Marco Island Real Estate Statistics for November 2013

The following statistics compare November 2013 to November 2012

Sold single family home sales down 61% (11 vs. 28)

Sold condominium sales down 40% (25 vs. 42)

Sold single family vacant lots even (14 vs. 14)

Pending single family home sales up 5%  (43 vs. 41)

Pending condominium sales up 11%  (62 vs. 56)

Pending single family vacant lot sales up 53%  (26 vs.17)

Inventory:

351 Single family homes (up 6% from 2012)

401 Condominiums (down 26% from 2012)

246 Single family lots (down 9% form 2012)

Summary:

A total of $29 Million dollars worth of real estate closed on Marco Island in the Month of November. ($31 Million dollars worth in October 2013 and $44 Million in November 2012).  While the sales figures seem to have gone down in November it is important to note this number represents when the property closed, not when it went under contract. For instance, it may take a property 60 or 90 days to close from when it goes pending due to the time needed to get a mortgage. Closed sales are important statistically because it shows how much a property sold for which gives us an indicator of price movement. The holidays can also have an effect on closed sales as many people put off the closing until we are out of the holiday season. Meanwhile, pending activity shows how many properties went under contract in a given month, and again, these can close during various months in the future.To have a firm grasp of the market, we need to look at both Closed and Pending sales to make a good assessment. Pending sales are up, Closed sales are a bit off, but that can be partially attributed to "seasonality" and the fact that the screaming good, quick, cash close deals are diminishing as the market improves.  I would also mention that the when compared to last year the average sale price is up 14% and the median sale price is up 22%. Next month we will look at the year in review and see how it stacked up to last year.

If you are thinking of selling, it is a great time to do so, as the low inventory may result in a fairly quick sale. And for you buyers, you may may to get in sooner rather than later as it looks like prices will continue to slowly rise.  Please e-mail, call or text me if you have any questions.

Have a Merry Christmas and a Healthy and Happy New Year!

viewmarco.com  Click to see the entire Marco Island MLS viewmarco.com

E-mail  marcoislandflorida@gmail.com

Marco Island Real Estate Statistics for October 2013

The following stats compare October 2013 to October 2012

Sold single family home sales even (29 vs. 29)

Sold condominium sales up 17% (41 vs. 35)

Sold single family vacant lots up 33% (12 vs. 9)

Pending single family home sales down 8.5%  (43 vs. 47)

Pending condominium sales even  (60 vs. 60)

Pending single family vacant lot sales up 5.5%  (19 vs.18)

Inventory:

328 Single family homes (up 3% from 2012)

392 Condominiums (down 26% from 2012)

243 Single family lots (down 6% form 2012)

Summary:

A total of $32 Million dollars worth of real estate closed on Marco Island in the Month of October. ($41 Million dollars worth in September 2013 and $31 Million in October 2012).  Historically the Fall months tend to exhibit a bit of a slowdown in sales as we ramp up for the upcoming "season". However, the diminished inventory seems to be the cause of this years let up in Fall sales activity. The demand for reasonably priced property is outmatched by the extremely low inventory. To be specific, for the trailing 12 months the average sales price is up 6.5% and in many cases sellers of the existing inventory are priced well above this amount when looking at comparable properties that sold in the past year.  Many buyers are willing to pay a premium, but in some cases the property does not appraise for the mortgage and the deal is terminated. While Cash buyers don't have this problem, they also tend to not want to pay more than a modest increase. With these checks and balances in place, I believe we will continue to have a healthy real estate market with nice, easy growth.

If you are thinking of selling, it is a great time to do so, as the low inventory may result in a fairly quick sale. And for you buyers, you may may to get in sooner rather than later as it looks like prices will continue to slowly rise.  Please e-mail, call or text me if you have any questions.

