Bonita Bay Real Estate News | April 2019

Bonita Bay Real Estate News | April 2019

As of April 1, 2019, there are 134 active listings in MLS in Bonita Bay; 18 less than last month. There are 44 single-family homes ranging in price from $449,000 to $5,950,000. The average list price is $1,814,488 and the average days on the market is 166. The combined days on the market is 190. In the carriage,  mid-rise, townhouse,  and attached villa market, there are 32 active listings in Bonita Bay. Prices range from $259,000 to $729,000. The average list price is $401,141. The average of days on the market is 144. The combined days on the market is 150. In the high-rise market, there are 58 active listings in Bonita Bay ranging in price from $689,900  to $6,750,000. The average list price is $2,023,483 and the average days on the market is 247. The combined days on the market is 286.

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 $375,243; these condos were on the market an average of 95 days; combined days on the market is 177.
     
  • During the 12 months previous, there were 81 sales with an  average sales price of condominiums was $372,114; these homes were on the market for 99 days; combined days on the market is 170.

BONITA BAY HIGH-RISES

  • During the last 12 months, there were 46 sales with an average sales price of $1,490,739; these homes were on the market an average of 181 days; combined days on the market is 457.
     
  • During the 12 months previous, there were 25 sales with an average sales price of $1,306,890; these homes were on the market for an average of 140 days; combined days on the market is 210.

SINGLE-FAMILY BONITA BAY HOMES

  • During the last 12 months, there were 78 sales with an average sales price of $1,092,168; these homes were on the market an average of 104 days; combined days on the market is 193.
     
  • During the 12 months previous, there were 67 sales with an average sales price of $1,179,915; these homes were on the market for an average of 108 days; combined days on the market is 209.
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.

 

APRIL 2019 MARKET UPDATE

“March was a huge month for high end pending sales,” said Mike Hughes, General Manager for Downing-Frye Realty, Inc. “We had 61 pending sales contracts above $1,000,000 and a sales volume for March of over $264,000,000. That is a 14 percent increase in volume over last March with slightly less pending sales contracts. We had 393 pending sales contracts this March compared to 402 last March. The high end market has shown great momentum over the last month. It’s been a solid winter season so far. Now we’re coming into a busy period where a lot of decisions will be made prior to winter visitors going back home.”

BONITA /ESTERO: OPPORTUNITIES REMAIN HIGH

Sellers continued to adjust pricing in February with 762 price repositions. (The current active inventory is 1,696 properties.) Pending sales for February 2019 versus February 2018 show a slight decrease of 2 percent. (For condominiums, pending sales are up while closings are currently lower than this time last year.) Overall inventory in the Bonita Springs and Estero markets for February 2019 showed the highest number of available listings during the same month prior to 2016. The luxury home market also showed an uptick in showings for the $2 million plus price point with closed sales increasing slightly for that price point over this time last year. The average days on market in February 2019 was 103 days, slightly longer than February of last year. At the current level of inventory, the supply is calculated to last 7.8 months.

FLORIDA: MEDIAN PRICES UP

In February, statewide median sales prices for all property types increased year-over-year for the 86th consecutive month. The statewide median sales price for single-family existing homes was $250,000, up 1.3 percent from the previous year, and for condo-townhouse units was $187,500, up 4.7 percent over the year-ago figure. “Half of the single-family homes selling in February were on the market for at least 54 days before going under contract – this compared to a median of 48 days last year,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “In the condo and townhouse category, there’s a similar trend: The median time to contract was 58 days, up from 51 days last year. At a more local level, this median varies widely from market to market, but the upward trend is prevalent throughout the state. Competition between buyers is clearly not as fierce as it was even a year ago. However, that doesn’t mean we’re quite in buyer’s market territory yet.”

USA: EXISTING HOME SALES REBOUND

Existing-home sales rebounded strongly in February, experiencing the largest month-over-month gain since December 2015. Total existing-home sales shot up 11.8 percent from January to a seasonally adjusted annual rate of 5.51 million in February. However, sales are down 1.8 percent from a year ago. The median existing-home price for all housing types in February was $249,500, up 3.6 percent from February 2018 ($240,800), marking the 84th straight month of year-over-year gains. Total housing inventory at the end of February increased to 1.63 million, up from 1.59 million existing homes available for sale in January, a 3.2 percent increase from 1.58 million a year ago. Unsold inventory is at a 3.5-month supply at the current sales pace, down from 3.9 months in January but up from 3.4 months in February 2018. Forty-one percent of homes sold in February were on the market for less than a month.

