Shadow Wood at the Brooks Real Estate News | Ocotober 2020

Shadow Wood at the Brooks Real Estate News | Ocotober 2020

As of October 1, 2020, there are 32 active listings in our area multiple listing service (MLS) in Shadow Wood; 8 less than last month. There are 24 single-family homes ranging in price from $539,000 to $1,979,000. The average list price is $1,172,562 and the average days on the market is 139. The combined days on the market is 253. In the condo market, there are 8 active listings in Shadow Wood, ranging in price from $254,000 to $575,000. The average list price is $407,600 and the average days on the market is 126. Combined days on the market is 193.

Whether you are buying or selling, if you are looking for REALTOR® representation, think of me and allow me to share my 30 years of experience putting buyers and sellers together in SWFL

Your Shadow Wood REALTOR®,
Ed Gongola

SUMMARY OF SHADOW WOOD HOME SALES

SHADOW WOOD CONDOs
  • Within the last 12 months, there were 31 sales; the average sales price was $357,332; and, these condos were on the market an average of 107 days; combined days on the market is 234. 
  • During the 12 months previous, there were 29 sales; the average sales price was $357,031; and, these homes were on the market an average of 110 days; combined days on the market is 194.
 
SINGLE-FAMILY SHADOW WOOD HOMES
  • During the last 12 months, there were 50 sales; the average sales price was $905,258; and, these homes were on the market an average of 102 days; combined days on the market is 236.
  • During the 12 months previous, there were 64 sales; the average sales price was $825,173 and, these homes were on the market an average of 114 days; combined days on the market is 233.
 
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.
 

September 2020 Market Update

ONE OF THE BEST SEPTEMBERS IN 20 YEARS
“September is usually a quiet month – but not this year,” said Mike Hughes, Vice President of Downing- Frye Realty, Inc. “This September our closed sales were up 41 percent over last September, and our pending sales were up an incredible 63 percent – making it one of the best Septembers in the last 20 years. Pending sales in the $1 million+ market were up 78 percent compared to last September. The high-end buyers are not waiting to purchase later in the season. They’re here now (or virtually here) making their picks while there are still choices. (Purchasing earlier helps buyers avoid multiple-offer situations.) And, due to the incredible work of our listing agents, our inventory of available properties increased last month despite having 250 closings. We’ve now closed $162 million in volume for two months in a row.”
 
BONITA /ESTERO: BUYER DEMAND CONTINUES
Area brokers have reported that buyers are challenged with finding homes to buy, as inventory for resale homes continues to shrink. The market is still seeing an influx of buyers from the Northeast and Midwest United States, and if Canada lifts their Covid-19 safety ban of entry into the United States prior to the beginning of 2021, the demand could increase more. In comparing August 2020 activity with the previous August: new listings increased by 36.5 percent, pending sales increased by 82.7 percent, and closed sale units by 30.5 percent. The median closed sales price in August 2020 was $335,500, up 9.8 percent from August 2019.
 
FLORIDA: HOUSING MARKET SHOWS GAINS
Florida’s housing market reported more closed sales, more new pending sales, higher median prices and more new listings in August compared to a year ago. Single family existing homes sales (29,495 homes) were up 8.8 percent compared to August 2019, while existing condo-townhouse sales (11,100 homes) increased 10.3 percent.
 
The statewide median sales price for single-family existing homes was $300,000, up 13.2 percent from the previous year, and for condo-townhouse units was $217,500, up 14.5 percent. New listings rose year-overhear in both property type categories in August, up by 2 percent for single-family existing homes and 15.1 percent for condo and townhouse units. Inventory (active listings) remains restricted, particularly in the single-family existing home category, which was at a limited 2.3-months’ supply in August.
 
USA: HIGHEST LEVEL OF SALES SINCE 2006
Existing home sales continued to climb in August, marking three consecutive months of positive sales gains, and up 10.5 percent from a year ago. The median existing home price for all housing types in August was $310,600, up 11.4 percent from August 2019 ($278,800), as prices rose in every region.
 
