Mortgage Rates Hit Record Low – Third Time this Year

At 3.15%, the median 30-year, fixed-rate mortgage set another record. It’s down from last week’s 3.24% and the lowest since Freddie Mac started tracking in 1971.

WASHINGTON (AP) – Long-term U.S. mortgage rates fell this week as the key 30-year home loan marked an all-time low for the third time in the last few months since the coronavirus outbreak took hold.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year loan tumbled to 3.15% from 3.24% last week. It was the lowest level since Freddie started tracking rates in 1971. A year ago, the rate stood at 3.99%.

The average rate on the 15-year fixed-rate mortgage declined to 2.62% from 2.70% last week.

Spurred by the fall in borrowing rates, demand for home purchases by prospective buyers has rebounded from a decline of 35% in mid-April to an 8% increase as of last week, Freddie economists noted.
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Collier & Lee County Approved For Vacation Rentals

As of Tuesday morning, Fla. DBPR approved plans for 42 counties to safely reopen vacation-rental properties – an increase from 26 counties last Friday.

TALLAHASSEE, Fla. – Part of Florida Gov. Ron DeSantis’ response to the coronavirus pandemic was to authorize the Florida Department of Business and Professional Regulation (DBPR) to approve the reopening of vacation rentals based on plans submitted by counties. During the pandemic and until they received DBPR approval, those homes were been banned from accepting reservations or hosting renters after DeSantis signed an executive order in late March.

As of Tuesday morning, 42 of Florida’s 67 counties had received DBPR approval to reopen under safety guidelines set by each county. While those rules may be different, DeSantis set some general guidelines when he announced the change, such as prohibiting or discouraging renters from pandemic hotspots, such as New York or Louisiana.

Last week, however, the governor announced a reopening of vacation rentals, providing steps were taken to minimize the spread of COVID-19 and counties agreed to make sure those safety measures were followed.

Many counties quickly submitted approval plans following the announcement, and DBPR has quickly approved a number of them. On Friday, 26 counties had received DBPR approval, and that number grew to 42 only four days later.

Naples Area – Real Estate Market Report – April 2020

Naples, Fl – May 22nd 2020 – Coronavirus slowed real estate market activity in April as expected during Florida’s safe-at-home restrictions. According to the April 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).
The good news is that – even during a pandemic – Naples home values are being maintained.  The report shows April’s overall percentage of current list price received increased .5%.  This figure represents what the buyer paid for their home compared to the seller’s listed sale price. In April, the contract price averaged 95.9% of list price. In comparison, during April 2019, the contract price averaged 95.4% of list price. This statistic demonstrates that homes in the Naples area did not lose their values during April, the worst month of the pandemic to date.  

 




 

 

 

 

 

Here are the main statistics of the report for April 2020 (compared to April 2019):

  • Overall closed sales decreased 28.6% to 838 closed sales compared to 1,173 closed sales in April 2019.

  • Inventory decreased as well in April by 29.1% to 5,394 homes compared to 7,605 homes in April 2019. The April report also confirms home values remain intact.

  • Median closed prices increased .3% in April to $340,000 from $339,000 in April 2019. Although there were slightly fewer price decreases in April than in March, still 1,654 or 31% of all listed properties experienced reductions in their offering price during April.

  • As people were urged to stay home in April, showings decreased to 9,420 from 22,862 in April 2019 (does not include virtual showings). As a result, pending sales in April decreased 53.6%, as was expected.

  • The desire for virtual home showings has risen rapidly. During video tours, agents become the eyes of the buyer. They’re talking more than they would on a traditional tour, pointing out things that would be obvious in person but aren’t as clear through a camera lens like the quality of workmanship on any repairs or whether a bedroom will fit a king-size bed. Virtual home tours are becoming the new first step in home buying.

