01 Jul Bonita Bay Real Estate News | July 2019
As of July 1, 2019, there are 100 active listings in MLS in Bonita Bay; 2 less than last month. There are 29 single-family homes ranging in price from $514,900 to $5,950,000. The average list price is $1,813,462 and the average days on the market is 212. The combined days on the market is 261. In the carriage, mid-rise, townhouse, and attached villa market, there are 29 active listings in Bonita Bay. Prices range from $199,000 to $739,000. The average list price is $384,490. The average of days on the market is 130. The combined days on the market is 156. In the high-rise market, there are 42 active listings in Bonita Bay ranging in price from $725,000 to $6,750,000. The average list price is $2,148,129 and the average days on the market is 313. The combined days on the market is 356.
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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 80 sales with an average sales price of $363,909; these condos were on the market an average of 84 days; combined days on the market is 140.
- During the 12 months previous, there were 77 sales with an average sales price of condominiums was $381,325; these homes were on the market for 116 days; combined days on the market is 206.
BONITA BAY HIGH-RISES
- During the last 12 months, there were 54 sales with an average sales price of $1,378,028; these homes were on the market an average of 194 days; combined days on the market is 429.
- During the 12 months previous, there were 34 sales with an average sales price of $1,271,561; these homes were on the market for an average of 143 days; combined days on the market is 237.
SINGLE-FAMILY BONITA BAY HOMES
- During the last 12 months, there were 67 sales with an average sales price of $1,029,375; these homes were on the market an average of 139 days; combined days on the market is 226.
- During the 12 months previous, there were 76 sales with an average sales price of $1,170,161; these homes were on the market for an average of 89 days; combined days on the market is 182.
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JULY 2019 MARKET UPDATE
A GREAT SUMMER FOR BUYERS
“With 1,566 closings through June 30th, this year is shaping up to be another solid year for sales,” said Mike Hughes, General Manager for Downing-Frye Realty, Inc. “A nice inventory of properties is helping our market. Buyers will find an ample selection of properties for sale across all price ranges. Builders have been rushing to meet the demands of consumers. We are just starting to feel the presence of the summer buyers. The Southwest Florida real estate market is not as seasonal as it was twenty years ago. Downing-Frye expects to close 700-900 transactions over the summer months. That is a lot of business for the “off” season. Summer is a great time to visit Southwest Florida for a variety of reasons. It is easier to get on our numerous golf courses over the summer. With many of our local restaurants, you can walk right in with no reservation. The fishing in Florida certainly picks up over the summer. Best of all, many of the hotel rates are a fraction of what they were several months ago.”
BONITA /ESTERO: PENDING SALES INCREASE
The continued desire for properties in the area was confirmed by members of the Bonita Springs-Estero REALTORS® in a report comparing May 2019 activity to May 2018. New pending sales of single-family homes were up 14.4 percent, and condominium pending sales were up 17.5 percent. Closed sales of single-family homes were up .7 percent, and closed sales of condos were up 24.8 percent. Over 48 percent of the purchases were paid in cash rather than financed. The median sales price of single-family homes was $369,900 (down 2 percent compared to May 2018) and of condos was $260,000 (up 2 percent compared to May 2018). The active inventory of listings was about the same (1,106 in May 2019 compared to 1,114 in May 2018) and about the same number of new listings were reported (235 in May 2019 compared to 233 in May 2018.)
FLORIDA: LOW INTEREST RATES FUEL SALES
Florida’s housing market reported more sales, higher median prices and increased inventory in May compared to a year ago. Sales of single-family homes statewide totaled 30,742 last month, up 9.6 percent over May 2018. “May turned out to be our highest single-family home sales’ monthly total for any single month over at least the past 10 years,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “What’s more, this growth was widespread, with sales increasing in 21 of the state’s 22 metropolitan areas. “This resurgence in single-family home sales is largely being driven by a single factor, which is that mortgage interest rates have been declining sharply since late last year.” In May, statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year for the 89th consecutive month. The statewide median sales price for single-family existing homes was $266,000, up 4.3 percent from the previous year, and for condo-townhouse units was $195,000, up 3.7 percent over the year-ago figure.
USA: MAY EXISTING HOME SALES UP 2.5 PERCENT
Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®.
Joint Center for Housing Studies: Those of lesser means find it difficult to secure housing, but those who can achieve homeownership will have an economic edge.
BOSTON – Housing is harder to find for those of lesser means and people of color – but those who can achieve homeownership will have an economic edge, according to the annual State of the Nation’s Housing report from the Joint Center for Housing Studies at Harvard University.
The report stresses that inventory is tight, with the vacancy rate for owner-occupied homes last year at its lowest level since 1995.
More higher-income people are renting, with researchers citing 311,000 more tenant households earning more than $75,000 last year than in 2017, which poses a challenge for households in need of lower rents. “The focus of new construction on higher-cost units has thus shifted the overall distribution of rents upward,” according to researchers.
It is not surprising, then, that more renters are cost-burdened, with one-fifth of renter households devoting 30% to 50% of their income on housing costs, and one-quarter paying more than 50%.
Moreover, close to three-quarters of renters with incomes of $15,000 or less are spending more than half their income on housing.
Meanwhile, the share of cost-burdened homeowners continued to decline, hitting the lowest level of the century in 2018; and the amount of equity Americans hold in their homes rose along with home prices.
Among other things, the report shows that the black homeownership rate fell to its lowest level since 1995, but every other ethnic group gained ground in the past year.
Source: MarketWatch (06/26/19) Riquier, Andrea
© Copyright 2019, INFORMATION INC., Bethesda, MD (301) 215-4688
April Report Shows Market Resurgence Continues
|MAY 2018||MAY 2019||CHANGE|
|Total closed sales (month/month)||1,061||1,165||+9.8%|
|Median closed price (month/month)||$332,000||$355,000||+6.9%|
|Total active listings (inventory)||6,785||5,905||-13.0%|
|Average days on market||98||107||+9.2%|
|Single-family closed sales (month/month)||515||581||+12.8%|
|Single-family median closed price (month/month)||$430,000||$415,000||-3.5%|
|Condominium closed sales (month/month)||546||584||+7.0%|
|Condominium median closed price (month/month)||$268,000||$269,500||+0.6%|
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A Word from Downing-Frye Broker & General Manager Mike Hughes
This new infographic shows Downing-Frye Realty’s prowess in the local market.