Happy Thanksgiving and Chanukkah

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Click here to view the Marco Island MLS

Marco Island Real Estate Stats for the first 3 quarters of 2013

The following statistics compare the first 3 quarters of 2013 to 2012

Sold Single Family Home Sales up 10% (325 vs. 295)

Sold Condominium Sales up 13% (448 vs 398)

Sold Single Family Vacant Lots down 5% (142 vs 150)

Average Sale Price Single Family Home up 11% ($763k vs $689k)

Average Sale Price Condominium up 11% (($467k vs $423k)

Average Sale Price Single Family Vacant Lot up 32% ($386k vs 292k)

Total Dollar Value of all Single Family Homes Sold up 22% ($248M vs $203M)

Total Dollar Value of all Condominiums Sold up 25% ($210M vs $168M)

Total Dollar Value of all Single Family Vacant Lots Sold up 25% (55M vs 44M)

Current Inventory:

304 Single Family Homes (down .3% from 2012)

364 Condominiums (down 29% from 2012)

241 Single Family Lots (down 7% form 2012)

Summary:

Over a half BILLION dollars of real estate has closed on Marco Island during the first 9 months of 2013. Whew...  Without question the appetite for Marco Island real estate was as strong as it's ever been during the past 3 quarters. Average prices were up, Dollar value was up, Median prices were up. However, the decrease in inventory has resulted in a bit of a let up over the last couple of months and our break neck pace is easing.  Bank appraisals are keeping prices fairly in check and interest rates are still excellent with the 30 year fixed rate at about 4.5%. Other indicators of note are the average days a property is on the market is down about 10% from 299 to 269 and the list price to sales price ratio is up 2% from 90% to 92% (this means the average amount "negotiated" is 8%.)

The market seems healthy and buyers seem ready to get their piece of Paradise.

I keep reiterating that If you are thinking of selling, it is a great time to do so, as the low inventory is creating a sense of urgency in buyers for fairly priced properties.

As always, please reach out and contact me if you have any real estate questions.

Enjoy the Fall

Click here to view the entire Marco Island MLS

E-mail: Marcoislandflorida@gmail.com

Gerry Rosenblum
Broker Associate
2013,2012 and 2007 President Marco Island Board of Realtors
2008 Realtor of the Year
239-450-4770

Marco Island Real Estate Statistics for August 2013

The following stats compare August 2013 to August 2012

Sold single family home down 6% (31 vs. 33)

Sold condominium sales down 2% (43 vs 44)

Sold single family vacant lots down 67% (8 vs 24)

Pending single family home sales down 2%  (46 vs. 47)

Pending condominium sales Up 24%  (57 vs 46)

Pending single family vacant lot sales down 52%  (10 vs. 21)

Inventory:

307 Single family homes (up 3% from 2012)

391 Condominiums (down 25% from 2012)

233 Single family lots (down 12% form 2012)

Summary:

A total of $53 Million dollars worth of real estate closed on Marco Island in the Month of August. ($63 Million dollars worth in July 2013 and $48 Million in August 2012). The appetite for Marco Island Real Estate remains unabated as we move into the fall. The only thing at this time keeping the number of sales from increasing is the inventory. Simply put, the number of properties for sale at this time is probably the lowest in over a decade. Oddly enough, the rainy weather we have been having also puts a damper on sales as some buyers cancel showings due to it, or they postpone their visit to Marco until the weather clears. It appears the desire for people to live in our retirement/resort destination, is as strong as ever. 

If you are thinking of selling, it is a great time to do so, as the low inventory is creating a sense of urgency in buyers which is now compounded by the fact that interest rates are slowly rising.

As always, please reach out and contact me if you have any real estate questions.

Click here to view the Marco Island MLS

          Phone: 239-450-4770     

Email: Marcoislandflorida@gmail.com

Stay dry my friends.

          Gerry 

Marco Island Real Estate Statistics July 2013

The following stats compare July 2013 to July 2012

Sold single family home sales up 41% (38 vs. 27)

Sold condominium sales up 30% (48 vs 37)

Sold single family vacant lots down 31% (11 vs 19)

Pending single family home sales down 5%  (42 vs. 44)

Pending condominium sales down 8%  (47 vs 51)

Pending single family vacant lot sales down 26%  (14 vs. 19)

Inventory:

323 Single family homes (up 6% from 2012)

405 Condominiums (down 22% from 2012)

236 Single family lots (down 14% form 2012)

Summary:

A total of $63 Million dollars worth of real estate closed on Marco Island in the Month of July. ($59 Million dollars worth in June 2013 and $38 Million in July 2012).  There were quite a few sales in July in excess of $1,000,000, which seems to be a trend.  While there is a definite "season" to our Real Estate Market, without question this proves sales don't stop after April.  

