Shadow Wood at the Brooks Real Estate News | April 2019

01 Apr Shadow Wood at the Brooks Real Estate News | April 2019

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

Your Shadow Wood REALTOR®,
Ed Gongola

SUMMARY OF SHADOW WOOD HOME SALES

SHADOW WOOD CONDOS

• Within the last 12 months, there were 27 sales; the average sales price was $333,159; and, these condos were on the market an average of 100 days; combined days on the market is 218.
   
• During the 12 months previous, there were 29 sales; the average sales price was $393,855; and, these homes were on the market an average of 105 days; combined days on the market is 158.

SINGLE-FAMILY SHADOW WOOD HOMES

• During the last 12 months, there were 70 sales; the average sales price was $850,159; and, these homes were on the market an average of 95 days; combined days on the market is 183.
   
• During the 12 months previous, there were 53 sales; the average sales price was $907,855 and, these homes were on the market an average of 107 days; combined days on the market is 195.
  

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APRIL 2019 MARKET UPDATE

“March was a huge month for high end pending sales,” said Mike Hughes, General Manager for Downing-Frye Realty, Inc. “We had 61 pending sales contracts above $1,000,000 and a sales volume for March of over $264,000,000. That is a 14 percent increase in volume over last March with slightly less pending sales contracts. We had 393 pending sales contracts this March compared to 402 last March. The high end market has shown great momentum over the last month. It’s been a solid winter season so far. Now we’re coming into a busy period where a lot of decisions will be made prior to winter visitors going back home.”

BONITA /ESTERO: OPPORTUNITIES REMAIN HIGH

Sellers continued to adjust pricing in February with 762 price repositions. (The current active inventory is 1,696 properties.) Pending sales for February 2019 versus February 2018 show a slight decrease of 2 percent. (For condominiums, pending sales are up while closings are currently lower than this time last year.) Overall inventory in the Bonita Springs and Estero markets for February 2019 showed the highest number of available listings during the same month prior to 2016. The luxury home market also showed an uptick in showings for the $2 million plus price point with closed sales increasing slightly for that price point over this time last year. The average days on market in February 2019 was 103 days, slightly longer than February of last year. At the current level of inventory, the supply is calculated to last 7.8 months.

FLORIDA: MEDIAN PRICES UP

In February, statewide median sales prices for all property types increased year-over-year for the 86th consecutive month. The statewide median sales price for single-family existing homes was $250,000, up 1.3 percent from the previous year, and for condo-townhouse units was $187,500, up 4.7 percent over the year-ago figure. “Half of the single-family homes selling in February were on the market for at least 54 days before going under contract – this compared to a median of 48 days last year,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “In the condo and townhouse category, there’s a similar trend: The median time to contract was 58 days, up from 51 days last year. At a more local level, this median varies widely from market to market, but the upward trend is prevalent throughout the state. Competition between buyers is clearly not as fierce as it was even a year ago. However, that doesn’t mean we’re quite in buyer’s market territory yet.”

USA: EXISTING HOME SALES REBOUND

Existing-home sales rebounded strongly in February, experiencing the largest month-over-month gain since December 2015. Total existing-home sales shot up 11.8 percent from January to a seasonally adjusted annual rate of 5.51 million in February. However, sales are down 1.8 percent from a year ago. The median existing-home price for all housing types in February was $249,500, up 3.6 percent from February 2018 ($240,800), marking the 84th straight month of year-over-year gains. Total housing inventory at the end of February increased to 1.63 million, up from 1.59 million existing homes available for sale in January, a 3.2 percent increase from 1.58 million a year ago. Unsold inventory is at a 3.5-month supply at the current sales pace, down from 3.9 months in January but up from 3.4 months in February 2018. Forty-one percent of homes sold in February were on the market for less than a month.

Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®. 

45% of Millennials Hope to Skip Over a  ‘Starter Home’

Most Recent Blog: Men’s Legacy Invitational 2019

This year, we had 154 teams with guests from 118 clubs all over the nation participate in the 20th Annual Men’s Legacy Invitational. A special congratulations to our overall champions Mr. Michael Dunn and his guest Mr. Robert Kletjian, and our father/son champions Mr. Jack VanPelt and son Mr. Jon VanPelt. We are excited to share this special video capturing all of the spectacular moments from the 2019 Men’s Legacy Golf Invitational and look forward to continuing the Legacy tradition next year at Shadow Wood Country Club. For more video tips and historical blog posts, visit the blog here.

Most Recent Blog: Ladies Legacy Invitational 2019: The Silk Road 

Shadow Wood Country Club’s 2019 Ladies Legacy Golf Invitational was a fantastic event. Our members and their guests enjoyed a journey down “The Silk Road” at this themed 2-day premier golf event. There were 94 teams that joined us, including guests from all over the state and the nation. We thank everyone that joined us and are looking forward to continuing the tradition of excellence with next year’s Legacy event. In this video you’ll see the extraordinary journey the ladies enjoyed on the Silk Road at Shadow Wood Country Club! For more video tips and historical blog posts, visit the blog here.