 

CATEGORIES

Apr 2019

Apr 2020

CHANGE

Total closed sales (month/month)

1,173

838

-28.6%

Total pending sales (homes under contract) (month/month)

1,322

613

-53.6%

Median closed price (month/month)

$339,000

$340,000

+0.3%

Total active listings (inventory)

7,605

5,394

-29.1%

Average days on market 

98

87

-11.2%

Single-family closed sales (month/month)

510

409

-19.8%

Single-family median closed price (month/month)

$464,500

$429,500

-7.5%

Single-family inventory

3,850

2,639

-31.5%

Condominium closed sales (month/month)

663

429

-35.3%

Condominium median closed price (month/month)

$272,500

$270,000

-0.9%

Condominium inventory

3,755

2,755

-26.6%

Not all geographic areas in Collier County reported a decrease in closed sales during April. Single family home sales in East Naples (34114, 34117, 34120, 34137) during April increased 7.2%.

View Detailed Statistics Report…
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Naples Square – Real Estate Market Report – 1st Quarter 2020

Here is the real estate market report in Naples Square, a luxury condominiums complex in downtown Naples, at walking distance of Fifth Avenue S. for the First Quarter of 2020.
 
Active Listings:
There are currently 15 condos on the market (22 if the pre-market condos in Quattro are included)
Average days on market: 169.
Average asking price: $1,342,000 ($750,000 to $2,300,000).
 
Pending Sales:
No pending sales as of today.
 
Closed Sales:
8 condos have sold in the first quarter of 2020.
Average days on market: 148.
Average Sale Price: $1,016,000 ($647,000 to $1,595,000)
Average Sale Price/Square Foot: $557.
 
Let me know if you have any questions about this report and/or  about Naples Square.

Populous Cities Losing Appeal During COVID-19 Shutdown

 Nearly 1 in 3 Americans might move to less densely populated areas due to the pandemic, according to a Harris Poll – a possible big change for the real estate market.

NEW YORK – Ben Greenzweig is itching to move his wife and three kids South, a plan that may get accelerated due to the coronavirus pandemic.

The CEO and co-founder of conference company Momentum Event Group, says he’s looking to move to either North Carolina or South Carolina from the New York City suburbs in Westchester County, for cheaper costs and bigger living space amid fears that a deep and prolonged economic slump in the state could eventually force residents to pay higher taxes.

“It would be an unbelievable escape,” Greenzweig, 42, says. He typically works from home which gives him flexibility.

“Our children’s involvement in school is the single largest tether keeping us here. If there’s a hint that school won’t resume in the fall for my kids, then the biggest reasons for us staying here, which are friendships and school activities, evaporates.”

Nearly a third of Americans are considering moving to less densely populated areas in the wake of the pandemic, according to new data from Harris Poll. That may foreshadow a shift that would have a major impact on residential real estate sales and home prices.

Urbanites (43%) were twice as likely than suburban (26%) and rural (21%) dwellers to have recently browsed a real estate website for homes and apartments to rent or buy, the survey showed, which was conducted among 2,050 U.S adults from April 25-27.

“People will be much more cautious about living in high-density areas with so many people nearby,” predicts Lawrence Yun, chief economist at the National Association of Realtors.

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Rapallo At Coconut Point – Market Report – First Quarter 2020

Rapallo At Coconut Point

This is the real estate market report for Rapallo At Coconut Point, for the first quarter of 2020.
There are currently 12 properties for sale in Rapallo.
Condominiums:
There are only 2 Terrace Condos on the market in Rapallo.
Listed from $268,888 to $279,900.
There are also 2 pending sales.
View Active Listings.
In the past quarter, 2 terrace condos has sold in Rapallo:
– From $250,000 to $277,000.
– Average Days on Market: 21.
– Average Sale Price per SQFT: $190/SQFT.
– Average Sale Price: $263,500.
View Sales for the Terrace Condos.

Coach Homes:
There are currently 6 Coach Homes on the market in Rapallo.
Listed from $278,000 to $342,000.
View Active Listings.
2 other ones are under contract.
In the past quarter, 6 coach homes have sold in Rapallo:
– From $281,000 to $340,000.
– Average Days on Market: 50.
– Average Sale Price per SQFT: $174/SQFT.
– Average Sale Price: $306,000.
View Sales for the Coach Homes.