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

 

45% of Millennials Hope to Skip Over a  ‘Starter Home’

NEW YORK – April 1, 2019 – Young adults have waited longer than past generations to jump into homeownership. And, as they wait, that have apparently ratcheted up their expectations over what that first home will look like for when they finally take the plunge.
Almost half the millennials surveyed (45 percent) say they expect their first home to be their “dream home,” according to a new survey of 2,000 millennials between the ages of 22 and 37, released by Northshore Fireplace.
 
Millennials are willing to move to a different area to get this piece of their American dream, too: 65 percent say they’re willing to relocate to find a home they can afford, and 41 percent say they’re willing to move to a different state.
 
But can millennials actually afford their dream home first time out? Half of millennials surveyed say they have only $2,000 or less saved for a down-payment. And they believe their first home will cost $218,152 (average), even though the median cost of an existing home in the U.S. is $249,500, according to the National Association of Realtors’ (NAR) housing report for February.
In a separate study by Porch.com, a home improvement website, millennial buyers were the most likely compared to other generations to pay more for must-have amenities. Many of the amenities they most sought out related to convenience or comfort, such as a private backyard or patio (they’re willing to pay $7,009 more for a home with one); a swimming pool (they’d pay $6,346 more for one); central air conditioning and heating ($6,194); and solar panels ($5,469), according to the survey.
 
Some millennials may be willing to wait until they can afford their dream home. Their top fears delaying a home purchase are:
  • Burden of paying a mortgage (41 percent)
  • Unforeseen maintenance issues with the home (35 percent)
  • Being locked into one location by buying (17 percent)
  • Upkeep of the home (7 percent)
Source: “First-Time Millennial Home Buyers,” Northshore Fireplace (2019)
     © Copyright 2019 INFORMATION, INC. Bethesda, MD (301) 215-4688

 

February Market Report Shows Many Options for Buyers 

Naples, Fla. (March 26, 2019) – Home buyers had many more options to choose from in February as housing market inventory increased 7 percent to 7,442 homes in February 2019 compared to 6,912 in February 2018. In addition to 1,498 new listings added to the Southwest Florida MLS in February, the February 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®),  

which tracks home listings and sales within Collier County (excluding Marco Island), also reflected a 4 percent decrease in the overall median closed price to $335,000 in February 2019 compared to $350,000 in February 2018.

“This is typically the time of year when we see inventory jump,” said Wes Kunkle, President and Managing Broker at Kunkle International Realty. “New listings increased 34 percent in the single-family home market and 7 percent in the condominium market [based on a comparison of February statistics]. That’s a lot of great new options for buyers!”
 
The February Market Report showed inventory for each home type was about even in February with 3,801 single-family homes available (a 10 percent increase compared to February 2018) and 3,641 condominiums available (a 4 percent increase compared to February 2018).
 
While there were 100 fewer closed sales in February 2019 compared to closed sales in February 2018 (a 14 percent decrease), the added inventory has broker analysts like Dominic Pallini, Broker at Vanderbilt Realty, convinced that buyers are not rushing into a sale like many did when inventory levels were much lower; and instead, are meticulously evaluating all their options that include new and existing homes.
 
“The average days on the market increased in February, which tells me that buyers are looking at more homes before they make an offer,” said Pallini. “Plus, there is a lot more new construction this year than a year ago. Agents were rarely in the office in February because showings really increased dramatically.”
 
Unlike many Florida markets, sales of homes in Naples are very geographically influenced. Historically, the closer a property was to the beach, the faster it would sell. But that’s not always the case anymore. Days on market were the lowest in the South Naples area (34112, 34113) in February; yet prices for single-family homes in this geographic area decreased 25 percent to $420,000 in February 2019 from $560,000 in February 2018. 
 
“Our statistics show that the closed prices of properties that were sold in February averaged 95 to 96 percent of the current list price,” Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty. “This shows that once a property is priced to attract buyers, the seller can realize a final closing price within 4 to 5 percent of asking price.”
 
