The following MLS statistics compare 2014 to 2013 - Marco Island properties only.
Total Value of All Property Sold on Marco Island Up 3.65% ($677 Million vs. $654 Million)
Total Number of Sales on Marco Island (All Property Types) Up 1.7% (1,177 vs. 1,157)
Number of Sold Single Family Homes Up 10% (439 vs. 399)
Number of Sold Condominiums Up 2.2% (569 vs. 557)
Number of Sold Single Family Vacant Lots Down 17% (148 vs. 178)
Average Sale Price of a Single Family Homes Sold was $770,000 Up 1% from $763,000
Average Sale Price of a Condominium Sold was $477,000 Up 3% from $464,000
Average Sale Price of a Single Family Vacant Lot was $399,000 Up 3% from $387,000
The List to sell Ratio increased 1.74% from 92.16% to 93.77%. This means that on average properties sold within 6.23% of their asking price. Put another way, the average sale price was negotiated down 6.23% from the asking price.
Average days a sold property was on the market decreased 14.2% from 270 days to 232 days.
This means properties are selling quicker. (In this case the red is good)
Current Inventory of Single Family Homes is Down 13% (428 vs. 494) compared to 2013
Current Inventory of Condominiums is Down 16% (421 vs. 503) compared to 2013
Current Inventory of Vacant Single Family Lots is Up 15% (356 vs. 310) compared to 2013
As I predicted, 2014 turned out to be a prolific year sales dollar wise with $677 Million dollars of sales taking place. Across the board, the average sales prices for Homes, Condos and Lots was up, but these increases were more modest than last year. (This was the second part of my prediction for 2014 making me 2 for 2).
Recap and Prediction: During 2014 the inventory of available homes, lots and condos dipped below the 1,000 mark. This lack of inventory caused the year end total sales numbers to be lower than possible, as there simply wasn't much to sell. Currently the inventory is back above the 1,000 unit mark and sales continue to be fairly robust. As sales prices rose modestly and we got closer to "season" more and more properties started to come on the market and right now there are just over 1,200 homes lots and condos for sale. The number of lot sales decreased as the average sales price for lots escalated dramatically from 2012-2013. Unless there is a bit of a let up in the asking price of vacant lots, I think this slowdown trend will continue. Overall, as long as sellers don't get overly zealous in trying to get "much more" for their property than the last comparable, we should have another strong year. There are very few foreclosures or short sales and they are no longer an issue. In short, priced competitively, there is a demand for property and there are buyers out. In many instances I am seeing "move up" buyers, or buyers that already have a property on Marco but are now opting for something bigger or newer. Interest rates remain very low with the conventional 30 year fixed rate is just below 4% and the banks seem to have eased up a bit in their lending stringency.
As anyone who is on Marco will tell you, it appears very busy this year. The Farmers Market is booming, the restaurants are busy but not ridiculous. I see many people taking advantage of the $6 fare offered by many of the local taxi companies at night when they are enjoying a cocktail. The weather has been exemplary, the fishing is great, the golf courses are impeccable and the Tennis courts are smooth. Heck, House Speaker John Boehner even bought a place this year on Marco.
What more could you want? Cheap gas...we have that too!
Here's to a Healthy and Happy 2015!
Gerry Rosenblum
Broker Associate
Berkshire Hathaway HomeServices Florida Realty
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)
To View the Entire Marco MLS go to: www.viewmarco.com
1-888-239-5131 (toll free e-fax)
1-800-237-8817 (toll free)
To View the Entire Marco MLS go to: www.viewmarco.com