Carriage Homes:
There are currently 2 Carriage Home on the market in Rapallo.
Listed from $409,000 to 420,000.
View Active Listings.
Another one is under contract.
In the past quarter, 2 carriage homes have sold in Rapallo:
– From $360,000 to $395,000.
– Average Days on Market: 48.
– Average Sale Price per SQFT: $166/SQFT.
– Average Sale Price: $377,500.
View all Recent Sales for the Carriage Homes.

Courtyard Villas:
There are currently 2 villas for sale. Listed for $470,000 to $489,900.
In the past quarter 1 courtyard villa has sold in Rapallo:
– For $490,000.
View Sales for the Villas.

Let us know if you have any questions and how we can help you about Rapallo or any properties in Estero

Pelican Sound – Market Report – First Quarter 2020

Here is the real estate market sales report for Pelican Sound Golf & River Club,  for the first quarter of 2020.
There is currently only 1 property for sale in Pelican Sound!

Condominiums:
None on the market as of today.
7 condos are under contract.
In the past quarter 9 condos have sold in Pelican Sound:
– From $192,000 to $280,000.
– Average Days on Market: 83.
– Average Sale Price per SQFT: $178/SQFT.
– Average Sale Price: $226,000.
View Sales for the Condos.

Coach Homes:
There is currently 1 Coach Home on the market in Pelican Sound. Listed for $339,900.
View Active Listings.
2 coach homes are under contract.
In the past quarter, 7 coach homes have sold:
– From $322,500 to $355,000.
– Average Days on Market: 47.
– Average Sale Price per SQFT: $211/SQFT.
– Average Sale Price: $340,000.
View all Recent Sales for the Coach Homes.

Carriage Homes:
There are none of the Carriage Homes on the market right now.
2 are under contract.
In the past quarter, 3 carriage homes have sold:
– From $430,000 to $449,000.
– Average Days on Market: 70.
– Average Sale Price per SQFT: $235/SQFT.
– Average Sale Price: $442,000.
View Sales for the Carriage Homes.

Single-Family Homes (Including Estate Homes):
None are on the market as of today.
2 are under contract.
In the past quarter, 2 homes have sold:
– For $680,000 to $685,000.
– Days on Market: 30.
– Average Sale Price per SQFT: $321/SQFT.
View Sales for the Single-Family Homes.

Let us know if you have any questions about theses sales or the properties on the market in Pelican Sound or if you want to sell your property as the market is extremely active and we need listings.

After weeks of business decline during pandemic, SW Florida Real Estate starts to see improvements in activity

The local real estate market has certainly taken a hit thanks to the pandemic, with many buyers and sellers staying isolated amid the outbreak. 
Despite the slowing of the market, however, Southwest Florida real estate representatives are starting to see signs that activity is on the upswing.

However, showings saw a week-over-week increase of 51% in the week ending April 19 with 4,079 showings. That’s up from 2,705 a week earlier.
Read the Full Article…

 

Florida Real Estate Market Keeps Moving – Just a Bit Slower

In recessions, pandemics and booms, the real estate market adjusts, and since a home is often an emotional purchase, some think stay-at-home rules will only boost demand.

MIAMI – Jonathan Tripp sat outside of a title agency in his truck as he gave his signed documents to masked and gloved agents. He rolled his window back up before they went into the office and returned with his copy of the paperwork.

And with that, his two-bedroom, two-bathroom home in Fort Lauderdale was sold for $290,000, a process Tripp says was done about 80% electronically in the midst of the coronavirus pandemic. He and his fiancé are now under contract to buy a three-bed, two-bath house in Coconut Creek for $340,000.

While much of the world is on hold due to the stay-at-home orders and quarantine recommendations that accompany the COVID-19 outbreak, the real estate market in South Florida keeps moving. It’s just moving slower.