Total housing inventory at the end of August totaled 1.49 million units, down 0.7 percent from July and down 18.6 percent from one year ago. Sixty-nine percent of homes sold in August 2020 were on the market for less than a month. First-time buyers were responsible for 33 percent of sales in August, while individual investors or second home buyers, who account for many cash sales, purchased 14 percent. Distressed sales – foreclosures and short sales – represented less than 1 percent of August’s sales. Properties typically remained on the market for 22 days in August, down from 31 days in August 2019.
 
Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®. 

 
 
 
Most Recent Blog: WCoronavirus Action Plan
 
At Shadow Wood Country Club, the health and safety of membership is a top priority. Staff are working hard to attempt to limit Club members’ and staffs’ exposure to the virus while continuing to provide members access to Club amenities.
 
Shadow Wood’s newest restaurant, the Golfside Grill, is offering prepared meals for curbside pick-up, Executive Chef Richard Crisanti and his team put together a menu of delicious meals to include both family-style and individual sizes. This curbside service is in-place for pickup of your prepared meals for you to enjoy in the comfort and safety of your own home! To view the to-go menu, click here. In addition to providing prepared meals, Shadow Wood is proud to offer their members a selection of items to purchase if there are necessities that we can assist them with to fill their pantry or fridge. To view the list of groceries available for member purchase, click here.
 
Visit the blog post to read more about how you can get involved as a Shadow Wood member: visit the blog here

Summer Housing Market Momentum Expected to Continue into Fall

Naples, Fla. (September 18, 2020) – Closed sales activity in the Naples area housing market maintained steady momentum through August with a 35.2 percent increase in overall closed sales to 1,098 closed sales from 812 in August 2019. According to the August 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), home-buying activity in Naples during the last three months exceeded activity reported in the first three months of 2020, more typically known as our peak resident season. Broker analysts reviewing the report predict this momentum, driven from more closed sales, more new pending sales, and more new listings compared to a year ago, will set the Naples area housing market up for continued positive performance into the fall months.
 
The market report showed August had the highest month-over-month increase in pending sales compared to any other month reported in 2020, with a 70.4 percent increase to 1,479 pending sales from 868 pending sales in August 2019. Not surprising, homebuyers seeking single-family homes continued to tilt the scales in August as the report showed a 76.4 percent increase for this home category, while pending sales of condominiums increased 63.9 percent.
 
In comparison, this summer’s closed sales have eclipsed our peak season’s closed sales as there were a combined 3,133 closed sales reported during June, July and August compared to a combined 2,659 closed sales reported in January, February and March.
 
August’s inventory decreased 29.1 percent to 4,174 properties from 5,887 properties in August 2019. However, despite the month-over-month drop in inventory during August, there were more new listings added over the summer months than new listings added during the peak season months. Broker analysts were quick to point out that some of the new listings added during the summer were likely listings that had been pulled off the market during the Great Lockdown, which occurred in April and May.
 
“Increased buyer demand is helping to move some of our old inventory,” said Adam Vellano, West Coast Sales Manager, BEX Realty – Florida. This increased buyer demand is illustrated by the number of days on the market in August, which decreased 5.9 percent to 96 days compared to 102 days in August 2019. The report also showed the Naples area has only 184 single-family homes under $300,000 available to buyers. And inventory for single-family homes between $300,000 and $500,000 decreased 54.9 percent in August to 446 single-family homes from 990 single-family homes in August 2019.
 
Vellano remarked that “incentives offered by new home builders after the lockdown restrictions were lifted are starting to go away and these new home prices are also increasing.”
 
Phil Wood, President & CEO of John R. Wood Properties, added that “Eighty-one percent [793] of the total price changes reported in August [970] were decreases in price. But, there were fewer price decreases in August than in June or July. These price decreases indicate that some homeowners might have overpriced their homes when they initially listed them and the adjustments in August now reflect more competitive prices. That’s not to say that these homeowners won’t see prices increase again as agents report many multiple offer situations occurring across all price categories.”
 
