Bonita Bay Real Estate News | August 2019

Bonita Bay Real Estate News | August 2019

As of August 1, 2019, there are 87 active listings in MLS in Bonita Bay; 13 less than last month. There are 21 single-family homes ranging in price from $585,000 to $5,950,000. The average list price is $2,120,762 and the average days on the market is 237. The combined days on the market is 305. In the carriage,  mid-rise, townhouse,  and attached villa market, there are 27 active listings in Bonita Bay. Prices range from $199,000 to $739,000. The average list price is $381,548. The average of days on the market is 132. The combined days on the market is 160. In the high-rise market, there are 39 active listings in Bonita Bay ranging in price from $725,000  to $6,750,000. The average list price is $2,118,129 and the average days on the market is 330. The combined days on the market is 377.

Whether you are buying or selling, if you are looking for REALTOR® representation, think of me.

Your Bonita Bay REALTOR®,
Ed Gongola

SUMMARY OF BONITA BAY HOME SALES

If you are considering selling your Bonita Bay home, here are some statistics that may help you decide to place your home on the market:

BONITA BAY CARRIAGE, MID-RISE, TOWNHOUSE AND ATTACHED VILLA HOMES

  • Within the last 12 months, there were 79 sales with an average sales price of $367,161; these condos were on the market an average of 84 days; combined days on the market is 142.
     
  • During the 12 months previous, there were 77 sales with an  average sales price of condominiums was $379,870; these homes were on the market for 116 days; combined days on the market is 203.

BONITA BAY HIGH-RISES

  • During the last 12 months, there were 53 sales with an average sales price of $1,415,349; these homes were on the market an average of 214 days; combined days on the market is 446.
     
  • During the 12 months previous, there were 33 sales with an average sales price of $1,244,705; these homes were on the market for an average of 134 days; combined days on the market is 233.

SINGLE-FAMILY BONITA BAY HOMES

  • During the last 12 months, there were 66 sales with an average sales price of $1,040,873; these homes were on the market an average of 153 days; combined days on the market is 238.
     
  • During the 12 months previous, there were 79 sales with an average sales price of $1,156,585; these homes were on the market for an average of 83 days; combined days on the market is 171.
For a list of BONITA BAY homes sold in the last 12 months, click here. 

For a list of BONITA BAY 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.

 

AUGUST 2019 MARKET UPDATE

CHALLENGING SUMMER IS YIELDING SOLID RETURNS

“This year has been a bit of a roller coaster ride, but with over $950 million in closed sales volume, it is hard to be upset,” said Mike Hughes, Vice President of Downing-Frye Realty, Inc. “This summer, like most of the year, has been a bit challenging. I am very proud of our agents because they continue to meet this market head on. We are now seven months into the year and our agents have brought in over 2,000 pending sales contracts. That’s what I call results! Inventory is at a nice level right now, and interest rates are pretty low by historical standards. We continue to see our share of summer visitors, and it is obvious that they like what they see.”

BONITA /ESTERO: LOWEST INVENTORY IN THREE YEARS

Inventory for June 2019 stood at 1,485 active listings, representing a 5.4 months supply. This is a notable decrease of 12.9 percent compared to June 2018, which had 1,704 active listings. Also notable was a 25.1 percent increase in pending sales for the same time period. The median sales price in Bonita Springs and Estero also saw a jump by 4.2 percent in June 2019 compared to the same time last year ($300,000 in June 2019 compared to $288,000 in June 2018). Despite the small increase in the overall median price, current market value pricing is still key in the Bonita Springs and Estero markets, as buyers won’t waste time on overpriced properties. Area brokers in Bonita Springs and Estero have seen an increase in showings as well as open house activity, and are advising buyers to move quickly if they have serious interest.

FLORIDA: RISING MEDIAN PRICES  

In June, Florida’s housing market reported rising median prices and increased inventory, including pending inventory and active listings inventory compared to a year ago. June’s statewide median sales prices for both single family homes and condo-townhouse properties rose year-over-year for 90 months in a row. The statewide median sales price for single family existing homes was $270,000, up 3.8 percent from the previous year, and for condo-townhouses was $194,900, up 2.6 percent over the year-ago figure. Closed sales of single family homes statewide totaled 27,283 in June, down 1.9 percent from June 2018, and closed sales of condo-townhouses totaled 10,094, down 9.4 percent compared to a year ago. “Sales of existing homes in Florida cooled off a little in June,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “Single family home sales were down compared to last June in 14 of the state’s 22 metro areas, falling by slightly less than 2 percent on a statewide basis. Year-to-date, however, single family home sales are still up by 2.1 percent.”

