Marco Island Real Estate Stats for the first 3 quarters of 2014

The following statistics compare the first 3 quarters of 2014 to 2013

Sold Single Family Home Sales UP 11% (362 vs. 325)

Sold Condominium Sales UP 2% (457 vs 448)

Sold Single Family Vacant Lots DOWN 16% (119 vs 142)

Average Sale Price Single Family Home DOWN 4% ($736 vs $763k)

Average Sale Price Condominium UP 4% (($486k vs $468k)

Average Sale Price Single Family Vacant Lot UP 7% ($414k vs 387k)

Total Dollar Value of all Single Family Homes Sold UP 7% ($266M vs $248M)

Total Dollar Value of all Condominiums Sold UP 6% ($222M vs $210M)

Total Dollar Value of all Single Family Lots Sold DOWN 10% (49M vs 55M)

Current Inventory:

255 Single Family Homes (DOWN 26% from 2013)

280 Condominiums (DOWN 30% from 2013)

241 Single Family Lots (UP 15% from 2013)

Summary:

Just like last year, over a half BILLION dollars of real estate closed on Marco Island during the first 9 months of the year.  Without question - the story here revolves around the inventory of property currently available for sale. As of October 15th, 2014 the total number of homes, vacant single family lots and condominiums for sale is just 819, and that is just not enough to satisfy the demand, especially if you remove the very expensive properties and the over priced properties. Average sale prices seem very stable which indicates the market has stabilized price wise and we are not seeing any spikes. Bank appraisals for mortgaged properties continue to keep prices in check as well, and interest rates are still excellent with the 30 year fixed rate at about 4%. Other indicators of note: The average days a property is on the market is down about 15% from 269 days to 230 days and the list price to sale price ratio is up 2% from 92% to 94% (this means the average amount "negotiated" from the asking price is 6%.)

Repeating myself again, if you are thinking of selling, it is a great time to do so, as the low inventory has buyers waiting for fairly priced properties. Advances in Internet Real Estate sites allow consumers to receive daily updates as new properties come on the market. When a good one comes up, they are jumping on it.  As I deal with buyers and sellers, I can assure you, I have the capability to assist you whether you are selling or buying. If you would like to be put on my daily update list just send me an email and I'll plug you in.

Enjoy the Fall

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 

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