02 Nov Shadow Wood at the Brooks Real Estate News | November 2017
As of November 1, 2017, there are 63 active listings in Shadow Wood; 6 more than last month. There are 46 single-family, listed homes ranging from $470,000 to $2,850,000. The average list price is $1,007,296 and the average days on the market is 117 days. Combined days on the market is 168. In the condo market, there are 17 active listings in Shadow Wood, ranging in price from $300,000 to $590,000. The average list price is $398,924 and the average days on the market is 131. Combined days on the market is 172.
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SUMMARY OF SHADOW WOOD HOME SALES
- Within the last 12 months, there were 23 sales; the average sales price was $397,957; and, these condos were on the market an average of 125 days; combined days on the market is 214.
- During the 12 months previous, there were 28 sales; the average sales price was $390,214; and, these homes were on the market an average of 48 days; combined days on the market is 115.
- During the 12 months previous, there were 47 sales; the average sales price was $940,557; and, these homes were on the market an average of 111 days; combined days on the market is 210.
- During the 12 months previous, there were 45 sales; the average sales price was $987,456; and, these homes were on the market an average of 116 days; combined days on the market is 208.
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Shadow Wood NOVEMBER Events Calendar
TENNIS & BOCCE
November 11 | Fall Tennis Color War
November 2 | Men’s Guest Day
November 5 | Couples’ Guest Day
November 8-9 | Men’s Member-Member
November 14-15 | Ladies’ Member-Member
DINING & SOCIAL
November 7 | Wine Tasting
November 18 | Dinner Dance
November 23 | Thanksgiving Buffet
Click here for membership information.
NOVEMBER MARKET UPDATE
“Our closed sales volume was $1,234,000,000 through September 30, 2017,” said Mike Hughes, General Manager for Downing-Frye Realty, Inc. “I am pleased to report that the Downing-Frye numbers look pretty good for October. Keep in mind that many of the September closings were delayed due to the hurricane, so they closed in October. We have also seen a number of new listings, which can be typical for this time of year. Our strong inventory going into the winter season should accommodate the expected buyer demand. Our part-time residents are already returning en masse, an indication that the busy season is upon us.”
FLORIDA: SEPTEMBER ACTIVITY DOWN
Hurricane Irma, which made landfall in the Keys on Sept. 10 and continued up the state’s west coast, affected Florida’s housing market data in September. Fewer sales, pending sales and new listings were reported, though median prices rose as a still-tight inventory of for-sale homes remained the norm in many areas. Sales of single-family homes statewide totaled 18,030 last month, down 20.4 percent compared to September 2016. Florida’s median sales price for single-family existing homes in September was $239,900, up 7.6 percent from the previous year, and for townhouse-condo properties was $173,000, up 8.1 percent over the year-ago figure. Inventory remained constrained in September with a 3.8-months’ supply for single-family homes and a 5.5-months’ supply for townhouse-condo properties.
USA: ON-GOING SUPPLY SHORTAGES
After three straight monthly declines, existing home sales slightly reversed course in September, but ongoing supply shortages and recent hurricanes muted overall activity and caused sales to fall back. “Sales activity likely would have been somewhat stronger if not for the fact that parts of Texas and South Florida – hit by Hurricanes Harvey and Irma – saw temporary, but notable declines,” said Lawrence Yun, NAR chief economist. “Realtors® this fall continue to say the primary impediments stifling sales growth are the same as they have been all year: not enough listings – especially at the lower end of the market – and fast-rising prices that are straining the budgets of prospective buyers.” Total housing inventory at the end of September rose 1.6 percent to 1.90 million existing homes available for sale, but remains 6.4 percent lower than a year ago (2.03 million). Unsold inventory is at a 4.2-month supply, down from 4.5 months a year ago.
New Tennis Facility Unveiled
IN late October, 2017, Shadow Wood at the Brooks wrapped up a five-month renovation that rebuilt all nine courts, installed new bases, irrigation, lines, nets and Har-Tru clay. The facilities offer an enhanced landscape design, a new water feature and stadium seating for more than 250 spectators. The tennis courts underwent a complete rebuild. All nine courts were stripped down to dirt to install new bases, irrigation, lines, nets and Har-Tru clay. The improved, state-of-the-art modified hydrocourts offer improved playing conditions.
A Word from Downing-Frye Broker & General Manager Mike Hughes: Big October
At NABOR’s third quarter market conference on Oct. 27, we learned that the September pending sales were off 55% compared with September of 2016. This was almost entirely due to Hurricane Irma. Considering that most of the area was preparing for the storm for a week, and then, after the storm, had no power for at least a week — this should come as no surprise. I am pleased to report that the Downing-Frye numbers look pretty good for October. Keep in mind that many of the September closings that did not take place last month (due to the hurricane) were mostly delayed. We are seeing a number of them close in October.
The big story for our company this month will be our October closed sales volume. Currently, our closed sales volume for the month of October 2017 is running about 23% above last October. I expect we will be closer to 30% by month end. Our pending sales are also running ahead of last October.
QUESTIONS TO ASK When Considering Selling
These questions will help you decide whether you’re ready for a home that’s larger or in a more desirable location. If you answer yes to most of the questions, you may be ready to move.
Have you built substantial equity in your current home?
Check your annual mortgage statement or call your lender to find out how much you’ve paid down. Usually you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest. But if you’ve owned your home for five or more years, you may have significant, unrealized gains.
Has your income or financial situation changed?
If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving. If your income has decreased, you may want to consider downsizing.
Have you outgrown your neighborhood?
The neighborhood you pick for your first home might not be the same one in which you want to settle down for good. You may have realized that you’d like to be closer to your job or live in a better school district.
Are there reasons why you can’t remodel or add on?
Sometimes you can create a bigger home by adding a new room or building up. But if your property isn’t large enough, your municipality doesn’t allow it, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option.
Are you comfortable moving in the current housing market?
If your market is hot, your home may sell quickly and for top dollar, but the home you buy will also be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home. Ask your real estate professional what they see happening locally.
Are interest rates attractive?
Low rates help you buy “more” home, and also make it easier to find a buyer for your current place.
Is the effort and cost of maintaining your current home
becoming difficult to manage?
A REALTOR ® can help you decide whether a smaller house, condo, or rental would be appropriate.