USA: MAY EXISTING HOME SALES UP 2.5 PERCENT

Existing-home sales weakened in June, as total sales saw a small decline after a previous month of gains. Sales as a whole are down 2.2 percent from a year ago (5.39 million in June 2018). 
“Home sales are running at a pace similar to 2015 levels – even with exceptionally low mortgage rates, a record number of jobs and a record high net worth in the country,” said Lawrence Yun, NAR’s chief economist. Yun says the nation is in the midst of a housing shortage and much more inventory is needed. “Imbalance persists for mid-to-lower priced homes with solid demand and insufficient supply, which is consequently pushing up home prices,” he said. 
Total housing inventory at the end of June increased to 1.93 million, up from 1.91 million existing homes available for sale in May, but unchanged from the level of one year ago. Unsold inventory is at a 4.4-month supply at the current sales pace, up from the 4.3 month supply recorded in both May and in June 2018.

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

 

Federal Reserve Cuts Interest Rates: Will It Help Buyers? 

The small cut isn’t expected to have a big impact on real estate, but it could trigger a slight rate decrease in adjustable rate loans and maybe fixed-rate loans.

WASHINGTON – The Federal Reserve on Wednesday cut interest rates for the first time since the Great Recession took hold in 2008, though the move is not likely to deliver significant juice to an already favorable borrowing environment for homebuyers.

The federal funds rate – what banks charge one another for short-term borrowing – will now hover between 2% and 2.25%, according to news reports.
 
The Fed says its decision to lower interest rates is designed to stave off the threat of an economic downturn – but it’s unlikely to translate into additional mortgage savings for many buyers. With the interest rate for a 30-year loan already hovering below 4%, the Fed’s move may be more meaningful for buyers with other types of financing, says Lawrence Yun, chief economist for the National Association of Realtors®.
 
“Many borrowers will benefit, especially those with adjustable-rate mortgages and commercial real estate loans,” Yun says, but “the longer-term 30-year fixed-rate mortgages will see little change in the near future because they had already declined in anticipation of this latest move by the Fed.
 
Yun thinks the rate cut will “partly help with housing affordability over the short-term. Both rents and home prices have been consistently outpacing income growth, (but) the only way to mitigate housing-cost challenges as a long-term solution is to bring more supply of both multifamily and single-family homes to the market,” Yun says.
 
Still, lower borrowing costs are helping buyers manage rising home prices. Buyers able to spend $1,500 on monthly mortgage payments can afford to purchase a $402,500 home this year compared to $367,500 last year, for example, when mortgage rates averaged 4.57%, according to realtor.com.
 
“Last year, buyers would have needed an additional $145 a month on top of the $1,500 to afford a $402,500 home,” says Danielle Hale, realtor.com’s chief economist.
In some locales, buyers’ money can stretch even further.
 
“An extra $35,000 in purchasing power, depending on where you are in the country, can really make a difference to buyers today,” Hale says. “It still counts, even with home prices up 6% nationally. That increase in purchase power is greater than the national price increase.”
 
Source: “Realtor.com® Reports How Much More Home Buying Power There Is Today Thanks to Lower Mortgage Rates,” Forbes.com (July 30, 2019); “The Fed Just Cut Interest Rates. Here’s What That Means for You,” The New York Times (July 31, 2019); National Association of Realtors®
© Copyright 2019 INFORMATION INC., Bethesda, MD (301) 215-4688

 

June Market Report Shows Strong Showing Activity

Closed sales in the Naples area during June decreased 10.3 percent compared to closed sales in June 2018, but closed sales since January have only decreased .7 percent. In fact, closed sales over the last 12 months are up in all price categories below $1 million.

“Now is the time to enter the market,” said Mike Hughes, Vice President and General Manager of Downing-Frye Realty, Inc., who added that only homes in the $1 million to $2 million had a median closed price decrease in June. “Even though inventory in June dropped almost 12 percent, values are holding steady and the reduced competition provides great opportunities for sellers.”

Bill Coffey, Broker Manager of Amerivest Realty Naples, added that despite the inventory decrease “there is still 6.9 months of inventory available, which is well above the Florida average of 4-months supply.”

Broker analysts reviewing the June 2019 Market Report recommend sellers consult a REALTOR® before listing a home for sale. A REALTOR® can help a seller price a home competitively. They can also maximize the home’s marketing and help the seller or buyer every step of the way.

A shift in buyer interest to single family homes in lower price categories during the second quarter of the year was confirmed by broker analysts. During June, new listings for single family homes decreased 7.1 percent, while new listings for condominiums decreased 4.2 percent.

According to the report, there were 798 price decreases in June. Yet the month’s overall median closed price increased 1.4 percent to $335,000 from $330,400 in June 2018. The single-family home median closed price decreased 8 percent in June, while the condominium market median closed price increased 1.9 percent.

