01 Jun Shadow Wood at the Brooks Real Estate News | June 2021
As of June 1, 2021, there are 4 active listings in our area multiple listing service (MLS) in Shadow Wood; the same as last month. There is 1 single-family home on the market for $849,000. In the condo market, there are 3 active listings in Shadow Wood priced from $389,900 to $559,000.
For comparison, last year on June 1, there were 52 listings in Shadow Wood
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 41 sales; the average sales price was $374,170; and, these condos were on the market an average of 74 days; combined days on the market is 169.
- During the 12 months previous, there were 29 sales; the average sales price was $370,028; and, these homes were on the market an average of 106 days; combined days on the market is 210.
SINGLE-FAMILY SHADOW WOOD HOMES
- During the last 12 months, there were 80 sales; the average sales price was $1,000,480; and, these homes were on the market an average of 98 days; combined days on the market is 227.
- During the 12 months previous, there were 47 sales; the average sales price was $819,031 and, these homes were on the market an average of 112 days; combined days on the market is 267.
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.
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June 2021 Market Update
LUXURY BUYERS LEAD THE MARKET
“Normally, May is a quieter transition month between the active winter and summer buying seasons,” said Mike Hughes, Vice President of Downing-Frye Realty, Inc. “This was the most active May we’ve seen in over 15 years for the luxury market. We had 344 pending sales in May for over $222 million and 14 percent of those were for properties priced over $1 million. May’s closings were 73 percent stronger than in 2019, our last normal year. By the end of April we had already closed over $1 billion in sales – a milestone we don’t normally see until the last quarter of the year. New listings are coming on the market everyday, and if you’re a serious buyer you should be working with a professional who can help you navigate a market that is like a mind field full of multiple-offer situations. The desire to live here is as strong as ever, and inventory is anticipated to be tight for the next few years.”
BONITA / ESTERO: BUYER DEMANDS REMAIN HIGH
There was a 132 percent increase in new listings in April 2021 versus April 2020, but buyer demand is so high right now that the increase is struggling to accommodate current demand. Pending sales also saw an increase of 190.9 percent, while closed sales topped out at a 132.3 increase. The days on market in April was just 48 days, a 34.2 percent drop over the same time last year. Realtor.com also reported a 2 percent increase in search result page views in Bonita Springs and Estero, resulting in over 31 million views of the market in April 2021. The current active inventory in April was 309 properties, down 80 percent from the year ago figure.
NAPLES AREA: LISTINGS INCREASE IN APRIL
Since January, the Naples area housing market has enjoyed a 14.3 percent increase in new listings compared to new listings during the same time period in 2020. April had 2,037 pending sales and 1,882 closed sales, which resulted in 1,432 homes remaining in inventory by the end of the month. Because of increased demand for the Naples lifestyle, the 8-month supply of homes in April 2020 was reduced to a 1.1-month supply at the end of April 2021. April’s median closed price increased 30.9 percent to $445,000 from $340,000 in April 2020. New construction sales typically account for 25 percent of all Naples home sales, but raw material shortages have forced many local builders to require escalation clauses or press pause on future sales since it is increasingly difficult for them to determine market prices a year from now.
MARCO ISLAND AREA: SALES REMAIN STRONG
The Marco Island Area Assoc. of Realtors® reported that May 2021 compared to May 2020 showed the following: Total inventory (237 properties) was down by 82.3 percent, closed sales (264 properties) were up by 193.3 percent and pending sales (175 properties) were up by 45.8 percent. The May median sales price was $589,00
FLORIDA: GAINS REFLECT COVID IMPACT
Closed sales of single-family homes statewide in April totaled 33,264, up 55.4 percent year-over-year, while existing condo-townhouse sales totaled 17,330, up 130.9 percent over April 2020. The statewide median sales price for single-family existing homes was $336,525, up 22.4 percent from the previous year, and for condo-townhouse units was $250,000, up 19.6 percent over the year-ago figure. For a couple of months, year-over-year figures for closed sales and a few other market metrics that were adversely impacted by the onset of the COVID-19 pandemic a year ago will show those effects in a very high, positive percentage change, according to Florida Realtors Chief Economist Dr. Brad O’Connor. However, he explained that the abnormally high year-over-year growth figures should shrink significantly in June, because June of last year was the beginning of the recovery in sales.
