02 Sep Shadow Wood at the Brooks Real Estate News | September 2018
As of September 1, 2018, there are 52 active listings in Shadow Wood; 1 more than last month. There are 39 single-family, listed homes ranging from $459,000 to $2,800,000. The average list price is $1,091,138 and the average days on the market is 130 days. Combined days on the market is 220. In the condo market, there are 13 active listings in Shadow Wood, ranging in price from $280,000 to $599,000. The average list price is $402,554 and the average days on the market is 103. Combined days on the market is 182.
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 30 sales; the average sales price was $356,423; and, these condos were on the market an average of 110 days;combined days on the market is 194.
- During the 12 months previous, there were 22 sales; the average sales price was $397,500; and, these homes were on the market an average of 123 days; combined days on the market is 197.
SINGLE-FAMILY SHADOW WOOD HOMES
- During the 12 months previous, there were 63 sales; the average sales price was $881,168; and, these homes were on the market an average of 101 days; combined days on the market is 189.
- During the 12 months previous, there were 45 sales; the average sales price was $991,632; and, these homes were on the market an average of 110 days;combined days on the market is 199.
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.
Meet Ed Gongola and discover how he can help you with his concierge style of service when buying or selling your home.
Click here for membership information.
STUDY: MOST MILLENIALS DON’T HAVE A QUALIFYING CREDIT SCORE
Millennials could stand to make some improvements to their credit files. Only 39 percent ofmillennials without a mortgage have a prime or better score, and the majority are facing higher delinquency rates on personal loans, shows a newly released study from Experian, an information services company.
Eighty-six percent of millennials recently surveyed say they believe that buying a house is a good financial investment, according to the National Association of REALTORS®’ data. However, Experian’s research shows that only 15 percent have a mortgage today. Further, 61 percent of millennials are near prime or worse and may need to improve their personal loan and bankcard usage habits in order to obtain lower rates for when they are ready to take out a mortgage.
“This data presents good news for younger, thin file millennials interested in buying a home,” says Michele Raneri, vice president of analytics and business development at Experian. “We’re seeing that small changes in financial behaviors such as building a history of on-time payments and improved credit practices can help lenders shift from viewing millennials as high-risk to low-risk relatively quickly. Knowing where you stand from a credit perspective is critical to improving your financial well-being.”
Experian evaluated personal loan trends, credit scores, bankcard behaviors, and mortgage trends of about 60 million millennial consumers.
The average consumer VantageScore is 677 in the U.S., and the study found that credit scores usually get closer toward prime level (661-780) as people age. Younger millennials (ages 22 to 28) have an average near prime score of 652, and older millennials (29 to 35) have a prime score of 665.
“Often, young people start their credit journey with a couple of mistakes first, but in the end, these mistakes create opportunities to learn how to use and build credit responsibly,” says Rod Griffin, director of consumer education and awareness at Experian.
Millennial home buyers are, on average, 31 years old with an income of $64,000, Experian’s data shows. The average mortgage balance for a younger millennial (22 to 28) is $167,000 and $210,000 for an older millennial (29 to 35). Millennial home buyers are most prevalent in the South and West regions, according to the study.
Source: “Experian study finds most millennials need to improve borrowing behaviors before homebuying,” Experian (Aug. 23, 2018)
September 2018 MARKET UPDATE
SALES STRONG, INVENTORY STRONG
“Our agents hit two milestones in August,” said Mike Hughes, General Manager for Downing- Frye Realty, Inc. “It’s been an incredibly busy year and they’ve now hit one billion dollars in closed sales volume as well as over 2,100 closings. A key to this success is our solid listing inventory of over 1,000 available properties. We continue to carry one of the largest listing inventories in Southwest Florida.”
