01 May Shadow Wood at the Brooks Real Estate News | May 2017
As of May 1, 2017, there are 73 active listings in Shadow Wood; 3 less than last month. There are 52 single-family, listed homes ranging from $495,000 to $2,850,000. The average list price is $1,053,983 and the average days on the market is 136 days. Combined days on the market is 200. In the condo market, there are 21 active listings in Shadow Wood. Ranging in price from $269,000 to $615,000. The average list price is $386,552 and the average days on the market is 170. Combined days on the market is 187.
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SUMMARY OF SHADOW WOOD HOME SALES
- Within the last 12 months, there were 27 sales; the average sales price was $402,722; and, these condos were on the market an average of 93 days;combined days on the market is 181.
- During the 12 months previous, there were 20 sales; the average sales price was $359,495; and, these homes were on the market an average of 40 days; combined days on the market is 90.
- During the last 12 months, there were 50 sales; the average sales price was $948,745; these homes were on the market an average of 112 days; combined days on the market is 196.
- During the 12 months previous, there were 52 sales; the average sales price was $981,978; and, these homes were on the market an average of 101 days; combined days on the market is 196.
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Shadow Wood 2017 Tennis & Bocce Events
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MAY MARKET UPDATE
“March was a strong month,” said Mike Hughes, Vice President and General Manager of Downing-Frye Realty, “and it looks like April will be the same. Buyers seem to look around, and then make their decisions right before heading back north. Years ago, we used to see this pattern when inventory was very tight. Now, with our higher inventory of available properties, the sense of urgency is somewhat scaled back – but buyers know that if they see something they like, they need to move on it because it most likely won’t be one of the available choices the next time they’re in southwest Florida. Our market is active and dynamic, and buyers are aware of that.”
March 2017 showed price drops for over half of active listings for homes in the Bonita Springs and Estero markets. The current average days on market sits at 94 days versus 74 days this time in March 2016 – an increase of 27 percent. “For this price segment, the March 2017 absorption rate shows several months to sell what we have,” stated Jerry Murphy, Managing Broker, Downing-Frye. “This is largely due to lots of overpriced inventory sitting on the market with significant competition from new construction homes as well. Fair market pricing is a top priority for buyers who have many options.” Overall, the Bonita Springs and Estero markets are stable, fair markets, however the $5-600K price segment shows a current absorption rate of 13.1 months, which indicates that too many homes are still overpriced. Overall pending sales are up 6 percent comparing March 2017 to March 2016, while close sales and the median price are almost the same. The significant changes over that period were a 19 percent increase in inventory and a 27 percent increase in the number of days on the market. There stands an average of 7.5 months of inventory.
FLORIDA: TIGHTER SUPPLY – HIGHER PRICES
Florida’s housing market reported more closed sales, higher median prices and increased pending sales in March. The statewide median sales price for single-family existing homes in March was $231,900, up 10.4 percent from the previous year. In a continuing trend, inventory remained at a tight 4.1-months’ supply in March for single-family homes, and was at a 6.3-months’ supply for townhouse-condo properties.
USA: SALES JUMPED 4.4% IN MARCH
Existing-home sales took off in March to their highest pace in over 10 years, and severe supply shortages resulted in the typical home coming off the market significantly faster than in February and a year ago. The median existing-home price for all housing types in March was $236,400, up 6.8 percent from March 2016 ($221,400). March’s price increase marks the 61st consecutive month of year-over-year gains. At the end of March, unsold inventory was at a 3.8-month supply.
Statistics on REALTORS® and Technology
- 27% of agents and 21% of brokers spent between $501 – $2,000 on technology in the last 12 months.
- The top three tools that respondents plan on purchasing or replacing in the next year are: iPad (16%); Smartphone (15%); and digital camera (12%).
- The most frequently used operating system is Windows 7 (38%).
- The most popular smartphones are iPhone (52%), Android OS (45%), Blackberry (3%).
- 91% of REALTORS® use social media to some extent.
- The top places where REALTORS® place their listings are realtor.com®, Zillow and Trulia.
Downing-Frye Realty Recognized as One of Top Brokerage Firms in U.S.