The total number of homes, condos and lots for sale is currently 964.  That is a very low number and if it continues to shrink we may see a let up in sales as there are just simply not enough properties to meet the demand.  Economics 101 teaches us if the supply is low and demand is high, prices will rise. The problem is we are now seeing buyers willing to pay a bit more for a property than the last comparable sale, but the bank appraiser is not allowing for that increase in the appraisal.  This either causes the buyer to put a bigger deposit down, try to renegotiate the deal or cancel the contract all together.  These are the challenges Realtors face every day and why you need one to help guide you through a transaction, whether you are buying or selling.  

If you are thinking of selling, it is a great time to do so, as the low inventory is creating a sense of urgency in buyers which is now compounded by the fact that interest rates are rising.

An exciting piece of news is the Marriott is planning to possibly do an expansion that would allow for an increase in their business during the off season here on Marco. I also heard that if successful, this may result in their business being upgraded to J.W. Marriott status. From a Real Estate standpoint I believe this will be a positive as it will bring more jobs and more affluence to Marco.

As always, please reach out and contact me if you have any real estate questions.

Marco Island Real Estate Statistics for February 2013

Here is a recap of what happened in the Marco Island Real Estate market during February 2013.

39 Single family homes, 32 Condominiums and 22 Vacant homesites Closed in February.

38 Single family homes, 51 Condominiums and 21 Vacant homesites went under contract in February. 

Inventory is at 368 Single family homes, 542 Condominiums and 274 Vacant homesites for a total of 1,184 which is 15% lower than last February.

In February 82 Single family homes, 86 Condominiums and 29 Vacant homesites were listed and came on the market.

For the trailing 12 months the average sales price is up 1.8% from $486,000 to $495,000.  The average number of days a property was on the market is 282, and  properties sold within 9.49% of asking price on average.

It is my pleasure to continue presenting these numbers that indicate the Marco IslandReal Estate market is maintaining solid sales and listing activity through February.  The market is very healthy right now and I don't foresee anything in the near future that will dampen the current pace.   The stock market is at an all time high and we are seeing some buyers that are selling off equities to purchase real estate.  While it is nice to have shares of Google, you can't sleep in them.

If you have any specific questions about Marco Island Real Estate, as always, please call or e-mail.

marcoislandflorida@gmail.com

The following stats compare January 2013 to January 2012

Pending single family home sales up 38%  (62 vs. 45)

Pending condominium sales up 19%  (59 vs. 51)

Single family vacant lot sales down 11%  (16 vs. 18)

Inventory:

335 Single family homes (down 14% from 2012)

526 Condominiums (down 21% from 2012)

277 Single family lots (down 20% form 2012)

Summary:

Market momentum continues to push prices upward with increases in average sales price and median sales price.  There is a slight decrease in lot sales, this is because the average sales price for lots is up 33% and the median price is up 70%.  Simply put, the cheaper lots are gone and sellers are holding out for, and getting, higher prices.  Months ago as the inventory declined I predicted that average and median sales prices would increase, and they are.  While we are in "season" many new properties are coming on the market and they are not lasting to long if they are priced competitively.   There is a pent up demand, so if you are thinking of listing your property now is a great time to do so.  The bottom of the market came and went and now we appear to be on a gradual up tick, I rang a bell months ago to signal the markets bottom.  I would also point out that while the northeast was getting pelted with 2 FEET of snow, we were enjoying sunny days in the mid to upper 70's; hard to put a price on that!

If you have any questions please feel free to e-mail or call.

Gerry Rosenblum

Prudential Florida Realty

Broker Associate

2013, 2012 & 2007 President Marco Island Area Association of 

Realtors

2008 Realtor of The Year - Marco Island 

239-450-4770 (cell)
1-888-239-5131 (toll free e-fax)
1-800-237-8817 (toll free)
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