Sold single family homes DOWN 38% (18 vs 29)
Sold condominiums UP 16% (44 vs 38)
Sold single family vacant lots DOWN 5% (19 vs 20)
Pending condominiums DOWN 12% (82 vs 93)
Pending single family vacant lot sales DOWN 31% (22 vs 32)
Inventory:
330 Single family homes (DOWN 19% from January 2014)
318 Condominiums (DOWN 12% from January 2014)
331 Single family lots (DOWN 23% from January 2014)
Summary:
There are two specific items causing the red numbers above. The first issue is the lack of inventory, there simply isn't enough "market" priced property available to meet the demand. The second issue in my opinion, is the fact that the overall average sales price for all property types is up 36% when compared to January of last year. One home did close this January for over $7 Million, but if I remove that from the equation the overall average sales price still increased 21%. While this is good news for those that sold, the abundance of red numbers above is indicating that the buyers may be pulling back on their willingness to pay higher prices. However, there is no doubt that if you price your property within the market, there is a demand capable of meeting the supply.
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
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
