Marco Island Real Estate: February 2014

Saturday, February 22, 2014

The following statistics compare January 2014 to January 2013

The following statistics compare January 2014 to January 2013.

Sold single family home sales UP 38% (29 vs. 21)

Sold condominium sales UP 9% (38 vs. 35)

Sold single family vacant lots UP 300% (20 vs. 5)

Pending single family home sales UP 24% (87 vs. 70)

Pending condominium sales UP 58% (93 vs. 63)

Pending single family vacant lot sales UP 53% (32 vs. 21)

Inventory:

395 Single family homes (up 13% from 2013)

402 Condominiums (down 26% from 2013)

277 Single family lots (down 1% form 2013)

Summary:

A total of $48 Million dollars worth of real estate closed on Marco Island in the Month of January. ($59 Million dollars worth in December 2013 and $32 Million in January 2013). The new year has shown no slow down in sales here on Marco Island. Interest rates remain very favorable and the appetite for well priced properties is being met by the limited supply. Vacant Lots are selling like crazy and if you drive around the Island you will see many new homes being constructed. Many smart folks are buying the lots now in anticipation of building their dream home some day. And, if you never build the home years from now, you may have simply just made a good investment. The average sales price for all property types sold this January was 5.35% higher than last January.

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, 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.

For 2014 Trip Advisor ranked Marco Island the #1 Island in the United States and #4 in the WORLD! Click here to see for yourself http://www.tripadvisor.com/TravelersChoice-Islands-cTop-g191

Gerry Rosenblum

Broker Associate

Berkshire Hathaway HomeServices Florida Realty

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)

E-mail Marcoislandflorida@gmail.com

To View the Entire Marco MLS go to: www.viewmarco.com

Monday, February 10, 2014

Marco Island Real Estate Statistics comparing 2013 to 2012

The following MLS statistics compare 2013 to 2012 - Marco Island properties only.

Total Value of All Property Sold on Marco Island Up 18.6% ($654 Million vs. $551 Million)

Total Number of Sales on Marco Island (All Property Types) Up 3.2% (1,157 vs. 1,121)

All Property types include Homes, Condominiums, Residential Lots, Commercial, Docks, Business, Land and Timeshares.

Number of Sold Single Family Homes Up 2.3% (399 vs. 390)

Number of Sold Condominiums Up 6.1% (557 vs. 525)

Number of Sold Single Family Vacant Lots down 4.3% (178 vs. 186)

Average Sale Price of a Single Family Homes Sold was $763,000 Up 12% from $681,000

Average Sale Price of a Condominium Sold was $464,000 Up 7.5% from $431,000

Average Sale Price of a Single Family Vacant Lot was $387,000 Up 40.7% from $275,000

The List to sell Ratio increased 2% from 90% to 92%. This means that on average properties sold within 8% of their asking price. Put another way, the average sale price was negotiated 8% from the asking price.

Average days a sold property was on the market decreased 6.2% from 288 days to 270 days.

Current Inventory of Single Family Homes is even (351 vs. 351) compared to 2012

Current Inventory of Condominiums is down 30% (380 vs. 542) compared to 2012

Current Inventory of Vacant Single Family Lots is down 9.3% (254 vs. 280) compared to 2012

Dollar volume wise, 2013 was one of the most prolific sales years in the History of Marco Island, with Real Estate sales of $654 MILLION dollars. Across the board, the average sales prices for Homes, Condos and Lots was up. I believe the most telling part of the Real Estate story is the lack of inventory of property that is not priced well above the recent sold comparables. There is always a certain amount of property that is priced above the comparables and these tend to linger on the market, and in many cases don't sell at all. While the average prices have gone up overall, there is a pent up demand for those properties which are are priced closer to the recent comparables. Again, the inventory of these properties has diminished, but the demand has not. There are certain condominiums where there are no units for sale and there are buyers waiting for a unit to come on the market. Again, if the price is fairly reasonable, it will sell very quickly. There are very few foreclosures or short sales and the market has stabilized in that regard. In short, priced competitively, there is a demand for property. Interest rates remain very low with the conventional 30 year fixed rate at about 4.5%. The season is upon us and I remain optimistic that we will see moderate growth and appreciation going forward. After all, the recent sub zero temperatures up north make the warmth and beauty of Marco Island even more attractive.