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.
Gerry Rosenblum
Broker Associate
Berkshire Hathaway HomeServices Florida Realty
Realtors
2008 Realtor of The Year - Marco Island
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