As of August 1, 2019, there are 54 active listings in Shadow Wood; 6 less than last month. There are 36 single-family, listed homes ranging from $454,000 to $1,999,000. The average list price is $1,033,789 and the average days on the market is 172 days. Combined days on the market is 265. In the condo market, there are 18 active listings in Shadow Wood, ranging in price from $279,000 to $615,000. The average list price is $427,456 and the average days on the market is 152. Combined days on the market is 199.
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SUMMARY OF SHADOW WOOD HOME SALES
SHADOW WOOD CONDOS
Within the last 12 months, there were 28 sales; the average sales price was $338,461; and, these condos were on the market an average of 123 days; combined days on the market is 216.
During the 12 months previous, there were 31 sales; the average sales price was $371,394; and, these homes were on the market an average of 104 days; combined days on the market is 190.
SINGLE-FAMILY SHADOW WOOD HOMES
During the last 12 months, there were 68 sales; the average sales price was $830,345; and, these homes were on the market an average of 102 days; combined days on the market is 209.
During the 12 months previous, there were 61 sales; the average sales price was $894,104 and, these homes were on the market an average of 106 days; combined days on the market is 196.
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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“This year has been a bit of a roller coaster ride, but with over $950 million in closed sales volume, it is hard to be upset,” said Mike Hughes, Vice President of Downing-Frye Realty, Inc. “This summer, like most of the year, has been a bit challenging. I am very proud of our agents because they continue to meet this market head on. We are now seven months into the year and our agents have brought in over 2,000 pending sales contracts. That’s what I call results! Inventory is at a nice level right now, and interest rates are pretty low by historical standards. We continue to see our share of summer visitors, and it is obvious that they like what they see.”
BONITA /ESTERO: LOWEST INVENTORY IN THREE YEARS
Inventory for June 2019 stood at 1,485 active listings, representing a 5.4 months supply. This is a notable decrease of 12.9 percent compared to June 2018, which had 1,704 active listings. Also notable was a 25.1 percent increase in pending sales for the same time period. The median sales price in Bonita Springs and Estero also saw a jump by 4.2 percent in June 2019 compared to the same time last year ($300,000 in June 2019 compared to $288,000 in June 2018). Despite the small increase in the overall median price, current market value pricing is still key in the Bonita Springs and Estero markets, as buyers won’t waste time on overpriced properties. Area brokers in Bonita Springs and Estero have seen an increase in showings as well as open house activity, and are advising buyers to move quickly if they have serious interest.
FLORIDA: RISING MEDIAN PRICES
In June, Florida’s housing market reported rising median prices and increased inventory, including pending inventory and active listings inventory compared to a year ago. June’s statewide median sales prices for both single family homes and condo-townhouse properties rose year-over-year for 90 months in a row. The statewide median sales price for single family existing homes was $270,000, up 3.8 percent from the previous year, and for condo-townhouses was $194,900, up 2.6 percent over the year-ago figure. Closed sales of single family homes statewide totaled 27,283 in June, down 1.9 percent from June 2018, and closed sales of condo-townhouses totaled 10,094, down 9.4 percent compared to a year ago. “Sales of existing homes in Florida cooled off a little in June,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “Single family home sales were down compared to last June in 14 of the state’s 22 metro areas, falling by slightly less than 2 percent on a statewide basis. Year-to-date, however, single family home sales are still up by 2.1 percent.”
USA: MAY EXISTING HOME SALES UP 2.5 PERCENT
Existing-home sales weakened in June, as total sales saw a small decline after a previous month of gains. Sales as a whole are down 2.2 percent from a year ago (5.39 million in June 2018).
“Home sales are running at a pace similar to 2015 levels – even with exceptionally low mortgage rates, a record number of jobs and a record high net worth in the country,” said Lawrence Yun, NAR’s chief economist. Yun says the nation is in the midst of a housing shortage and much more inventory is needed. “Imbalance persists for mid-to-lower priced homes with solid demand and insufficient supply, which is consequently pushing up home prices,” he said.
Total housing inventory at the end of June increased to 1.93 million, up from 1.91 million existing homes available for sale in May, but unchanged from the level of one year ago. Unsold inventory is at a 4.4-month supply at the current sales pace, up from the 4.3 month supply recorded in both May and in June 2018.
Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®.
The small cut isn’t expected to have a big impact on real estate, but it could trigger a slight rate decrease in adjustable rate loans and maybe fixed-rate loans.