Overall median closed prices in August increased 26.7 percent to $399,000 from $315,000 in August 2019. Single-family home median prices increased 15.7 percent to $457,000 from $395,000 in August 2019, and condominium median closed prices increased 18.4 percent in August to $290,000 from $245,000 in August 2019.
 
However, keep in mind that the median closed price is a figure that is “in the middle,” as half of homes listed are above this price and exactly half are below this price. Broker analysts reviewing the report were quick to point out that one sale of a high-worth property (e.g., $2 million+) during a given month can greatly influence this figure, and that it doesn’t mean all home prices increased. As such, when evaluating pricing trends, brokers prefer to use the 12-months ending median closed price statistics. For the 12-months ending August 2020, the median closed price increased 5.4 percent. Interestingly, using this metric, the August report showed median closed prices for homes between $300,000 and $2 million have actually decreased.
 
“I think we’ve turned a corner and can safely say that we are now in a seller’s market,” said Bill Coffey, Broker Manager of Amerivest Realty Naples. “We have 4.8 months of inventory and median closed prices are on the rise.” Florida Realtors® considers the benchmark for a balanced market (favoring neither buyer nor seller) is 5.5 months of inventory.
 
The NABOR® August 2020 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:
 
 
According to Vellano, “buyers seeking single-family homes were on the rise this summer because of changing lifestyle preferences caused by the pandemic. Plus, those who now work from home or have children that attend school from their homes want more space. Once we have a better understanding of how to medically treat people with coronavirus and have a vaccine for it, I think people will begin to explore condominium living again.”
The August report confirms Vellano’s statement, as sales of properties priced above $2 million increased the most (18 percent) compared to other price categories tracked in August.
 
“This is a great time for high-end buyers to invest in real estate,” said Wood. “Because interest rates are low, a 50 percent deposit on a $2 million home means loan payments could be as low as $4,200 a month!”
 
Geographically, closed sales of properties in the Naples Beach area (34102, 34103, 34108) during August increased 84.4 percent and saw an 82 percent increase in median closed price; the South Naples area (34112, 34113) reported the most new listings in August, with a 32.7 percent increase; and the East Naples area (34114, 34117, 34120, 34137) reported the biggest drop in months of inventory to 2.9 months of inventory in August from 6.4 months of inventory in August 2019.
 
The August report shows sellers are at an advantage with decreasing inventory and rising prices. If you are looking to buy or sell a home in Naples, contact a Naples REALTOR® who has the ability to provide a virtual showing, an accurate market comparison or negotiate a sale.
 
 
If you are looking to buy or sell a home in Naples, contact a Naples REALTOR® who has the experience and knowledge to provide an accurate market comparison or negotiate a sale. A REALTOR® can ensure your next purchase or sale in the Naples area is a success. Search for your dream home and find a Naples REALTOR® on Naplesarea.com.
 
The Naples Area Board of REALTORS® (NABOR®) is an established organization (Chartered in 1949) whose members have a positive and progressive impact on the Naples Community. NABOR® is a local board of REALTORS® and real estate professionals with a legacy of nearly 60 years serving 6,000 plus members. NABOR® is a member of the Florida Realtors and the National Association of REALTORS®, which is the largest association in the United States with more than 1.3 million members and over 1,400 local board of REALTORS® nationwide. NABOR® is structured to provide programs and services to its membership through various committees and the NABOR® Board of Directors, all of whose members are non-paid volunteers.
  
The term REALTOR® is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribe to its strict Code of Ethics. 

Fla.’s Housing Market: Sales and Median Prices Rose in August

Florida Realtors’ data: More sales, higher median prices, more new pending sales and more new listings year-over-year. Single-family sales up 8.8%; condo sales up 10.3% – and sales in the upper price tiers paved the way for the surge, says Chief Economist Dr. Brad O’Connor.

ORLANDO, Fla. – Florida’s housing market reported more closed sales, more new pending sales, higher median prices and more new listings in August compared to a year ago despite the ongoing pandemic, according to Florida Realtors® latest housing data. Single-family existing homes sales rose 8.8% compared to August 2019.
 
