The following stats compare March 2015 to March 2014
Sold single family homes UP 10% (55 vs 50)
Sold condominiums DOWN 19% (50 vs 62)
Sold single family vacant lots UP 20% (18 vs 15)
Pending condominiums DOWN 29% (95 vs 133)
Pending single family vacant lot sales UP 6% (17 vs 16)
Inventory:
322 Single family homes (DOWN 19% from 2014)
302 Condominiums (DOWN 23% from 2014)
341 Single family lots (UP 18% from 2014)
Summary:
A total of $87 Million dollars worth of real estate closed on Marco Island in the Month of March, 2015. ($72 Million dollars worth in February 2015 and $76 Million in March 2014).
I was hesitant to send out my email this month because most Realtors and the papers are painting a picture of how rosy the market is. While it certainly is a good market I'm just not one to exaggerate things and there are a few aberrations that I would like to point out. First, the average sales price for condos was up 28% this March when compared to last March and that is a number you will read in many headlines. However, there was one $6 Million dollar sale this March and if that was removed from the equation the average sales price this March would be down about 10% ($492K vs $549k) when compared to last year. Secondly, the average sales price for single family homes was up 17% this March, but again this March there were 4 home sales greater than $2 Million dollars and if I remove those from the equation the average sales price would have been down 4% ($688K vs $714K). when compared to last year. While these high end sales did actually take place, we can't ignore them on all accounts. (My apologizes if I offend anyone, but many folks interested in the Marco Island real estate market are not in the $2 to $6+ Million dollar bracket). An optimistic point is that these mega sales indicate that many wealthy people view Marco Island as a excellent investment. (And if you are in this bracket I am certainly here to help you). Another telling tale of the tape are pending sales...with single family homes down 51% and condos down 29%. On the surface these numbers would indicate a slow down in the market, but the reality is that the inventory is terribly low right now and there simply isn't enough competitively priced property to meet the actual demand. For you economics 101 folks, I would also state that buyers are a bit more picky in this market and are not willing to overpay even if it means passing on a deal. I hear many Realtors discussing that they are getting offers, but can't but can't come to an agreeable meeting of the minds between buyer and seller on price and get the deal done. The list to sell ratio is currently at 94% on average which means 6% is the typical amount negotiated from asking price. All in all I will say the market is strong for well priced property, interest rates continue to be absolutely fantastic and we are in the thick of the strongest part of the selling season. Things are looking good, but maybe not as great as some headlines indicate.
As always, please reach out and contact me if you have any real estate questions. I will never be out thought or out fought.
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
