Marco Island - 2015 Real Estate Statistics Year End Review

The following MLS statistics compare 2015 to 2014 - Marco Island properties only

Total Value of All Property Sold on Marco Island UP 13% ($766 Million vs. $677 Million)

Total Number of Sales on Marco Island (All Property Types) UP .16% (1,179 vs. 1,177 )

Number of Sold Single Family Homes DOWN 11% (392 vs. 439)

Number of Sold Condominiums UP 4% (590 vs 569)

Number of Sold Single Family Vacant Lots UP 17% (179 vs.148)

Average Sale Price of a Single Family Homes Sold was $914,000 UP 19% from $770,000

Average Sale Price of a Condominium Sold was $551,000 UP 15% from $478,000

Average Sale Price of a Single Family Vacant Lot was $418,000 UP 5% from $399,000

The List to sell Ratio increased .2% from 93.77% to 93.97%.  This means that on average properties sold within 6.03% of their asking price. Put another way, the average sale price was negotiated down 6.03% from the asking price.  

Average days a sold property was on the market decreased 7% from 201 days to 188 days.

This means properties are selling quicker. (In this case the red is good)

Current Inventory of Single Family Homes is DOWN 7% (312 vs. 334) 

Current Inventory of Condominiums is DOWN 8% (301 vs. 326) 

Current Inventory of Vacant Single Family Lots is DOWN 16% (279 vs. 332)

State Of The Real Estate Market Address

2015 turned out to be the most prolific year sales dollar wise with $766 Million or over 3/4's of a BILLION dollars of sales taking place. (Powerball Marco Island style) To me the most telling part of our story is the total dollar volume of sales were up $89 Million dollars from last year, BUT, the total number of sales went up by only 2!  To the faithful 7.6 readers of this email all year (up from 3.2 last year) you have listened to me wax on and on about how the high end market has been booming and that is why the average sale price has been going up all year. Now you can see the proof with these numbers that I was correct and you can continue to have faith that 98% of what I tell you each month is true. (up from 97.9% last year). 

Currently the total number of homes, lots and condos for sale sits at only 892. That is a pretty small number when you start breaking things down to price points for a particular customer looking for a home, lot or condo. For instance, even if you have very deep pockets, there are currently only 9 homes for sale over $5,000,000 and it would break my heart if I showed them all to a customer and they didn't like any of them. However, there are 19 lots with asking prices from $2,000,000 to $7,450,000, so you can always buy the lot and build the dream house. I can tell you that with the new year upon us many properties are starting to come on the market and the inventory is creeping up a bit. 

Prediction for 2016: I believe the market will continue to be segmented. In particular I think there will be more and more high end sales (over $2 million) which will continue to make the average sale price increase. I base this on the number of spec homes being built that are at or above that price point and the fact that more and more high end buyers are seeing the value Marco Island offers versus other high end coastal communities. The second segment I see is the under $500,000 market which I believe will remain fairly steady. This segment of buyers are more sensitive to upward price movement and will simply pass if they don't perceive the value for the price asked. I also think the seller's in this segment feel this and understand it and are adjusting their prices downward in order to find the strike zone to sell their property. As I type this the DOW is down 500 points on the day and the stock market has certainly started off 2016 on a bad foot. While many of the buyers that come to Marco Island are either high wage earners, business owners or professionals that are somewhat immune to stock market fluctuations, nobody wants to buy real estate if they feel there is a significant economic downturn coming. Much of what is happening now is precipitated by what is happening in foreign economies and I have faith that things will get ironed out. This is also an election year for us and while I am no political pundit, it will be interesting to see how the winner of the election affects/effects our economy and markets. 

I know you want to know the record highs and lows from 2015, so here they are. Most expensive home sale 1549 Heights Court $7.5 Million, least expensive home 1570 Villa Court $214,500. Most expensive condo sale Madeira PH102 $6.45 Million, least expensive condo Seabreeze H-8 $75,000. Most expensive lot sale 350 Seabreeze $3.75 Million, least expensive lot 131 South Bahama $50,000. Proof that there is something for everyone on Marco Island. 

I have never ever had or heard of somebody buying a property on Marco Island and not loving it. Purchase what you can comfortably afford and enjoy yourself, because in the end, life is short.

And remember, I won't be out thought or out fought so call me if you want to buy, sell or argue. 

Here's to a Healthy and Happy 2016!

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)
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To View the Entire Marco MLS go to: www.viewmarco.com