Sold Single Family Home Sales Up 7% (105 vs. 98)
Sold Condominium Sales Up 36% (146 vs 107)
Sold Single Family Vacant Lots Up 12% (46 vs 41)
Average Sale Price Single Family Home Up 5.6% ($767k vs $726k)
Average Sale Price Condominium Up 19% (($538k vs $451k)
Average Sale Price Single Family Vacant Lot Down 2% ($359k vs 366k)
Total Dollar Value of all Single Family Homes Sold Up 13% ($80M vs $71M)
Total Dollar Value of all Condominiums Sold Up 63% ($79 vs $48M)
Total Dollar Value of all Single Family Vacant Lots Sold Up 10% (17M vs 15M)
Current Inventory:
374 Single Family Homes (Down 1% from 2013)
378 Condominiums (Down 29% from 2013)
286 Single Family Lots (Up 7% form 2013)
Average Days on Market:
189 for Single family homes down 13% from 219
235 for Condos down 21% from 297
340 for Lots down 5% from 356
Asking Price to Actual Sale Price Ratio during the first quarter:
Single Family Homes 93.25% (6.75% negotiated)
Condominiums 93.52% (6.48% negotiated)
Vacant Single Family Lots 94.82% (5.18% negotiated)
Summary:
Over $178 Million Dollars worth of real estate has closed on Marco Island during the first 3 months of 2014, with $76 Million of that in March alone. Wow...
With the inventory so depleted the sales numbers would be even higher if there was more competitively priced property available. A big chunk of the current inventory is for sale with asking prices that exceed what the market is willing to bear. While the average prices and median prices are up this quarter vs. last year, they have been down the last few months. There is a limit to how high most buyers will go and it appears we are starting to see resistance. Once again I will reiterate that If you are thinking of selling, it is a great time to do so, as the low inventory coupled with the increased demand for fairly priced properties could allow you to achieve a relatively quick sale right now.
As always, please reach out and contact me if you have any real estate questions.
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
E-mail Marcoislandflorida@gmail.com
To View the Entire Marco MLS go to: www.viewmarco.com