USA: HOME SALES WANE IN APRIL
Total existing-home sales slipped 2.7 percent from March, but were up 33.9 percent from a year ago. The median existing-home price for all housing types in April was $341,600, up 19.1 percent from April 2020 ($286,800), as every region recorded price increases. This is a record high and marks 110 straight months of year-over-year gains. Total housing inventory at the end of April amounted to 1.16 million units, up 10.5 percent from March’s inventory and down 20.5 percent from one year ago (1.46 million). Properties typically remained on the market for 17 days in April, down from 18 days in March and from 27 days in April 2020. Eighty-eight percent of the homes sold in
Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®.
In Fla., 7 People Move in for Every 1 Person Who Leaves
Redfin: People across the U.S. are moving to states with lower taxes. Fla., with the 7th-lowest tax rate, gained more residents than all but 4 states from 2013-2020.
MIAMI – A new report from Redfin indicates that states with lower taxes are attracting people from all over the country. Over the last eight years, an average of four people moved into low-tax states from other parts of the country for every one person who left, the report estimates.
Florida had the seventh-lowest tax rate in the country and saw seven people move in for every person who left. Florida gained more residents than all but four states between 2013 and 2020.
Realtors attribute this to Florida having no state income tax and the opportunity for beachfront living. Redfin analyzed migration to and from the 48 contiguous U.S. states during the eight-year time frame. The migration trends correlate with rates of sales tax, income tax, and property tax in 2020.
Redfin agent Heather Kruayai observes, “Competition and prices are up and supply is down this year, partly due to those out-of-state buyers who sold homes in expensive markets and are buying homes using cash in Florida.”
Meanwhile, New York lost more residents than any other state; for every eight people who left, only one person moved in.
Source: South Florida Agent (05/20/21) Khan, Alsha
© Copyright 2021 INFORMATION, INC. Bethesda, MD (301) 215-4688
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Sellers Step Up in Attempt to Meet Buyer Demand in April
Notice: Attempts to compare the performance of the Naples area housing market using month-over-month statistics is not recommended at this time. Mandatory COVID-19 restrictions during the Spring of 2020 disrupted the market resulting in inequitable statistical comparisons.
Naples, FL (May 21, 2021) – Buyers eager for more home choices were treated to an increase in new listings during April. According to the April 2021 Market Report, released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), there were 1,460 new listings added to the pool of homes for sale in Naples during April. This was a 106.2 percent increase in new listings compared to new listings added during April 2020. However, and as broker analysts reviewing the report were quick to point out, evaluating market conditions using month-over-month market data will not produce equitable comparisons for the next few months because the real estate industry, like virtually all businesses, experienced reduced productivity levels as a result of mandatory COVID-19 restrictions.
Since January, the Naples area housing market has enjoyed a 14.3 percent increase in new listings compared to new listings during the same time period in 2020. “Some buyers who haven’t found their ideal home yet might think, ‘There’s nothing left to see,’” said Brenda Fioretti, Broker Associate at Berkshire Hathaway HomeServices Florida Realty, “but new listings are hitting the market everyday so they shouldn’t give up searching for a home.”
Fioretti, along with several brokers who review NABOR®’s monthly Market Report, say buyers are best served in today’s low inventory market environment when they work closely with a REALTOR®. These professionals are trained to help buyers navigate the Naples area housing market using real-time technology that alerts them immediately when new homes that meet their clients’ needs become available.
