Marco Island Real Estate Statistics - February 2015

The following stats compare February 2015 to February 2014

Sold single family homes UP 46% (38 vs 26)

Sold condominiums UP 24% (57 vs 46)

Sold single family vacant lots UP 73% (19 vs 11)

Pending single family homes UP 1.6% (64 vs 63)

Pending condominiums UP 1% (85 vs 84)

Pending single family vacant lot sales UP 4% (27 vs 26)

(Interesting to note that in all three pending categories there was one more sale this February compared to last year)

Inventory:

324 Single family homes (DOWN 23% from 2014)

326 Condominiums (DOWN 20% from 2014)

331 Single family lots (UP 18% from 2014)

Summary:

A total of $72 Million dollars worth of real estate closed on Marco Island in the Month of February, 2015. ($60 Million dollars worth in January 2015 and $53 Million in February 2014). 

The number of sales taking place and the dollar amount of those sales is certainly strong and looks to be maintainable. Part of the reason this pace appears to be staying steady is that the average sales price for a single family home is down 6% and condos are down .5% when compared to last year. The average sale price for vacant lots is down 8.5%, if I subtract out the one beachfront lot that closed for $3.3 million in February. I believe these decreases in the average sale price are being driven out of necessity. Now that we are in the peak selling season, many sellers who had priced their properties out of the realistic "market" are now adjusting their prices downward. After sitting on the market for months with no offers and after switching Realtors,  it can become apparent that it may be the asking price that is the problem. Every week on our MLS hot-sheet I see dozens of price reductions, and few, if any increases. Simply put, there was such a run up in prices over the past 2 years the buyers started to back off the past few months, but now the sellers are adjusting to the market and I am happy to report that the demand is there. The horrid winter up north sure wasn't a bad thing for our real estate market either!

I have to repeat my rental request too this month as 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)
1-800-237-8817 (toll free)
To View the Entire Marco MLS go to: www.viewmarco.com