01 Jul Shadow Wood at the Brooks Real Estate News | July 2021

Posted at 08:03h in Ed Gongola, Real Estate News, Shadow Wood at the Brooks by Eric Sommerton

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As of July 1, 2021, there are absolutely ZERO active listings in our area multiple listing service (MLS) in Shadow Wood.

This is the first time that I recall no active listings … and I have been serving Shadow Wood since its inception.

A reminder, you have access to the most comprehensive website devoted to Shadow Wood, www.ShadowWoodRealty.com. I’ve included maps, floor plans, photos, and descriptions of each neighborhood within this desirable community.

Please contact me for all your real estate needs in Shadow Wood. With over 35 years of helping buyers and sellers in SWFL, my experience will be invaluable in this fast-moving, low-inventory market.

Your Shadow Wood REALTOR®,
Ed Gongola

Summary of Shadow Wood Home Sales

If you are considering selling your Shadow Wood home, here are some statistics that may help you decide to place your home on the market.

SHADOW WOOD CONDOs

Within the last 12 months, there were 40 sales; the average sales price was $382,968; and, these condos were on the market an average of 70 days; combined days on the market is 164.
During the 12 months previous, there were 28 sales; the average sales price was $344,432; and, these homes were on the market an average of 110 days; combined days on the market is 207.

SINGLE-FAMILY SHADOW WOOD HOMES

During the last 12 months, there were 79 sales; the average sales price was $1,013,080; and, these homes were on the market an average of 97 days; combined days on the market is 219.
During the 12 months previous, there were 45 sales; the average sales price was $822,877 and, these homes were on the market an average of 108 days; combined days on the market is 275.

For a list of SHADOW WOOD homes sold in the last 12 months, click here.

For a list of SHADOW WOOD homes that are pending at the moment, click here.

Meet Ed Gongola and discover how he can help you with his concierge-style of service when buying or selling your home.

Make An Appointment

July 2021 Market Update

DEMAND STILL STRONG GOINT INTO SUMMER

“New listings are coming in daily, but the demand is so strong that they are absorbed very quickly,” said Mike Hughes, Vice President of Downing-Frye Realty, Inc., “If it’s your desire to purchase soon, it would be best to be working with a Downing-Frye agent that is monitoring our daily listing activity because properties are selling about as fast as they come on the market. Some sellers list high and then later reduce their price, while others list lower and then raise their price. In May, the Naples area had as many prices increases as price decreases. Although financing rates remain favorable, most Downing-Frye sales have been cash transactions. During the first half of 2021, we had 2,502 pending sales, which were 64 percent more than the first half of 2020; and 2,335 closings, which were 82 percent more than the first half of 2020. Our 303 pending sale transactions for June at $198 million were 20 percent higher than our average June sales over the last five years. Selling activity is still quite elevated, and the summer buying season has only begun.”

BONITA / ESTERO: BUYER FRENZY LEVELS-OFF

Inventory levels in May 2021 saw little change compared to May 2020, but steady high demand continued to deplete that inventory. Area brokers still saw multiple offers come in on new properties as soon as they became available. Additionally, due to ongoing price increases on materials and labor shortages for area home builders, buyers considered a resale purchase that they could upgrade as opposed to waiting for new construction. Area experts also agreed that buyers still consider Bonita Springs and Estero a top market to consider when purchasing a new home. The median closed sales price in May 2021 was $395,000, up 22.7 percent over the year-ago figure.

NAPLES AREA: HOME PRICES CLIMB IN MAY

Homes in the Naples area were being sold at 99.1 percent of the list price in May. A tight inventory and buyer demand continued to push prices upward in May, which resulted in an overall median closed price increase of 29.4 percent to $433,500 from $335,000 in May 2020. Overall closed sales increased 164.4 percent to 1,618 from 612 in May 2020 (a month when all the world was in COVID-19 lockdown). For perspective, closed sales increased 36 percent in May 2021 compared to May 2019 (a non-pandemic lockdown month). Nevertheless, closed sales activity in May 2021 outperformed any other May in the history of NABOR®’s market statistics reports. Overall inventory fell 79.1 percent in May to 1,290 homes from 6,177 homes in May 2020, but monthly new listings activity continues. May welcomed 1,274 new listings, a 7.6 percent increase from 1,184 in May 2020.

MARCO ISLAND AREA: SALES REMAIN STRONG

The Marco Island Area Assoc. of Realtors® reported that June 2021 compared to June 2020 showed the following: Total inventory (249 properties) was down by 81.4 percent, closed sales (271 properties) were up by 201.1 percent and pending sales (183 properties) were up by 52.5 percent. The June median sales price was $585,000, which is 3.62 percent higher than June 2020.

FLORIDA: STRONG MARKET IN MAY

Closed sales of single-family homes statewide in May totaled 30,985, up 57.9 percent year-over-year, while existing condo-townhouse sales totaled 15,491, up 155.2 percent over May 2020. “Florida’s inventory of existing single-family homes listed for resale increased slightly over the course of the month, rising from 31,618 as of the end of April up to 32,021 by May 31,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “While that’s only a little over a 1 percent increase, it’s significant because this is the first time Florida’s single-family inventory has increased during any month since March of 2020. Of course, we are still down 58.2 percent compared to a year ago, so we are by no means out of the woods in terms of the housing shortage – but we can at least take this flattening inventory curve as a sign that we might finally be at the start of a long march back toward a balanced market.”

