01 Jul Shadow Wood at the Brooks Real Estate News | July 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 $326,264; and, these condos were on the market an average of 118 days; combined days on the market is 227.
- During the 12 months previous, there were 30 sales; the average sales price was $376,990; and, these homes were on the market an average of 95 days; combined days on the market is 167.
SINGLE-FAMILY SHADOW WOOD HOMES
- During the last 12 months, there were 65 sales; the average sales price was $846,168; and, these homes were on the market an average of 103 days; combined days on the market is 198.
- During the 12 months previous, there were 61 sales; the average sales price was $863,071 and, these homes were on the market an average of 106 days; combined days on the market is 197.
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JULY 2019 MARKET UPDATE
A GREAT SUMMER FOR BUYERS
“With 1,566 closings through June 30th, this year is shaping up to be another solid year for sales,” said Mike Hughes, General Manager for Downing-Frye Realty, Inc. “A nice inventory of properties is helping our market. Buyers will find an ample selection of properties for sale across all price ranges. Builders have been rushing to meet the demands of consumers. We are just starting to feel the presence of the summer buyers. The Southwest Florida real estate market is not as seasonal as it was twenty years ago. Downing-Frye expects to close 700-900 transactions over the summer months. That is a lot of business for the “off” season. Summer is a great time to visit Southwest Florida for a variety of reasons. It is easier to get on our numerous golf courses over the summer. With many of our local restaurants, you can walk right in with no reservation. The fishing in Florida certainly picks up over the summer. Best of all, many of the hotel rates are a fraction of what they were several months ago.”
BONITA /ESTERO: STABLE PRICES
The continued desire for properties in the area was confirmed by members of the Bonita Springs-Estero REALTORS® in a report comparing May 2019 activity to May 2018. New pending sales of single-family homes were up 14.4 percent, and condominium pending sales were up 17.5 percent. Closed sales of single-family homes were up .7 percent, and closed sales of condos were up 24.8 percent. Over 48 percent of the purchases were paid in cash rather than financed. The median sales price of single-family homes was $369,900 (down 2 percent compared to May 2018) and of condos was $260,000 (up 2 percent compared to May 2018). The active inventory of listings was about the same (1,106 in May 2019 compared to 1,114 in May 2018) and about the same number of new listings were reported (235 in May 2019 compared to 233 in May 2018.)
FLORIDA: PENDING SALES & MEDIAN PRICES UP
Florida’s housing market reported more sales, higher median prices and increased inventory in May compared to a year ago. Sales of single-family homes statewide totaled 30,742 last month, up 9.6 percent over May 2018. “May turned out to be our highest single-family home sales’ monthly total for any single month over at least the past 10 years,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “What’s more, this growth was widespread, with sales increasing in 21 of the state’s 22 metropolitan areas. “This resurgence in single-family home sales is largely being driven by a single factor, which is that mortgage interest rates have been declining sharply since late last year.” In May, statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year for the 89th consecutive month. The statewide median sales price for single-family existing homes was $266,000, up 4.3 percent from the previous year, and for condo-townhouse units was $195,000, up 3.7 percent over the year-ago figure.
USA: EXISTING HOME SALES SLIDE SHOW MINOR DECLINE
Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®.
Joint Center for Housing Studies: Those of lesser means find it difficult to secure housing, but those who can achieve homeownership will have an economic edge.
Florida Drivers Can Be Pulled Over and Cited for
Using Cellphones While Driving
Home Sales in May Shifted to the East
|MAY 2018||MAY 2019||CHANGE|
|Total closed sales (month/month)||1,061||1,165||+9.8%|
|Median closed price (month/month)||$332,000||$355,000||+6.9%|
|Total active listings (inventory)||6,785||5,905||-13.0%|
|Average days on market||98||107||+9.2%|
|Single-family closed sales (month/month)||515||581||+12.8%|
|Single-family median closed price (month/month)||$430,000||$415,000||-3.5%|
|Condominium closed sales (month/month)||546||584||+7.0%|
|Condominium median closed price (month/month)||$268,000||$269,500||+0.6%|
A Word from Downing-Frye Broker & General Manager Mike Hughes
This new infographic shows Downing-Frye Realty’s prowess in the local market.