February Market Report Shows Many Options for Buyers

Naples, Fla. (March 26, 2019) – Home buyers had many more options to choose from in February as housing market inventory increased 7 percent to 7,442 homes in February 2019 compared to 6,912 in February 2018. In addition to 1,498 new listings added to the Southwest Florida MLS in February, the February 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®),  

which tracks home listings and sales within Collier County (excluding Marco Island), also reflected a 4 percent decrease in the overall median closed price to $335,000 in February 2019 compared to $350,000 in February 2018.

“This is typically the time of year when we see inventory jump,” said Wes Kunkle, President and Managing Broker at Kunkle International Realty. “New listings increased 34 percent in the single-family home market and 7 percent in the condominium market [based on a comparison of February statistics]. That’s a lot of great new options for buyers!”

 

The February Market Report showed inventory for each home type was about even in February with 3,801 single-family homes available (a 10 percent increase compared to February 2018) and 3,641 condominiums available (a 4 percent increase compared to February 2018).

 

While there were 100 fewer closed sales in February 2019 compared to closed sales in February 2018 (a 14 percent decrease), the added inventory has broker analysts like Dominic Pallini, Broker at Vanderbilt Realty, convinced that buyers are not rushing into a sale like many did when inventory levels were much lower; and instead, are meticulously evaluating all their options that include new and existing homes.

 

“The average days on the market increased in February, which tells me that buyers are looking at more homes before they make an offer,” said Pallini. “Plus, there is a lot more new construction this year than a year ago. Agents were rarely in the office in February because showings really increased dramatically.”

 

Unlike many Florida markets, sales of homes in Naples are very geographically influenced. Historically, the closer a property was to the beach, the faster it would sell. But that’s not always the case anymore. Days on market were the lowest in the South Naples area (34112, 34113) in February; yet prices for single-family homes in this geographic area decreased 25 percent to $420,000 in February 2019 from $560,000 in February 2018. 

 

“Our statistics show that the closed prices of properties that were sold in February averaged 95 to 96 percent of the current list price,” Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty. “This shows that once a property is priced to attract buyers, the seller can realize a final closing price within 4 to 5 percent of asking price.”

 

Fioretti added that “many of the current listed properties are priced in excess of the range that is attracting buyers so sellers often have to reduce their asking price to the point where buyers are interested, looking and ready to make an offer. Pricing a home appropriately from the start helps the seller realize a much shorter marketing time and makes for a smoother transaction.”

 

Phil Wood, President & CEO of John R. Wood Properties, added that REALTORS® help buyers find the right homes at the right price in the right area faster because they understand how each geographic area and the neighborhoods within them are different. “For example, closed sales of single-family homes near the beach decreased in February compared to a year ago while its median closed price increased; but closed sales of single-family homes increased in the South Naples area during February and its median closed price fell.”

 

The NABOR® February 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:

CATEGORIES	FEB 2018	FEB 2019	CHANGE
Total closed sales (month/month)	695	595	-14%
Median closed price (month/month)	$350,000	$335,000	-4%
Total active listings (inventory)	6,912	7,442	+7%
Average days on market	95	102	+7%
Single-family closed sales (month/month)	315	291	-7%
Single-family median closed price (month/month)	$439,000	$405,000	-8%
Single-family inventory	3,427	3,664	+7%
Condominium closed sales (month/month)	381	304	-20%
Condominium median closed price (month/month)	$275,000	$265,000	-4%
Condominium inventory	3,485	3,641	+4%

 

“The high-end market continues to do very well in our area,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., who added that those high-end sales are usually made by very astute buyers and if the economy was bad or on a path to becoming bad, then they wouldn’t be buying as they are currently. 

 

“You can’t look at our market with only one lens,” Hughes added. “A lot can change in a quarter mile. Sellers are best served when they work with a REALTOR®, whose job is to offer home buyers and sellers a good understanding of neighborhood market trends and comparative pricing strategies. This is very important during high season, and especially today, when buyers have more housing options.” 

A Word from Downing-Frye Broker & General Manager Mike Hughes

The March pending sales continue to come in at a very high level. This past week we received 25 pending sales a day. It has been a huge month for pending sales above $1,000,000. This month, we have had more pending sales above one million dollars than we have had in ANY month going all the way back to March of 2006!

Between now and May 1, there will be a lot of contracts written. Open houses are a great way to get in front of people. With over 1,300 listings, there are a lot of opportunities here. We had $206 million in pending sales last month. This month, we will probably be above $250 million. Back to back great months.

We are having a strong month for pending sales contracts above $1,000,000.00. So far this month, we have had 41 pending contracts turned in above $1 million. If you went back all the way to April of 2006, we have had only two other months (February and March of 2016 ) where we had over 40 pending contracts above $1 million. I fully expect that we will have a huge month for the high-end properties. We might have the Annual Downing-Frye Billion Dollar Party a little earlier this year! Downing-Frye throws a party when we hit one billion in sales for the year.

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