USA: VACATION HOME SALES SKYROCKET

“Vacation homes are a hot commodity at the moment,” said Lawrence Yun, NAR’s chief economist. “With many businesses and employers still extending an option to work remotely to workers, vacation housing and second homes will remain a popular choice among buyers.” Areas where vacant seasonal, occasional or recreational-use housing account for at least 20 percent of homes are identified as vacation home counties. Median existing-home sale prices in vacation counties grew faster than in the rest of the country, increasing 14.2 percent compared to 10.1 percent in non-vacation home counties. The top 5 counties are: Lee County, Florida; Oscoda County, Michigan; Swain County, North Carolina; and Collier County, Florida.

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

5 Hard-to-Ignore Reasons Why You Should Always Work With a Realtor

From getting you the best deal to keeping you on the right side of the law, there are only upsides as to why use a Realtor.

Buying and selling a home is stressful. Showings. Listings. Open houses. Taxes. Closing costs. Paperwork on top of paperwork on top of paperwork.

And those are just the things you’ve thought of off the top of your head.

While it’s easy to think you can handle it all yourself, thanks to the abundance of information readily available on the internet (and from the Property Brothers!), the fact is that a real estate transaction is time-consuming and complicated, and, if not handled properly, could end up costing you money.

Just like you wouldn’t represent yourself in a court of law, it’s simply not in your best interest to represent yourself when you’re buying or selling a home. It’s worth it to work with someone who knows real estate inside and out – a Realtor.

Here are just a few of the compelling (and sanity-saving) reasons why to use a Realtor:

1. Realtors abide by a code of ethics.

While we believe most real estate professionals are honest folks, those who belong to the National Association of Realtors (NAR) have agreed to conduct themselves according to the Realtor Code of Ethics, 17 rules that ensure standards of practice to promote honesty and fairness.

What this means is that your Realtor is looking for you – and only you. Plain and simple.

2. They have insider information.

Every industry has its own special language, its own vast networking system, its own trade secrets, and the world of real estate is no different.

Realtors network constantly with other real estate pros and have exclusive access to market data through the National Realtors Association that help them keep up with what’s happening in the housing market. They know the trendy subdivisions and the up-and-coming blocks, and they watch like hawks to find great deals for buyers.

Realtors know CMAs, EIKs and FSBOs. Amortization, appraisals and assessments. Collateral, co-mingling and cash reserves. If you don’t understand this lingo (and most people don’t), consider getting a Realtor on board to help you translate.

They also know that advertising isn’t what sells most homes, it’s networking.

Using a Realtor to buy or sell your home gives you access to his or her extensive contact list of colleagues as well as friends, family and previous clients. Your Realtor could know another Realtor who knows a family that’s looking for exactly what you’re selling or who’s selling just what you’re in the market for.

It’s these relationships with other real estate pros that can help you get a fair representation of the property as well as the best final sales price, whether you’re buying or selling.

3. They’re marketing masters …

In addition to marketing behind the scenes with colleagues, Realtors know how to make your home shine — from planning the perfect open house to staging your home for showings to photographing your property in the best possible light (literally) for listings.

We know you have good taste and that HGTV has taught you a thing or two about selling a home. But we also know you have a full-time job, a family and a hundred other things on your to-do list. It’s perfectly OK to take the back seat and let a pro handle your real estate venture.

Truth is, 30 percent of buyers found their home with the help of an agent and 51 percent found theirs on the internet, according to a 2017 National Association of Realtors (NAR) survey.

Realtors have made it their job to build huge social media followings, and their association with the NAR provides them with all the latest marketing strategies. They network through things such as Facebook groups, NextDoor and LinkedIn to reach even more potential buyers and sellers.

You, as a homeowner, can only share your listing so many times with your Facebook friends before they snooze you for 30 days.

4. … and tough negotiators.

It’s all about that final price, and for sellers, the idea of handing part of that to an agent can feel a little unsettling.

Consider this: The average selling price for a “for sale by owner” home was $208,700 compared with $235,000 for an agent-assisted sale, according to 2016 numbers from NAR, which points up that the odds of getting the price you want (and maybe even more), increase when you have a seasoned expert at your side.

And a bigger profit means you can still walk away with the cash you hoped for.

Plus, Realtors aren’t emotionally invested in your property. And that’s a good thing, because more than likely, you are. Your home holds memories, good and bad, and letting go can be a heart-wrenching process.

Human beings simply don’t make the best decisions when they’re emotional. A Realtor can be a common-sense constant who negotiates with his head instead of his heart.

5. Realtors keep you on the right side of the law.

Do you have to tell a potential seller about that water leak you never had repaired? Do you need to test your older home’s paint for lead before putting it on the market? Are there any deed restrictions on the property you’re hoping to buy? Who the heck is Dodd-Frank?

When buying or selling a home, dozens of questions will come up that you simply won’t know the answer to — and an internet search won’t quickly answer. This is where a Realtor comes in particularly handy.

Realtors keep up with the ever-changing rules and regulations that govern the sale of property, thanks to a constant flow of up-to-date information from the National Association of Realtors and related state Realtors associations, so you don’t have to.

Make An Appointment

For many years, Shadow Wood Members have done so much to give back to the local community. The Coronavirus pandemic created many challenges for underprivileged families, families who are out of work, and a host of other families struggling to put food on the table. Local food banks have been hit hard over the past year and were unable to keep up with the demand to feed so many needy families.

With the move to the new roman numeral tee marker system across all three golf courses, the Golf Committee teamed up with the Shadow Wood Charitable Foundation to present an exciting charitable opportunity for the members to purchase a logo tee marker to support local food banks.

Want to Learn More?