Carl Marzola, president of Atlantic Properties International, last week showed an $850,000 four-bedroom colonial home in Fort Lauderdale’s Poinsettia Heights to a large family and had a client accept an offer on a three-bedroom corner unit in a building on the ocean. Wesley Ulloa, broker owner of LUXE Properties, lists a $560,000 condo in Coral Gables and a $300,000 townhouse in Miami Lakes among her recent closings. Saddy Abaunza, vice president of Sotheby’s International Realty, has had wealthy clients rent local luxury homes to spend their time for the duration of the pandemic.
Read the Full Article…

Naples Area – Real Estate Market Report – March 2020

Naples, Fl – April 23rd 2020 – Like all industries impacted by the COVID-19 pandemic, the Naples area housing market was not immune to its effect in March. While home sales dropped, home prices remained steady, and in some cases, increased.
Because the stay-at-home order went into effect mid-month, real estate activity during the first two weeks of March was strong, while activity during the second half of March tempered remarkably well. Brokers analyzing the March 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), agree that the report showed one indisputable truth: The need for housing in the Naples area – whether it be a rental, new home construction, or homes in the resale market – is essential and still in demand.




 

 

 

 

 

Here are the main statistics of the report for March 2020:

  • Overall closed sales in March increased 15.8% to 1,148 closed sales compared to 991 closed sales in March 2019.
    This was an increase of 359 closed sales over February (789 closed sales) and 426 more closed sales than January (722 closed sales)!

    The report also showed a 22.5% increase in closed sales for the first quarter of 2020 (2,689 total closed sales) compared to the first quarter of 2019 (2,195 total closed sales).

  • Pending sales took a hit during the second half of March, down 38.1% for the month to 977 pending sales compared to 1,578 pending sales in March 2019.

    But “pending sales increased 5.3% during the first quarter of 2020 compared to the first quarter of 2019. The Naples area housing market was on solid footing before the coronavirus pandemic flared up.”

  • There were still over 19,000  scheduled showings in March.
    Serious buyers are not being discouraged by the stay-at-home order. Because real estate is considered essential, buyers can tour homes as long as they abide by the social-distancing order – or they can tour homes virtually with their REALTOR on site hosting their virtual tour.”
  • Overall inventory remained strong with 5,772 available properties. This was a 27.5% decrease in inventory compared to March 2019, which had 7,965 properties available.
  • Overall median closed price  increased 10% to $372,750 compared to $339,000 in March 2019. 
  • Median closed prices for the single-family home market increased 16%  to $470,000 compared to $405,500 in March 2019.
  • Median closed price for the condominium market decreased 1.3% to $276,500 compared to $280,000 in March 2019.

  • New Construction: Many builders in the area are offering big incentives in order to move their new home inventory. It’s good to work with a REALTOR® who understands the local market well and can negotiate the best price, whether it’s a home for sale by a builder or an independent seller of an existing home.

CATEGORIES

Mar 2019

Mar 2020

CHANGE

Total closed sales (month/month)

991

1,148

+15.8%

Total pending sales (homes under contract) (month/month)

1,568

977

-38.1%

Median closed price (month/month)

$339,000

$372,750

+10.0%

Total active listings (inventory)

7,965

5,772

-27.5%

Average days on market 

106

98

-7.5%

Single-family closed sales (month/month)

485

563

+16.1%

Single-family median closed price (month/month)

$405,500

$470,000

+15.9%

Single-family inventory

4,055

2,862

-29.4%

Condominium closed sales (month/month)

506

585

+15.6%

Condominium median closed price (month/month)

$280,000

$276,500

-1.3%

Condominium inventory

3,910

2,910

-25.6%

The March 2020 Market Report also shows a solid inventory.
Current low interest rates and a strong stock market are favorable reasons why people buy second homes. Low fuel prices will also inspire people to travel more by air and car to Southwest Florida once the -stay-at-home order is lifted. It may take a few months to get back to normal, but  the housing market in Naples will recover fast because people love the beach and we have 24 miles of it to explore. Plus, after being locked at home for months, people are going to want to live in a community that doesn’t have high-density issues.

View Complete Detailed Statistics…
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