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!
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