01 Nov Shadow Wood at the Brooks Real Estate News | November 2020
As of November 1, 2020, there are 30 active listings in our area multiple listing service (MLS) in Shadow Wood; 2 less than last month. There are 22 single-family homes ranging in price from $510,000 to $1,979,000. The average list price is $1,107,200 and the average days on the market is 116. The combined days on the market is 201. In the condo market, there are 8 active listings in Shadow Wood, ranging in price from $314,000 to $539,000. The average list price is $424,988 and the average days on the market is 76. Combined days on the market is 120.
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SUMMARY OF SHADOW WOOD HOME SALES
SHADOW WOOD CONDOs
- Within the last 12 months, there were 32 sales; the average sales price was $361,713; and, these condos were on the market an average of 103 days; combined days on the market is 229.
- During the 12 months previous, there were 27 sales; the average sales price was $353,944; and, these homes were on the market an average of 114 days; combined days on the market is 200.
SINGLE-FAMILY SHADOW WOOD HOMES
- During the last 12 months, there were 50 sales; the average sales price was $887,358; and, these homes were on the market an average of 102 days; combined days on the market is 233.
- During the 12 months previous, 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.
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.
November 2020 Market Update
MARKET RECOVERY CONTINUES
“Our real estate market is recovering at an amazing pace,” said Mike Hughes, Vice President of Downing-Frye Realty, Inc. “This has actually been the best October in six years, plus we’ve had 5 straight months of more closings than the month before. October’s closings were up 43 percent over last October and our pending sales were up 32 percent. Our year-to-date closed sales volume has already surpassed last year’s figure at this same time by more than $100,000 million. What has helped propel this market is that the high-end buyers who weren’t able to be here last winter have now arrived early this fall, resulting in a whopping 67 percent increase in sales over $1 million during this October compared to last. November is already off to a good start with 22 pending sales recorded on the first day of the month.”
BONITA /ESTERO: BUYER DEMAND CONTINUES
Closed sales in Bonita Springs and Estero increased in September 2020 by a notable 42.6 percent versus September 2019. Long timelines and rising costs for new construction have prompted many buyers to consider resale properties located in older, established neighborhoods. Low interest rates mean that buyers can get more house for their money. Activity in September 2020 vs September 2019: Closed sales were up 52.8 percent, pending sales were up 80.2 percent, new listings were up 18.7 percent and the median closed sales price was up 7.1 percent to $325,500. The current inventory in September was 1,102 properties.
FLORIDA: MORE SALES, RISING MEDIAN PRICES
“And all indications are that we will continue to see strong sales this fall as mortgage interest rates will almost certainly remain at or near record lows. New pending sales of single-family homes were very strong in September, rising by 31.4 percent year-over-year, while new pending sales of condos and townhouses were up a dramatic 43 percent,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “Given all that’s occurred this year, it’s hard to believe we’re already in positive territory again, but here we are,” he said.
On the supply side of the market, inventory (active listings) continues to be tight, especially for single-family existing homes, which were at a 2.2-months’ supply in September. Condo-townhouse inventory was at a 5.1-months’ supply. According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 2.89 percent in September 2020, down from the 3.61 percent averaged during the same month a year earlier.
USA: EXISTING HOME SALES SOAR
Existing-home sales grew for the fourth consecutive month in September to a seasonally-adjusted annual rate of 6.54 million – up 9.4 percent from the prior month and nearly 21 percent from one year ago. The median existing-home price was $311,800, almost 15 percent more than in September 2019. Total housing inventory in September declined from the prior month and one year ago to 1.47 million, enough to last 2.7 months – a record low – at the current sales pace. More than 7 in 10 homes sold in September 2020 (71 percent) were on the market for less than a month. “Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season,” said Lawrence Yun, NAR’s chief economist. “I would attribute this jump to record-low interest rates and an abundance of buyers in the marketplace, including buyers of vacation homes given the greater flexibility to work from home.”
Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®.
Most Recent Blog: What to expect this season at Shadow Wood
Whether you are a current member, future member or a visiting guest, it’s important to know what the Shadow Wood team has put in place to best protect the health of everyone at the Club!
Instead of a very long, detailed list, Shadow Wood thought it would be more fun to show you what the club is offering, what precautions we have put into place, and how we are providing the safest conditions at the Club!
Click here or the image above to enjoy some of the friendly faces from the Club.
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.