Buyer demand in April took another bite on our inventory. April had 2,037 pending sales (homes under contract) and 1,882 closed sales, which resulted in 1,432 homes remaining in inventory by the end of the month. Not surprising, and because of increased demand for the Naples lifestyle, the 8-month supply of homes in April 2020 was reduced to a 1.1-month supply of homes at the end of April 2021. This substantial loss of inventory is attributed to post-pandemic relocation buying behaviors, a new reality in many Florida communities.
The median closed price in April increased 30.9 percent to $445,000 from $340,000 in April 2020. But according to Spencer Haynes, Vice President of Business Development and Broker with John R. Wood Properties, “Pricing is not an issue with most buyers. What we are dealing with today is a market of real end-users, not investors or ‘speculative flippers’ like what we saw in 2005/2006. People are not willing to buy anything just to get into a home right now. They have cash and are willing to wait until the right home becomes available.”
“The market is responding exactly as it should,” said Adam Vellano, a Naples Sales Manager at Compass Florida. “The number of new listings is going up and they are selling fast because demand is simply outpacing the inventory replenishment. The rise in homeowners’ equity during this hot market means everyone who bought a home in the last five or six years is in a good position to make a profit if they choose to sell now.”
The NABOR® April 2021 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:
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Historically, new construction sales accounted for 25 percent of all home sales in Naples. But raw material shortages are forcing many local builders to require escalation clauses or press pause on future sales as it is becoming increasingly difficult for them to determine market prices a year from now.
Jeff Jones, Broker at Keller Williams Naples, added, “If a buyer is interested in a home that already has an accepted offer, that doesn’t mean it has sold. With such tight inventory, buyers are submitting offers on multiple homes so it’s a great practice to submit a backup offer if a buyer is really interested in the home. In all cases, there can be only one buyer per home so when this happens the buyer’s back-up offer could become the winning offer.”
While overall closed sales continued to climb across all neighborhoods in Naples during April, according to Phil Wood, President & CEO of John R. Wood Properties, closed sales in the $1 million and $2 million and above price categories outperformed all other lower priced home categories tracked by NABOR®. “Traditionally, our seven-figure sales begin to level off after Easter. But today they remain strong. Whether it’s a single-family home over $1 million or a condominium over $2 million, the luxury market is still very much on fire.”
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1 in 5 U.S. Homes Now Multi-Generational
Children may move home, but many multi-gen homes are to help middle-aged adults take care of aging parents – and enjoy the benefits of trustworthy in-house babysitters.
NEW YORK – When Alena Shifrin’s parents in 2014 moved in with her family of four in Mount Kisco, New York, she knew she’d have to expand her 1,200-square-foot home.
Soon the Cape Cod-style home about 37 miles northeast of Manhattan underwent a major renovation and grew to 2,300 square feet.
Having her parents living with her allowed her to keep a close eye on her mother, who had suffered a stroke a few years earlier. It also allowed Shifrin to take a job as a fitness instructor without worrying about watching her young children, then 9 and 5.
She had been a full-time, stay-at-home mother to accommodate her husband’s busy schedule as an orthopedist. Now, her father could drive her children to their activities.
But once the pandemic hit, the space started feeling cramped. And the family wasn’t alone.
While the number of Americans living in multi-generational family households has continued to rise in recent years, the pandemic seems to have further accelerated the trend.
Before March 2020 – when cases of COVID-19 began to surge and the economy sputtered – approximately 11% to 12% of primary residence buyers every year bought multi-generational homes. In the first three months of the pandemic, however, that number jumped to 15%, according to a National Association of Realtors analysis.
The association’s survey, based on 8,000 people who bought a home between April to June, found the top reason for buying a multi-generational home was to take care of aging parents.
As for Shifrin, her children were now 16 and 12, and they were attending school remotely. Her husband needed a quiet place while he treated his patients from home via telemedicine. Her fitness classes also had moved online.
“I was the one being loud. I have a little music and I’m singing and I’m like ‘let’s do this,’ and everyone’s home and it’s chaos and my parents are like, ‘It’s so loud. Why are you guys so loud?’” she said “Not to mention, everyone was trying to find the best Wi-Fi spot in the house.”