BONITA /ESTERO: HOT SUMMER MARKET
“Bonita Springs and Estero is still on the hot list for many interested buyers who are already here and for buyers in other markets,”stated Jerry Murphy, Managing Broker, Downing-Frye Realty, Bonita Springs. He added, “While inventory for the $3-500K segment has decreased, buyers are watching the market and are looking at all price points.” Overall, the Bonita Springs and Estero markets showed a slight decrease of 3 percent in pending units and a 4 percent decrease in closings for 12-month June-ending figures. The median price remains steady, while the days-on-market has increased by 11 percent. The median closed Sales Price is $296,000. The inventory of available properties is 1,539 for a 6.19-month supply. Overall, according FGCU’s July 2018 Economic Indicators Report, the area continues to display signs of strong growth.
FLORIDA: MORE SALES REPORTED
Florida’s housing market reported more sales, rising median prices and more new listings in July compared to a year ago. The statewide median sales price for single-family existing homes was $255,000, up 6.3 percent from the previous year, and the statewide median price for condo-townhouse units in July was $180,000, up 5.3 percent. “We are continuing to see signs that the low-inventory situation impacting the single-family home market has finally stopped getting worse, though it remains constrained,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “As of the end of July, there were 3.9-months’ supply of single-family inventory in Florida, marking the third straight month where there was no year-over-year change in this metric. We’re still squarely in seller’s market territory, and we’re going to need new single-family construction to ramp up even more.” A 30-year fixed-rate mortgage averaged 4.53 percent in July 2018.
USA: PENDING HOME SALES OFF
Pending home sales stepped back in July and have now fallen on an annual basis for seven straight months. Lawrence Yun, NAR chief economist, says the housing market’s summer slowdown continued in July. “Contract signings inched backward once again last month, as declines in the South and West weighed down on overall activity,” he said. “It’s evident in recent months that many of the most overheated real estate markets – especially those out West – are starting to see a slight decline in home sales and slower price growth.” He added, “The reason sales are falling off last year’s pace is that multiple years of inadequate supply in markets with strong job growth have finally driven up home prices to a point where an increasing number of prospective buyers are unable to afford it.” Looking to next year, existing sales are forecast to increase 2 percent and home prices around 3.5 percent.
Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®.
Most Recent Blog: South Course Mid-Renovation Update
 |
|
|
In April 2018, Shadow Wood began the summer-long renovation of its South Course, led by world renowned golf course architect, Rees Jones. The North Course renovations he and his team completed last summer were met with very positive accolades from our membership and we are confident and excited about his proposed plans for the South Course. To see Rees Jones’ master plan for holes 1-9, please here. To see the master plan for holes 10-18, please here.For more blog posts, visit the blog here.
A Word from Downing-Frye Broker & General Manager Mike Hughes
Downing-Frye Realty, Inc. had 735 pending sales this summer; compared with 715 pending sales last summer. That means that we were up just over 2% for pending sales this summer. How about the pending sales volume this summer? For the summer of 2018, we had $363 million in pending sales volume compared with $327 million last summer. This was an 11% increase in pending sales volume!
How about our year-to-date, closed sales volume? We have a closed sales volume of $1,089,215,710 at 8/31/18. Last year, at the end of August 2017, we had a closed sales volume of $1,045,589,649. This means that our closed sales volume is up 4% for the first eight months of the year.
So as you can see, all-in-all, it is shaping up to be a pretty good year for us. Keep in mind that the September and October numbers last year (due to Hurricane Irma) were pretty weak. This means that we will most likely improve on our year-over-year comparisons over the next sixty days.
Don’t let the newspaper coverage of red tide get you down. We are having a pretty good year for real estate! I have seen our company weather a lot of market factors over the year. It takes a lot to significantly affect our production.
Shadow Wood Reciprocal Program in Full Swing!
From May 1st to October 1st, our Shadow Wood members have the opportunity to participate in the Reciprocal Program that allows the opportunity to golf and/or dine at nearly 75 local clubs. This also allows members of the participating clubs to come experience the Shadow Wood lifestyle! For more information, please contact the club concierge.