Marco Island Real Estate Stats - May 2015

The following stats compare May 2015 to May 2014

Sold single family homes DOWN 29% (42 vs 59)

Sold condominiums DOWN 19% (56 vs 69)

Sold single family vacant lots DOWN 6% (16 vs 17)

Pending single family homes DOWN 32% (58 vs 85)

Pending condominiums DOWN 22% (56 vs 72)

Pending single family vacant lot sales DOWN 14% (19 vs 22)

Inventory:

277 Single family homes (DOWN 15% from 2014)

274 Condominiums (DOWN 26% from 2014)

307 Single family lots (UP 2% from 2014)

Summary:

A total of $73 Million dollars worth of real estate closed on Marco Island in the Month of May, 2015. ($97 Million dollars worth in April 2015 and $83 Million in May 2014).

When you look above you see lots of red numbers. Sold properties are down and Pending properties are down. You want to know why?.....I'll tell you why. THERE IS NOT MUCH LEFT TO SELL! There are currently 277 single family homes for sale and 67 of those having asking prices greater than $2 MILLION. (for all you big hitters like HPG, now is a good time to step up as the deals are in the high end). Of the 114 total sales in May, 15 were over $1 Million. There are 274 condos currently for sale and 15 of those have asking prices greater than $2 MILLION. With so much talk about how "strong" the Real Estate market is, many sellers have their properties listed at prices that are higher than where they should be. And you know what happens then? NOTHING, that's what. The property sits there because the laws of supply and demand don't factor in the fact that buyers simply won't keep paying higher and higher prices, because we all saw in 2005 what happens when you do, and the buyers today AND the lenders are keeping things more in check. Simply put, the numbers above are not red because there no buyers, they are red because the asking prices are too high relative to the comparable solds in the under $1 Million range, or simply too high, as in not many people can afford a $5 Million dollar home. I would say we are in uncharted waters and something has to give. Either sellers start to lower asking prices or a whole bunch of people start putting their properties on the market at sellable asking prices, because if they do, they will get SOLD.

As always, please reach out and contact me if you have any real estate questions. And if you are thinking of using me as your Realtor, keep in mind I will never be out thought or out fought. 

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