WASHINGTON – The Federal Reserve on Wednesday cut interest rates for the first time since the Great Recession took hold in 2008, though the move is not likely to deliver significant juice to an already favorable borrowing environment for homebuyers.
The federal funds rate – what banks charge one another for short-term borrowing – will now hover between 2% and 2.25%, according to news reports.
The Fed says its decision to lower interest rates is designed to stave off the threat of an economic downturn – but it’s unlikely to translate into additional mortgage savings for many buyers. With the interest rate for a 30-year loan already hovering below 4%, the Fed’s move may be more meaningful for buyers with other types of financing, says Lawrence Yun, chief economist for the National Association of Realtors®.
“Many borrowers will benefit, especially those with adjustable-rate mortgages and commercial real estate loans,” Yun says, but “the longer-term 30-year fixed-rate mortgages will see little change in the near future because they had already declined in anticipation of this latest move by the Fed.
Yun thinks the rate cut will “partly help with housing affordability over the short-term. Both rents and home prices have been consistently outpacing income growth, (but) the only way to mitigate housing-cost challenges as a long-term solution is to bring more supply of both multifamily and single-family homes to the market,” Yun says.
Still, lower borrowing costs are helping buyers manage rising home prices. Buyers able to spend $1,500 on monthly mortgage payments can afford to purchase a $402,500 home this year compared to $367,500 last year, for example, when mortgage rates averaged 4.57%, according to realtor.com.
“Last year, buyers would have needed an additional $145 a month on top of the $1,500 to afford a $402,500 home,” says Danielle Hale, realtor.com’s chief economist.
In some locales, buyers’ money can stretch even further.
“An extra $35,000 in purchasing power, depending on where you are in the country, can really make a difference to buyers today,” Hale says. “It still counts, even with home prices up 6% nationally. That increase in purchase power is greater than the national price increase.”
Source: “Realtor.com® Reports How Much More Home Buying Power There Is Today Thanks to Lower Mortgage Rates,” Forbes.com (July 30, 2019); “The Fed Just Cut Interest Rates. Here’s What That Means for You,” The New York Times (July 31, 2019); National Association of Realtors®
The “Qualified Mortgage Patch” helps Fannie- and Freddie-backed lenders qualify people with higher debt-to-income ratios, but it expires, at least for now, in Jan. 2021.
WASHINGTON – The Consumer Financial Protection Bureau (CFPB) issued an Advance Notice of Proposed Rulemaking (ANPR) relating to its QM Rule, commonly called the qualified mortgage patch. Should the QM Rule expire in January 2021, home borrowers with enough debt to exceed the QM debt-to-income test will likely be turned down for a loan.
The QM patch was designed as a temporary provision applicable to certain mortgage loans eligible for purchase or guarantee by the Government Sponsored Enterprises (GSEs), Fannie Mae and Freddie Mac. Fannie and Freddie back loans for more than 50% of all U.S. mortgages.
“On Thursday, members of NAR’s (National Association of Realtors®) policy staff, Joe Ventrone and Ken Fears, were briefed by Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger on the agency’s review of the Qualified Mortgage Patch,” says NAR President John Smaby.
“The QM patch was intended as a temporary measure to prevent turmoil in the mortgage and real estate market as the CFPB implemented the Ability to Repay rule,” Smaby explains. “Analysts estimate that as much as 30% of mortgages for home purchases fall into this market segment, and its disruption could result in higher costs and/or reduced access to mortgages for otherwise creditworthy homebuyers. This, in turn, could send ripples throughout the U.S. housing market.
Through the ANPR, the CFPB will solicit comments on possible amendments to the rule, including whether to revise Regulation Z’s definition of a qualified mortgage in light of the GSE Patch’s scheduled expiration. The ANPR seeks information and comment on whether the definition of qualified mortgage should retain a direct measure of a consumer’s personal finances (for example, debt-to-income ratio), and whether that definition should include an alternative method for assessing financial capacity.
“The national mortgage market readjusting away from the patch can facilitate a more transparent, level playing field that ultimately benefits consumers through stronger consumer protection,” says CFPB Director Kathleen L. Kraninger. “We want to hear all perspectives on how to move beyond the GSE Patch, the impact on credit, the role of the private mortgage market, and possible modifications to the definition of qualified mortgages and the rules governing the documentation of debt and income. The Bureau is committed to ensuring a smooth and orderly mortgage market throughout its consideration of these issues and any resulting transition away from the GSE Patch.”
“Going forward, NAR will continue to advocate for an extension of the patch and a permanent solution that will prevent disruption as we work with CFPB to secure stability in the housing market,” said Smaby.
