02 Jul Shadow Wood at the Brooks Real Estate News | July 2018
As of July 1, 2018, there are 62 active listings in Shadow Wood; 9 less than last month. There are 46 single-family, listed homes ranging from $495,000 to $2,800,000. The average list price is $1,109,839 and the average days on the market is 112 days. Combined days on the market is 198. In the condo market, there are 16 active listings in Shadow Wood, ranging in price from $285,000 to $599,000. The average list price is $427,094 and the average days on the market is 170. Combined days on the market is 189.
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SUMMARY OF SHADOW WOOD HOME SALES
- Within the last 12 months, there were 30 sales; the average sales price was $376,990; and, these condos were on the market an average of 95 days;combined days on the market is 167.
- During the 12 months previous, there were 23 sales; the average sales price was $390,065; and, these homes were on the market an average of 118 days; combined days on the market is 200.
- During the 12 months previous, there were 59 sales; the average sales price was $878,045; and, these homes were on the market an average of 108 days; combined days on the market is 192.
- During the 12 months previous, there were 47 sales; the average sales price was $965,116; and, these homes were on the market an average of 110 days;combined days on the market is 194.
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NEWS RELEASE: Freddie Mac to Nix Full Appraisals for Some Condo Loans
MCLEAN, Va. – June 29, 2018 – Freddie Mac announced that consumers buying a condo or refinancing an existing condo mortgage may now be eligible for its automated appraisal waiver.
Originally launched in 2017 for single-family home loans, Freddie’s automated collateral evaluation (ACE) appraisal waiver allows eligible condo borrowers to save money if the lender decides that a traditional appraisal isn’t needed. Freddie says that could save buyers approximately $500 in fees and allow them to close 7-10 days faster.
“We continue to see the share of condo loans we purchase increase, especially among first-time homebuyers,” says David Lowman, executive vice president of Freddie Mac’s Single-Family business. “ACE for condos will help increase the efficiency of the mortgage origination process, offer greater certainty, and help save our clients, and their customers, time and money.”
ACE assesses the need for a traditional appraisal by “leveraging proprietary models and using data from multiple listing services (MLSs) and public records as well as a wealth of historical home values to determine collateral risks,” according to Freddie Mac.
To find out if a condominium property is eligible for an ACE waiver, lenders must submit loan data through Loan Product Advisor, Freddie Mac’s automated underwriting system. If ACE determines that the estimated value or purchase price of the condo is acceptable, the lender may receive immediate representation and warranty relief related to the value, condition and marketability of the property upon delivery of the loan to Freddie Mac.
However, lenders and borrowers always have the choice to either proceed with an ACE appraisal waiver or obtain a traditional appraisal.
ACE for condominium purchases and refinances will be available after July 16, 2018.
JULY 2018 MARKET UPDATE
“Downing-Frye is having another good year,” said Mike Hughes, Vice President and General Manager of Downing-Frye Realty. “Sales have been at a steady pace and we have more listings now than we did this time last year. We’ve already closed over 1,600 transactional sides which equates to just over $800 Million in closed sales volume. Our listing inventory of over 1,000 properties is impressive. Great opportunities exist right now for buyers, and we anticipate that this will be quite a busy summer. Our pending sales for the month of June are up 12 percent over last June for the first twenty days of the month.”
In May, Florida’s housing market reported more sales, higher median prices and more new listings from owners ready to sell. Sales of single-family homes statewide totaled 28,071 last month, up 0.8 percent compared to May 2017. The statewide median sales price for single-family existing homes was $255,000, up 6.7 percent from the previous year. Townhouse/condo statewide closed sales totaled 12,012 last month, up 4.1 percent compared to a year ago. “Florida’s resale market for existing homes continues ahead of last year’s pace, with median sale prices and the number of sales checking in at levels above where they were at this time in 2017,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “Price growth for both single-family homes and for condo and townhouse properties was slightly more modest than the year-over-year increases we observed in previous months of 2018, but not by much.
New construction home sales are proving to be a challenge for those homes currently on the market in need of an upgrade. “Homeowners in the market continue to realize that a price reposition is necessary if there is no activity and the property’s interior and exterior style is more than three years old,” stated Jerry Murphy, Managing Broker, Downing-Frye Realty, Bonita Springs. Comparing May 2018 with May 2017: closed sales are up 17.5 percent, the median sales price is up 14.4 percent, the average sales price of $559,248 is up 23 percent, new pending sales are up 16.8 percent, and the active listing inventory of 602 properties is 13.8 percent more than last May. The overall message for the Bonita Springs/Estero markets from area brokers is to not give credence to the time of year for buying or selling as open house activity is still very strong moving into the summer months.
USA: EXISTING HOMES SALES DOWN
Existing-home sales are now 3 percent below a year ago and have fallen year-over-year for three straight months. Lawrence Yun, NAR chief economist, says a solid economy and job market should be generating a much stronger sales pace than what has been seen so far this year. “Closings were down in a majority of the country last month and declined on an annual basis in each major region,” he said. “Incredibly low supply continues to be the primary impediment to more sales, but there’s no question the combination of higher prices and mortgage rates are pinching the budgets of prospective buyers, and ultimately keeping some from reaching the market. The abrupt hike in mortgage rates this spring, along with price appreciation and competition being the strongest in the entry-level part of the market, is why first-time buyers are not as active as they should be,” said Yun.
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Shadow Wood Reciprocal Program in Full Swing!
From May 1st to October 1st, our Shadow Wood members have the opportunity to participate in the Reciprocal Program that allows the opportunity to golf and/or dine at nearly 75 local clubs. This also allows members of the participating clubs to come experience the Shadow Wood lifestyle! For more information, please contact the club concierge.
A Word from Downing-Frye Broker & General Manager Mike Hughes