By November, right after Thanksgiving, Shifrin says she realized the multi-generational family had outgrown the house. The pandemic made the need to find a bigger home more pressing.
“I was just so desperate. I was like, we’ve got to get out. This is not healthy. Everybody’s getting miserable. It’s time to go,” she says.
Jessica Lautz, vice president of demographics research for the National Associations of Realtors®, said taking care of aging parents and spending more time with them and relatives was a “top priority” for purchasing a multi-generational home.
Lautz added that other reasons included adult children moving back home and cost savings that result from multiple incomes purchasing a larger house together.
In 2016, 64 million people, or 20% of the U.S. population lived with multiple generations under one roof, according to a Pew Research Center analysis of census data. That number was the highest since 1950 when three or more generations living under one roof composed 21% of all households.
John L. Graham, professor emeritus at the University of California, Irvine and co-author of “All in the Family: A Practical Guide to Successful Multigenerational Living,” says the growth in multi-generational households is a cultural shift back to the way things once were and that the arrangement is mutually beneficial.
“It’s only in the last 50 years in the United States and the Northern European countries that people have tried out the nuclear family living,” he says. “It just doesn’t work well. Grandparents and grandkids are supposed to be near each other.”
Graham says families living together provide enormous psychological benefits, particularly for the elderly when they are around younger people.
“Especially during the pandemic, with a shortage of health care workers, the family is going to be the saving grace of home health care,” Graham said.
When the pandemic hit, Shobha Bhatnagar and her husband, Gaurav, found their adult children back at home in Scarsdale, New York, about 20 miles south of Shifrin’s family. Their daughter had returned from college to learn remotely, and their son, who was working in Brooklyn, moved back home with his partner. The couple’s mothers, who live in India, also were slated to join them later in the year.
While the family had planned to move to Connecticut to escape the high tax school district where they were living, they’d never thought of buying anything much larger than their 2,400 square-foot-house.
The pandemic convinced them otherwise.
The couple knew they no longer could plan to alternate the mothers’ visits and would need more space.
That’s when they found the house of their dreams. In June, they saw a 5,000 square-foot home in Stamford, Connecticut, with six bedrooms, a cottage and a pool for which they paid less than the smaller Scarsdale home. They said the best part about the house was that it had two bedrooms and two bathrooms on the lower floor so their mothers wouldn’t have to use the stairs.
“It was a place where each person could have their own space and be together to watch TV. The other thing was that they kept each other company and did not feel isolated,” says Shobha Bhatnagar, who co-owns a management consulting firm with her husband. “We were working extra-long hours. They would spend the mornings cooking and feeding us and then watch TV afterwards.”
The rise in multi-generational living can be attributed to racial and ethnic diversity in the U.S. population, according to Pew Research. Among Asians living in the U.S., 29% lived in multi-generational family households in 2016, according to census data. Among Hispanics and Blacks, the shares in 2016 were 27% and 26%, respectively. Among whites, 16% lived with multiple generations of family members.
For Shifrin, having her parents at home where she could watch them was a major source of comfort during the pandemic.
“A lot of seniors are suffering depression from isolation because they can’t see their families,” she says. “I was able to make sure that my parents got their vaccinations, and I could drive them without worrying about getting them sick since we were all quarantining together.”
Copyright 2021, USATODAY.com, USA TODAY; by Swapna Venugopal Ramaswamy
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Why Chose Me as Your REALTOR®?
To learn more about me and my real estate business, I encourage you read the About Ed section as well as the Testimonial section of the site. Over the years, my clients have expressed their satisfaction in my services and I’ve showcased their kind words so you can determine if I am the right REALTOR® to represent you.If you are curious as to my sales success, visit my Sold Homes page. This gives a clear picture of exactly what I’ve accomplished and, more importantly, what I can accomplish for you. |
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