Fioretti added that “many of the current listed properties are priced in excess of the range that is attracting buyers so sellers often have to reduce their asking price to the point where buyers are interested, looking and ready to make an offer. Pricing a home appropriately from the start helps the seller realize a much shorter marketing time and makes for a smoother transaction.”
 
Phil Wood, President & CEO of John R. Wood Properties, added that REALTORS® help buyers find the right homes at the right price in the right area faster because they understand how each geographic area and the neighborhoods within them are different. “For example, closed sales of single-family homes near the beach decreased in February compared to a year ago while its median closed price increased; but closed sales of single-family homes increased in the South Naples area during February and its median closed price fell.”
 
The NABOR® February 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
FEB 2018 FEB 2019 CHANGE
Total closed sales (month/month) 695 595 -14%
Median closed price (month/month) $350,000 $335,000 -4%
Total active listings (inventory) 6,912 7,442 +7%
Average days on market  95 102 +7%
Single-family closed sales (month/month) 315 291 -7%
Single-family median closed price (month/month) $439,000 $405,000 -8%
Single-family inventory 3,427 3,664 +7%
Condominium closed sales (month/month) 381 304 -20%
Condominium median closed price (month/month) $275,000 $265,000 -4%
Condominium inventory 3,485 3,641 +4%
 
“The high-end market continues to do very well in our area,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., who added that those high-end sales are usually made by very astute buyers and if the economy was bad or on a path to becoming bad, then they wouldn’t be buying as they are currently. 
 
“You can’t look at our market with only one lens,” Hughes added. “A lot can change in a quarter mile. Sellers are best served when they work with a REALTOR®, whose job is to offer home buyers and sellers a good understanding of neighborhood market trends and comparative pricing strategies. This is very important during high season, and especially today, when buyers have more housing options.” 
 

Bonita Bay Wins Bronze at  Association TRENDS  40th Annual Awards Ceremony

Members of the Bonita Bay Community Association team traveled to Washington D.C. to attend Association TRENDS 40th annual awards ceremony to witness our Around the Bay newsletter win the bronze (monthly newsletter category).

 

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 – ThursdayDinner 6:00-8:00 p.m. Friday POETS NightDinner 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. NFL Ticket in Men’s Grill

Sundays during Football Season for 1:00 p.m. games
(Women are invited to attend beginning at noon)WAVE CAFEMonday-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.

 

 

Omega

Click to check out the panoramic views of Omega on YouTube.

 

A Word from Downing-Frye Broker & General Manager Mike Hughes

The March pending sales continue to come in at a very high level. This past week we received 25 pending sales a day. It has been a huge month for pending sales above $1,000,000. This month, we have had more pending sales above one million dollars than we have had in ANY month going all the way back to March of 2006!

Between now and May 1, there will be a lot of contracts written. Open houses are a great way to get in front of people. With over 1,300 listings, there are a lot of opportunities here. We had $206 million in pending sales last month. This month, we will probably be above $250 million. Back to back great months.

We are having a strong month for pending sales contracts above $1,000,000.00. So far this month, we have had 41 pending contracts turned in above $1 million. If you went back all the way to April of 2006, we have had only two other months (February and March of 2016 ) where we had over 40 pending contracts above $1 million. I fully expect that we will have a huge month for the high-end properties. We might have the Annual Downing-Frye Billion Dollar Party a little earlier this year! Downing-Frye throws a party when we hit one billion in sales for the year.

Bonita Bay APRIL Events Calendar 

SOCIAL & DINING
April 1  | Bay Singers Concert | 5:15 p.m. Cocktails & Show | 7:00 p.m. Dinner |Clubhouse  
                 $65.00 per person | Club Casual
April 6  | “Dueling The Ivories” — Around the World in 88 Keys | 6:00 – Cocktails and Dinner |  
                   Show to Follow | Ballroom |$78.00 per person | Club Casual 
 
