01 Aug Shadow Wood at the Brooks Real Estate News | August 2019
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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.
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AUGUST 2019 MARKET UPDATE
CHALLENGING SUMMER IS YIELDING SOLID RETURNS
“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.
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
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.
June Market Report Shows Strong Showing Activity
“Now is the time to enter the market,” said Mike Hughes, Vice President and General Manager of Downing-Frye Realty, Inc., who added that only homes in the $1 million to $2 million had a median closed price decrease in June. “Even though inventory in June dropped almost 12 percent, values are holding steady and the reduced competition provides great opportunities for sellers.”
Bill Coffey, Broker Manager of Amerivest Realty Naples, added that despite the inventory decrease “there is still 6.9 months of inventory available, which is well above the Florida average of 4-months supply.”
Broker analysts reviewing the June 2019 Market Report recommend sellers consult a REALTOR® before listing a home for sale. A REALTOR® can help a seller price a home competitively. They can also maximize the home’s marketing and help the seller or buyer every step of the way.
A shift in buyer interest to single family homes in lower price categories during the second quarter of the year was confirmed by broker analysts. During June, new listings for single family homes decreased 7.1 percent, while new listings for condominiums decreased 4.2 percent.
According to the report, there were 798 price decreases in June. Yet the month’s overall median closed price increased 1.4 percent to $335,000 from $330,400 in June 2018. The single-family home median closed price decreased 8 percent in June, while the condominium market median closed price increased 1.9 percent.
The NABOR® June 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:
|JUNE 2018||JUNE 2019||CHANGE|
|Total closed sales (month/month)||996||893||-10.6%|
|Median closed price (month/month)||$330,400||$335,000||+1.4%|
|Total active listings (inventory)||6,353||5,531||-12.9%|
|Average days on market||94||104||+10.6%|
|Single-family closed sales (month/month)||487||464||-4.7%|
|Single-family median closed price (month/month)||$435,000||$400,000||-8.0%|
|Condominium closed sales (month/month)||509||429||-15.7%|
|Condominium median closed price (month/month)||$260,000||$265,000||+1.9%|