10 May Shadow Wood at the Brooks Real Estate News | May 2016
As of May 1, 2016, there are 52 active listings in Shadow Wood; 4 less than last month. There are 36 single-family, listed homes ranging from $515,000 to $2,250,000. The average list price is $1,111,875 and the average days on the market is 112 days. Combined days on the market is 186. In the condo market, there are 16 active listings in Shadow Wood. Ranging in price from $284,900 to $488,500. The average list price is $349,387 and the average days on the market is 72. Combined days on the market is 113.
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SUMMARY OF SHADOW WOOD HOME SALES
- Within the last 12 months, there were 20 sales; the average sales price was$359,495; and, these condos were on the market an average of 40 days;combined days on the market is 90.
- During the 12 months previous, there were 27 sales; the average sales price was$315,570; and, these homes were on the market an average of 95 days;combined days on the market is 152.
- During the last 12 months, there were 51 sales; the average sales price was$928,801; these homes were on the market an average of 102 days; combineddays on the market is 199.
- During the 12 months previous, there were 67 sales; the average sales price was$904,332; and, these homes were on the market an average of 92 days;combined days on the market is 193.
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Shadow Wood MAY Events
Be sure to fill your calendar with 2016 events at Shadow Wood. Here is April’s event schedule:
May 5 – Cinco de Mayo Happy Hour (w/ authentic Mariachi Band
May 7 – Derby Day Party w/ Chef Rich’s Derby Menu & Mint Juleps
May 8 – Mother’s Day Buffet
May 30 – Memorial Day Cookout
Weekly Tennis Round Robins
Tuesday – Men’s 3.0 & 3.5 Round Robin
Wednesday – Women’s Round Robin
Thursday – Men’s 3.0 & 3.5 Round Robin
Friday – Women’s Round Robin
Click here for membership information.
Housing Inventory Best in Three Years
“Overall area inventory is at the best level we have seen in the past three years,” said Mike Hughes, Vice President and General Manager of Downing-Frye Realty. “Days on the market are decreasing, and properties at preferred locations are selling quickly. With the increase in inventory, buyers have more properties to choose from this year. I also think that sellers might be more flexible this year with pricing. It is definitely a good year to be a buyer. “Downing-Frye’s closed sales volume for April will be above $200 million. We are now closing in on $600 million in closed sales volume year to date. Looks like we’re having another good year!”
Florida’s housing market reported higher median prices, more new listings and fewer all-cash closed sales in March. Sellers received more of their original asking price at the closing table. Sellers of existing single-family homes in March received 95.8 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.5 percent (median percentage). The statewide median sales price for single-family existing homes last month was $209,500, up 10.3 percent from the previous year; and the median price for townhouse-condo properties was $155,000, up 3.3 percent over the year-ago figure.
Lawrence Yun, NAR chief economist, says home sales had a nice rebound in March following February’s uncharacteristically large decline. “Closings came back in force last month as a greater number of buyers – mostly in the Northeast and Midwest – overcame depressed inventory levels and steady price growth to close on a home,” he said. “Buyer demand remains sturdy in most areas this spring and the mid-priced market is doing quite well. However, sales are softer both at the very low and very high ends of the market because of supply limitations and affordability
pressures.” Total housing inventory at the end of March increased 5.9 percent to 1.98 million existing homes available for sale, but is still 1.5 percent lower than a year ago (2.01 million). Unsold inventory is at a 4.5-month supply at the current sales pace, up from 4.4 months in February.
- Overall number of active listings: 989 vs. 825
- Overall closed sales: 178 vs. 210
- Single-family median sale price: $355,000 vs. $460,000
- Multi-family median sale price: $246,000 vs. $230,000
- Mar. 2016 inventory: 6.5 months for single-family, 5.4 months for multi-family
- Mar. 2016 percentage of list price for overall sales: 95.45 percent
Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®.
Russel Sage was a genius financier and entrepreneur who helped build America at the turn of the 20th century. His words about the strength of real estate investment are as potent now as they were then.
Home improvement spending: Democrats vs. Republicans
HomeAdvisor decided to pit Democrats against Republicans in a non-political (and unimportant) area: How much do members of each party spend on home maintenance and improvements?
The results: Democrats tend to pay more for home maintenance, repairs and improvement projects, according to HomeAdvisor’s 2016 True Cost Report, based on responses from more than 1,650 homeowners. They’re also more likely to hire professionals and contractors to do the work for them, according to the survey.
On the other hand, Republican homeowners gravitate more toward do-it-yourself household projects.
Democrats, on average, spend about six months researching their home improvement projects beforehand. They spend an average of $3,417.
Republicans spend about three months investigating home improvement projects. They spend an average of $2,194, according to the survey.
Clayton Nall, a political science professor at Stanford University, speculates that Democrats tend to spend more on home improvement projects because they’re more likely to live in urban centers. In urban areas, homes tend to be older and may require more maintenance.
The survey also found home improvement differences by age. Generation X tends to make the fewest home improvements compared to any other generation, and also tends to spend the least amount of money on improvements ($3,723 versus baby boomers’ average expenditure of $7,842 and millennials’ $6,063).
Source: “Republicans vs. Democrats: Who Spends More on Home Improvements?” realtor.com® (April 29, 2016)