Shadow Wood at the Brooks Real Estate News | November 2019

Shadow Wood at the Brooks Real Estate News | November 2019

As of November 1, 2019, there are 63 active listings in Shadow Wood; 14 more than last month. There are 42 single-family, listed homes ranging from $525,000 to $2,250,000. The average list price is $1,163,683 and the average days on the market is 114 days. Combined days on the market is 166. In the condo market, there are 21 active listings in Shadow Wood, ranging in price from $265,000 to $579,000. The average list price is $407,799 and the average days on the market is 103. Combined days on the market is 171.

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SUMMARY OF SHADOW WOOD HOME SALES

SHADOW WOOD CONDOS

  • Within the last 12 months, there were 27 sales; the average sales price was $353,944; and, these condos were on the market an average of 114 days; combined days on the market is 200.
     
  • During the 12 months previous, there were 32 sales; the average sales price was $348,644; and, these homes were on the market an average of 108 days; combined days on the market is 190.

SINGLE-FAMILY SHADOW WOOD HOMES

  • During the last 12 months, there were 64 sales; the average sales price was $854,665; and, these homes were on the market an average of 118 days; combined days on the market is 243.
     
  • During the 12 months previous, there were 69 sales; the average sales price was $866,703 and, these homes were on the market an average of 100 days; combined days on the market is 180.
For a list of SHADOW WOOD homes sold during the past 12 months, click here. 
 
For a list of SHADOW WOOD homes that are pending at the moment, click here. 

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NOVEMBER 2019 MARKET UPDATE

MORE LISTINGS TO SATISFY BUYERS
“It looks like the high end market is buying!” said Mike Hughes, Vice President of Downing-Frye Realty, Inc. “Although October 2019 was a mixed bag for real estate, the good news is that we had 232 pending sales in October 2019 compared to 227 in October 2018. The pending sales volume was $123 million in October 2019
compared to $107 million in October 2018. This 15 percent jump in pending sales volume was primarily due to 27 pending sales contracts above $1,000,000.00 being turned in to our Accounting department compared to 18 during the previous October. The inventory of listings is starting it’s annual climb right now. This is the time of the year when sellers get ready for season. We currently have 1,030 listings on the market.”

BONITA /ESTERO: BUYER DEMAND FOR INVENTORY
There was an uptick in new listings in the residential real estate market in Bonita Springs and Estero in September 2019, but not enough to serve the increase in buyers to the market. Increased pending sales for September 2019 were likely the result of nearly 300 price adjustments for single family homes and condominiums. Area brokers also reported increased activity at open houses. In comparing September 2019’s YTD performance with September 2018’s YTD performance: new listings up are 8.3 percent, pending sales are up 2.1 percent, and the median closed price is $299,000 which is up 1.7 percent. The current active inventory for September 2019 was 1,275 units (down 18.2 percent from year ago figure) and representing a 4.6 months supply.
 
FLORIDA: HOME SALES UP
“Single family home sales were up significantly throughout much of the state in September, rising
by 11.5 percent overall on a year-over-year basis,” said Brad O’Connor Ph.D, Economist for Florida
Realtors. “Sales of condos and townhomes were up as well, with an increase of 6.1 percent compared to September of 2019. Sale prices continued to rise in September, as well. The median sale price among Florida single family home sales was $265,000, up 5.3 percent compared to last year. The rise in the median sale price of condos and townhomes was slightly more, at 5.8 percent, ending up at $193,000.” “Statewide, closed sales of single family homes totaled about $8 billion, a year-over-year increase of 17 percent. Dollar volume for sales of townhouses and condos, meanwhile, rose by 7.5 percent to about $2.4 billion. With inventory levels continuing to dwindle, low mortgage rates remain the major reason we are continuing to see strong sales and price growth throughout much of the state.”
 
USA: PENDING SALES RISE IN SEPTEMBER
Pending home sales grew in September, marking two consecutive months of increases. Historically low mortgage rates played a significant role in the two straight months of gains, according to Lawrence Yun, NAR’s chief economist. “Even though home prices are rising faster than income, national buying power has increased by 6% because of better interest rates,” he said. “Furthermore, we’ve seen increased foot traffic as more buyers are evidently eager searching to become homeowners.” Yun says the upper end of the market is faring well. Although contract signings are on the upswing, Yun says the numbers would be even greater if more housing were available. “Going forward, interest rates will surely not decline in a sizable way, so the changes in the median price will be the key to housing affordability,” he said. “But home prices are rising too fast because of insufficient inventory.” In addition to boosting traditional home building, he said we should explore a greater utilization of modular factory constructed homes, convert vacant office space into condominiums, and try other supply-increasing actions to meet rising demand. 
 
Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®. 

Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®. 

The New Real Estate Upsell? Smart Homes.

Many homebuyers see purchasing as a life upgrade, and a desire for futuristic features can make a smart-home listing stand out from the crowd.

