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 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.
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