AUGUST SALES STAY SUPER HOT, BUT INVENTORY STILL TIGHT
The housing market latest data from Florida Realtors shows that existing home sales continued to surge throughout the dog days of summer while inventory remains low.
 
“Florida’s housing market continues to gain momentum and provide support for the state’s economy, even as we all remain vigilant in protecting our health, safeguarding our communities and trying to keep businesses going during the ongoing pandemic,” says 2020 Florida Realtors President Barry Grooms, a Realtor and co-owner of Florida Suncoast Real Estate Inc. in Bradenton. “Our homes have become more important than ever over the past few months as we’ve dealt with stay-at-home orders, working from home, helping children with remote education and more.
 
“Realtors are available in every community to help guide buyers and sellers through today’s challenging market conditions.”
 
Last month’s closed sales of single-family homes statewide rose 8.8% year-over-year, totaling 29,495, while existing condo-townhouse sales increased 10.3% over August 2019 and totaled 11,100. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
 
In August, the statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year for 104 months in a row. The statewide median sales price for single-family existing homes was $300,000, up 13.2% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations.
 
Last month’s statewide median price for condo-townhouse units was $217,500, up 14.5% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
 
According to Florida Realtors Chief Economist Dr. Brad O’Connor, sales in the upper price tiers for both existing single-family homes and existing condo-townhouse properties paved the way for the surge in closed transactions.
 
“Sales of single-family homes of $1,000,000 or more were up nearly 82% year-over-year, while sales in the $600,000 to $1,000,000-range were up almost 72%,” he says. “And, as was the case in the single-family category, condo and townhouse sales of $1,000,000 and above increased by 63.5% from last August, and sales in the $600,000 to $1,000,000-range rose by more than 71%.”
 
O’Connor adds, “The fact that upper-tier properties are leading the resurgence of the housing market at this early stage shouldn’t really be a surprise to any student of economic history. In most recessions, the stock market is one of the first things to recover, and that’s certainly been the trend this time around, just as it was during the Great Recession. Of course, there’s no guarantee that the stock market will continue to trend in its current direction, as there remains a great deal of uncertainty out there. However, stockholders have recovered a substantial amount of asset wealth that they lost during the drop earlier this year; they’re now financially in a good position to reallocate their assets – including into and out of real estate as they see fit. And since stocks are disproportionately held by the wealthier individuals among us, that translates into a lot more real estate sales activity among the upper tier of properties.”
 
New listings rose year-over-year in both property type categories in August, up by 2% for single-family existing homes and 15.1% for condo and townhouse units.
 
“Still, this hasn’t been enough to push our inventory growth into positive territory.” O’Connor says. “This is simply an issue that isn’t going to go away overnight.”
 
On the supply side of the market, inventory (active listings) remains restricted, particularly in the single-family existing home category, which was at a limited 2.3-months’ supply in August. Condo-townhouse inventory was at a 5.3-months’ supply.
 
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 2.94% in August 2020, down from the 3.62% averaged during the same month a year earlier.
 
© 2020 Florida Realtors®; By Marla Martin
 
 



 
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.
 
 
SHADOW WOOD FEATURED LISTINGS
 
 
LISTED by Ed Gongola
 
22230 Banyan Hideaway Drive
Palmetto Ridge at Shadow Wood at the Brooks
3 Bedrooms + Den | 3 Baths
$829,900
 
 
LISTED by Ed Gongola
 
9261 Indigo Isle Ct. #102
Indigo Isle at Shadow Wood at the Brooks
3 Bedrooms | 3 Baths (2/1)
$419,900
 
 
 
SOLD by Ed Gongola
 
9827 Bay Meadow
Sweet Bay at Shadow Wood at the Brooks
3 Bedrooms | 3 Baths (3/0)
$920,000 (Furnished)
 
 
 
PENDING by Ed Gongola
 
23021 Rosedale Dr., #202
Morningside at Shadow Wood at the Brooks
3 Bedrooms | 2 Baths
$299,900