GOLF
April 2   |”Four Ways” Women’s Event)| 8:30 a.m. & 1:15 p.m. | Sabal Course 
April 3   |”Four Ways” Women’s Event)| 8:30 a.m. & 1:15 p.m. | Creek Course
April 5   | Men’s Spring Member/Member | 9:00 a.m. Shotgun | Cypress Course 
April 5   | Women’s 9-Hole Golf | 9:30 a.m. Tee Times | Marsh Course  
April 6   | Men’s Spring Member/Member | 9:00 a.m. Shotgun | Marsh Course  
April 8   | The Curtis Challenge | 9:30 a.m. Shotgun | Bay Island Closes 
April 9   | Women’s Member/Guest | 9:00 a.m. Shotgun | Cypress Course 
April 12 | Women’s 9-Hole Golf | 9:30 a.m. Tee Times | Creekside Course   
April 15 | Senior Club Championships | Creekside Course
April 16 | Senior Club Championships | Creekside Course  
April 19 | Women’s 9-Hole Golf | 9:30 a.m. Tee Times | Cypress Course 
April 23 | Women’s Season Finale | 8:30 a.m. Shotgun | Creekside Course  
April 26 | Women’s 9-Hole Finale | 9:30 a.m. Shotgun | Creekside Course 
  
RACQUET SPORTS 
April 3  | Women’s Member/Guest (T) | 11:30 a.m. – Play | 1:30 p.m. – Lunch 
April 4  | Grand Slam (T) – Dink, Drink & Dine (P) – Mallets & Hoops (C)   
                 4:30 pm – Play | 6pm – Dinner 
April 5   | Beginner Croquet Clinic  (C) | 1:30-2:30 p.m.  
April 7   | Wine & Wickets (C) | 4:00 p.m.  
April 8   | Ready, Set & Bet! (T) | 5:30 p.m. – Fill out betting tickets | 6:00 p.m. – Tennis Begins
April 11 | PRO-AM Pickleball & Party (P) | 4:00 p.m. – Play | 6:30 p.m. – Dinner  
April 13 | Back to Bay (T) | 3:00 p.m. – Play at Pelican Landing   
April 15 | Junior Camp Begins (T) | 9:00-10:00 a.m.  | Ages: 10-14 | 10:30-11:30 a.m. 
April 26 | Junior Camp Ends (T)  
 
KIDS HOLIDAY ACTIVITIES 
April 15  | T-shirt Art | 2:00 p.m.
April 15  | Team Trash Pong/Scavenger Hunt | 3:15 p.m.
April 15  | Rice Krispies Treat Monsters | 4:00 p.m.
April 16  | Sandy Day | 2:00 p.m.
April 16  | Water Balloon Extravaganza | 3:15 p.m.
April 16  | Banana Split Sticks | 4:00 p.m.
April 17  | Where’s Chef? | 2:00 p.m.
April 17  | Hula Hoop Contest | 3:15 p.m.
April 17  | Cupcake Decorating | 4:00 p.m.
April 18  | The Bonita Bay Club Zoo | 2:00 p.m.
April 18  | Team Trash Pong/Scavenger Hunt| 3:15 p.m.
April 18  | Popsicle Contest | 4:00 p.m.
April 19  | Fly to New Heights | 2:00 p.m.
April 19  | Corn Hole Toss | 3:15 p.m.
April 22  | T-shirt Art | 2:00 p.m.
April 22  | Team Trash Pong/Scavenger Hunt | 3:15 p.m. 
April 22  | Rice Krispies Treat Monsters| 4:00 p.m.
April 23  | Sandy Day | 2:00 p.m.
April 23  | Water Balloon Extravaganza | 3:15 p.m.
April 23  | Banana Split Sticks | 4:00 p.m.
April 24  | Where’s Chef? | 2:00 p.m.
April 24  | Hula Hoop Contest | 3:15 p.m.
April 24  | Cupcake Decorating | 4:00 p.m.
April 25  | The Bonita Bay Club Zoo | 2:00 p.m.
April 25  | Team Trash Pong/Scavenger Hunt| 3:15 p.m.
April 25  | Popsicle Contest | 4:00 p.m.
April 26  | Fly to New Heights | 2:00 p.m.
April 26  | Corn Hole Toss | 3:15 p.m.
April 26  | Make Your Own Sundae | 4:00 p.m. 

Download the full 2018-2019 Event Calendar.

Download the full 2018-2019 Event Calendar.