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 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
Click her to send me an e-mail
Click here to view the Marco Island MLS
Click her to send me an e-mail
Click here to view the Marco Island MLS