NEW YORK – “Smart home and smart features are becoming more prevalent in homes these days,” says Julie Gans, an agent at Compass Real Estate. “These are highly sought-after functions. They make living so much easier in the fast-paced world we live in today.”
According to a 2016 Smart Homes & Realtors report conducted by the National Association of Realtors® Research Department, clients seek housing that implements smart home technology or is at least compatible with smart home devices:
  • 22% said they were interested in whole-home technology
  • 42% were in smart home gadgets
  • 13% in smart home tech for specific rooms only
  • 41% weren’t interested in a smart home at all
People who want a more futuristic home gravitate toward security, privacy, cost and energy savings to help step things up a notch. Popular devices that survey takers believed were important included locks, lights and thermostats.
 
Another interesting finding: Demand for a smart home isn’t driven by millennials and Gen Z, as the median age of respondents was 54.
 
A report from Realtor.com analyzed the website’s open listings in 2016 and found that builders and sellers are implementing smart home components to contemporary homes. The report found that the top three markets for finding a smart home are Phoenix, Dallas and New York.
 
Smart homes aren’t exclusive to single-family houses either, with property managers of luxury condos and apartment complexes also recognizing the value of integrating smart home technology, according to a report from Propmodo. 

 Source: Fox Business (10/22/19) Moore, Cortney
© Copyright 2019 INFORMATION INC., Bethesda, MD (301) 215-4688

Home Showings Lead to Increased Sales

According to the September 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), showings in September 2019 were up 31 percent over September 2018. This translated into a 13.7 percent increase in pending sales (written contracts) or 823 pending sales in September 2019 compared to 724 pending sales in September 2018. Strong showing activity during the summer resulted in 698 closed sales during September 2019. “With an average of 17.4 showings per listing, agents stayed busy this summer,” said Jeff Jones, Broker at Keller Williams Naples, which, according to Vellano, means “inventory was coming to the buyer.” Jones noted that 28 percent of the available inventory experienced a price decrease in September.

Broker analysts warn consumers that this market behavior won’t last long as they anticipate inventory to increase before the end of the year. “Decreases in inventory are customary this time of year,” said Phil Wood, President & CEO of John R. Wood Properties. “And increases in inventory preceding winter season are customary too. But the low inventory is not because there was a deficit of buyers. This is apparent in the consistently high number of showings during the summer and better closed sales numbers compared to last year.”

 The September report showed median closed prices remained stable during the third quarter (July, August & September). In July, the median closed price was $326,400. By September, the median closed price had dropped slightly to $325,000, which is only a .7 percent decrease from September 2018, which reported a median closed price of $327,408. Interestingly, the median closed price in January 2019 was $325,000. With over 500 listings pulled from the MLS in September, it is no surprise that overall inventory for the month
fell. However, even though it decreased 17.8 percent to 4,989 homes compared to 6,070 homes in September 2018, inventory for September was higher than August by 72 homes.

The NABOR® September 2019 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 (see diagram above).

As noted by brokers reviewing the housing data, September had a 6-month supply of inventory. “Inventory levels are always low in September,” said Bill Coffey, Broker Manager of Amerivest Realty Naples. “You’re going to see those homes that were pulled off the MLS on the market again in the next few months. But it’s too bad because buyers who don’t have options in the resale market in Naples now are not waiting for more homes to come onto the market, but instead are buying resale homes in Lee County or even further north.” 

Geographically, condominiums in South Naples (34112, 34113) saw a 22.1 percent spike in its median closed prices to $213,000 in September 2019 from $174,500 in September 2018. Alternately, condominiums in North Naples saw a 16.4 percent decrease in median closed prices to $242,500 in September 2019 from $290,000 in September 2018. 
    
Over the next 20 years, the 80-plus age group will be the fastest-growing in the U.S., and 1 in 3 will spend 30% or more of their income on housing. 
 
NEW YORK – Households in their 80s will be the fastest-growing age group over the next two decades, according to a recent study by the Joint Center for Housing Studies of Harvard University. The study also found an increase in the number of cost-burdened older Americans – ones forced to spend more than 30% of their income on housing.
 
“Within the next decade, some 18 million adults will be in their 80s – many living alone and on limited incomes,” according to the report. “The need for affordable, accessible housing and in-home supportive services is therefore set to soar.”
 
The number of cost-burdened households age 65 and over rose by more than 200,000 between 2016 and 2017 to a new high of nearly 10 million. Of those, about 5 million were severely burdened, which means they spend more than half of their incomes on housing. Of this group, about 54% are cost-burdened renters and 26% are cost-burdened homeowners.
 
Since the homeownership rate is higher for older Americans, the number of cost-burdened homeowners totaled 6.3 million compared to 3.6 million cost-burdened renters.
“While many households now of retirement age have the means to age in place or move to other suitable housing, a record number are cost-burdened and will have few affordable housing options as they age,” the report says. “In addition, many older renters are less well-positioned than homeowners because they have lower cash savings and wealth. Providing the types of housing and neighborhoods needed by an aging population depends on concerted action by both the public and private sectors. Commitments to create age-friendly communities and the recent funding of affordable housing construction for older adults are promising starts.”
 
Source: HousingWire (10/17/19) Smith, Maleesa
© Copyright 2019 INFORMATION INC., Bethesda, MD (301) 215-4688