Marco Island Real Estate Statistics - November 2014

The following stats compare November 2014 to November 2013

Sold single family homes UP 73% (19 vs 11)

Sold condominiums UP 24% (31 vs 25)

Sold single family vacant lots DOWN 71% (4 vs 14)

Pending single family homes DOWN 5% (41 vs 43)

Pending condominiums UP 8% (67 vs 62)

Pending single family vacant lot sales DOWN 46% (14 vs 26)

Inventory:

287 Single family homes (DOWN 22% from 2013)

325 Condominiums (DOWN 22% from 2013)

321 Single family lots (UP 28% from 2013)

Summary:

A total of $27 Million dollars worth of real estate closed on Marco Island in the Month of November, 2014. ($50 Million dollars worth in October 2014 and $29 Million in November 2013). 

The market for Homes and Condos continues to remain on a nice even pace. For the trailing 12 months the number of homes sold was 445 compared to 403 for the prior year. Condos are fairly even at 566 vs 569. Vacant lot sales have definitely slowed down with 142 closed sales in the trailing 12 months compared to 182 the year before (down 22%). Average prices for the trailing 12 months for sold homes was $767,000, condos at $477,000 and lots were at $421,000.   

Going forward, I think the overall demand for all property types will remain constant, but I think price appreciation has slowed down and will continue to do so. Without question, vacant lot pricing increased significantly and now there is a dramatic slowdown in the sale of lots because of this. The concern over possible special assessments from the City of Marco Island on vacant lot owners has also had a negative effect on lot sales. The "season" is approaching, inventory is still low, interest rates are still very low, the stock market is at record highs and it's not getting warmer up North any time soon. Putting all of those factors together should result in a stable real estate market this winter.

On a related matter, the demand for seasonal and annual rentals continues to surpass the supply available. If you or anyone you know has a property they would consider renting, please let me know and I will pass it on to our rental division.

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 

239-450-4770 (cell)
1-888-239-5131 (toll free e-fax)
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