The NABOR® June 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:
 
CATEGORIES
JUNE 2018 JUNE 2019 CHANGE
Total closed sales (month/month) 996 893 -10.6%
Median closed price (month/month) $330,400 $335,000 +1.4%
Total active listings (inventory) 6,353 5,531 -12.9%
Average days on market  94 104 +10.6%
Single-family closed sales (month/month) 487 464 -4.7%
Single-family median closed price (month/month) $435,000 $400,000 -8.0%
Single-family inventory 3,223 2,852 -11.5%
Condominium closed sales (month/month) 509 429 -15.7%
Condominium median closed price (month/month) $260,000 $265,000 +1.9%
Condominium inventory 3,130 2,679 -14.4%
 
“Year over year only properties above $2 million have had price increases,” said Kathy Zorn, broker/owner, Better Homes and Gardens Real Estate Pristine. “In fact, the report shows condominiums under $300,000 have experienced a year over year decrease of 7.6 percent.”
 
According to Wes Kunkle, President and Managing Broker at Kunkle International Realty, “the commercial market in Naples is seeing some new investor activity but not nearly as much as what Lee County is experiencing.”
“Loan modifications coming due for some homeowners could be one reason there is an increase in foreclosures recently,” said Lauren Melo, Broker at Florida’s Realty Specialists. “But the number of HELOCs are also on the rise, which could also indicate increased equity and an improving market.” 

   

SUMMER HOURS  
 
SPORT SHOP
(June-September)
 
Monday – Thursday: 8:00 a.m. – 5:00 p.m. 
Friday: 8:00 a.m. – 3:00 p.m. 
Saturday & Sunday:  8:00 a.m. – 2:00 p.m.
 
SPORTS ADMIN.
(June-September)  
Monday – Thursday: 8:00 a.m. – 5:00 p.m.
Friday: 8:00 a.m. – 3:00 p.m.
Saturday & Sunday: 8:00 a.m. – 2:00 p.m.
 
FITNESS  
(May 1-September 30) 
Monday – Friday: 6:30 a.m. – 6:00 p.m.
Saturday & Sunday: 7:30 a.m. – 5:00 p.m.

 

Bonita Bay Dining Schedule
(Beginning Oct. 15)
CLUBROOM 
Lunch Daily 11:00 a.m.-2:00 p.m. 
Sunday Brunch 10:30 a.m.-2:00 p.m. 
Dinner 5:30-8:00 p.m. Tuesday – Thursday 
Dinner 6:00-8:00 p.m. Friday POETS Night 
Dinner Saturday nights beginning in January
 
55th HOLE 
Daily 11:00 a.m.-10:00 p.m.
 
MEN’S GRILL 
Daily: 11:00 a.m.-4:00 p.m. 
 
WAVE CAFE 
Monday-Friday-8:00 a.m.-2:00 p.m. 
Food Service beginning at 10:30 a.m. daily
 
BBC NAPLES
Lunch Daily 11:00 a.m.-3:00 p.m. 

BREEZEWAY BAR & CAFE 
Tuesday-Thursday
11:00 a.m.-5:00 p.m.
Friday-Monday
11:00 a.m. – 10:00 p.m. 
   
Starting Monday, July 1, 2019 drivers in Florida checking the latest news or texting their friends can be pulled over for using wireless devices while driving – and local law enforcement is on the lookout.  
 
“What I am hoping changes is that we actually save a life. If we save one life by this law then we’ve achieved everything,” said Sgt. Terry Smith, of Collier County Sheriff’s Office Safety and Traffic Enforcement.  
 
Before Monday, using a wireless device while driving was a secondary offense and officers could only cite drivers after stopping them for a different offense. 
Now however, Florida statute 316.305 – known as the Florida Ban on Texting While Driving Law – will change to a primary offense and traffic law enforcers can pull over drivers for using a wireless device while operating a vehicle.  
 
A person may not operate a motor vehicle while manually typing or entering multiple letters, numbers, symbols or other characters into a wireless communication device and may also not read any data off a device, according to Florida Statute 316.305. 
The law only applies when a car is in motion.  
 
“If you are stopped at the side of the road or you’re stopped at a red light and you are waiting for the light to turn green and pick up your phone and start looking at it, I don’t recommend that, but you are able to do so,” Smith said.  
 
Effective Monday, drivers in Collier County can be cited $113 for violating the statute, Smith said.  
 
Drivers in Lee County can be cited $111 for violating the statute, but that number can increase slightly if the stop is initiated inside of a municipality, said Lee County Sheriff’s Office Sgt. Alan Canfield.  
 
The Collier County Sheriff’s Office plans to handout pamphlets at traffic stops to educate the public, Smith said.  
 
The Florida Highway Patrol troopers will issue warnings through Dec. 31 to provide drivers with additional education, spokesman Lt. Greg Bueno said via email.  
 
Exceptions would apply in extremely dangerous driving situations, Bueno wrote.  
   SOURCE: Naples Daily News 
 

 

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