04 Jun Shadow Wood at the Brooks Real Estate News | June 2018
As of June 1, 2018, there are 71 active listings in Shadow Wood; 19 less than last month. There are 48 single-family, listed homes ranging from $469,000 to $2,800,000. The average list price is $1,065,956 and the average days on the market is 105 days. Combined days on the market is 169. In the condo market, there are 23 active listings in Shadow Wood, ranging in price from $295,000 to $599,000. The average list price is $414,061 and the average days on the market is 146. Combined days on the market is 159.
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SUMMARY OF SHADOW WOOD HOME SALES
SHADOW WOOD CONDOS
- Within the last 12 months, there were 29 sales; the average sales price was $391,990; and, these condos were on the market an average of 96 days; combined days on the market is 163.
- During the 12 months previous, there were 27 sales; the average sales price was $403,398; and, these homes were on the market an average of 99 days; combined days on the market is 177.
SINGLE-FAMILY SHADOW WOOD HOMES
- During the 12 months previous, there were 61 sales; the average sales price was $899,063; and, these homes were on the market an average of 104 days; combined days on the market is 183.
- During the 12 months previous, there were 48 sales; the average sales price was $969,130; and, these homes were on the market an average of 118 days;combined days on the market is 204.
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NEWS RELEASE: Post-Recession Buyers Look at Housing Differently
CHICAGO – June 1, 2018 – The Great Recession has had a lasting impact on how consumers shop for homes today, builders say. Even consumers who didn’t lose a home to foreclosure during the housing crisis are shopping for homes more cautiously than they did during the early 2000s and during the height of the housing boom.
“Buyers became more cautious in the home buying process,” says Dennis Webb of Fulton Homes. “If they were not directly affected, then they certainly know someone who was.”
The recovery has rolled on for more than eight years and builders say a new breed of homebuyer has emerged. They’re more cautious and prepared than buyers were before the housing crisis. For example, David Weekley’s President John Johnson says that the recession prompted more buyers to change their priorities and the size of home they desired.
“Instead of looking for the biggest home they can afford, they’re shopping for a home that fits their needs at the right price,” Johnson told BUILDER magazine. “They are conscientious about the total costs to operate the home – energy bills, insurance, reserves, maintenance and so on – which was not the case directly prior to the downturn.”
Today’s buyers aren’t stretching themselves as much financially as they did in the early 2000s either with the purchase of a home and their mortgage. Some of that is because lenders won’t let them, however, through stricter underwriting standards.
The American dream of homeownership shifted following the recession, says Tommy Owings, president of Silverstone Residential, an Atlanta-area firm.
“Prior to the recession, many buyers looked at homeownership predominantly as an extension of their total net worth,” Owings says. “A large swatch of the market in general has since taken a more practical approach, in realizing that they do not all need to have mini-mansions but instead appreciate the bottom-line value, maximization of space, and the realization that a home is not just an investment but a place for homeowners and families to live and grow within a healthy means.”
The building industry also has seen a lingering impact post-recession and the new-home market has yet to fully recover. Builders have been pointing to an ongoing labor shortage from workers who left during the recession and never returned, which is delaying timetables and also raising costs in new-home construction.
Source: “Buyers Still Affected by the Recession’s Hard Lessons,” BUILDER (April 30, 2018)
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JUNE 2018 MARKET UPDATE
INCREASED LISTINGS, INCREASED SALES
“May was another strong month,” said Mike Hughes, Vice President and General Manager of Downing-Frye Realty. “Pending sales were up 23 percent over last May. In fact, our pending sales have been up in four out of five months this year. Downing-Frye agents had a total of 1,676 pending sales contracts turned in for the first five months of the year. This represents a 14 percent increase over last year for the five months ending May 31. We had a long and busy season this year. We are now ramping up for an anticipated busy summer season. Selling real estate in Southwest Florida is pretty much year-’round these days.”
BONITA /ESTERO: INCREASED PENDING SALES
For April 2018, the market saw increased pending and sold units versus April 2017 with only those properties priced at $2 million and above experiencing a down-tick in pending and closed units. “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. “Sales of new construction homes are also affecting the days on market figure.” Pending sales in the Bonita Springs and Estero markets increased by 15 percent comparing this April with last. During that same time period, active inventory decreased by 3 percent to 1,759 properties and the median closed sales price was $295,000, a decrease of 1 percent compared to the previous year. The average Days on Market was 96 days at the end of April 2018.
FLORIDA: AFFORDABLE LISTINGS SCARCE
A shortfall of for-sale inventory continued to impact sales even as the number of owners listing their properties for sale inched up over the first quarter. In 1Q 2018 the statewide median sales price for single-family, existing homes was $248,000, up 9.7 percent from the same time a year ago, and the median sales price for condo-townhouse properties was $180,000, up 7.8 percent. Florida Realtors Chief Economist Dr. Brad O’Connor said, “At the more affordable end of the pricing spectrum … it’s the lack of both existing and new inventory that is really limiting this segment’s potential and keeping sales growth down. Buyers in the market for mid- to upper-tier single-family homes are having a much easier time of it, as they’re facing less competition, and there’s a relative abundance of both new construction and resale inventory available.” Closed sales of single-family homes statewide totaled 60,204 in 1Q 2018.
USA: NEED MORE NEW HOMES
An increase in housing supply is crucial to the health and sustainability of the real estate market and the economy. If supply and demand continues to become more and more out of balance, it could trigger a fast price growth said NAR Chief Economist Lawrence Yun. Ken Simonson, chief economist for Associated General Contractors of America said, “Construction saw a 30 percent drop in employment in the previous decade, the largest drop of any industry. They also began laying people off a year before the recession began and did not start hiring again until much later than other industries.” This has led to difficulty in bringing skilled laborers back to the industry. Material costs have also gone up: diesel fuel cost has risen 42 percent since 2017, lumber and plywood cost increased by 11 percent, copper and brass mill shapes have risen 10 percent.
Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®.
Most Recent Blog: A Look Back On The 2017-2018 Season & What this Summer has In-Store
“Between October and May, our team hosts around 600 events between golf, tennis, bocce, social and dining. Often times, there will be as many as 4 to 5 events per day. Needless to say, there is always something going on at Shadow Wood, and enough variety within these events to accommodate all our different members and different membership categories.” For more information and to find out what “Summers at Shadow Wood” are like, visit the blog here.
Safeguarding Your House during Open Houses.
A Word from Downing-Frye Broker & General Manager Mike Hughes
We are having a pretty good month for pending sales contracts. Through yesterday, our pending sales contracts are up 17% over last May! Keep in mind that our April pending sales contracts were up 21% over the previous April.