisfied when seeing their completed project and dividing the share by 10 to create a ranking between 1 and 10. Higher Joy Scores indicate greater joy from the project.
In March and June 2019, NARI emailed a cost survey to its 4,400 members. A total of 378 responses were received. The survey had an adjusted response rate of 11.6%. Respondents were asked to consider certain parameters.
In July 2019, NAR emailed an interior remodeling project survey to a random sample of 52,491 members. A total of 2,485 responses were received. The survey had an adjusted response rate of 4.7%, (see report for full methodology).
The National Association of Realtors® is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
