The following stats compare February 2016 to February 2015
Sold Single Family Homes DOWN 13% (33 vs 38)
Sold Condominiums DOWN 37% (36 vs 57)
Sold Single Family Vacant Lots DOWN 53% (9 vs 19)
Pending Condominiums DOWN 35% (55 vs 85)
Pending Single Family Vacant Lots DOWN 85% (4 vs 27)
(Pending means it went under contract but has not closed yet)
Inventory:
380 Single Family Homes (UP 13% from 2015)
367 Condominiums (UP 9% from 2015)
355 Single Family Vacant Lots (UP 6% from 2015)
Summary:
A total of $53 Million dollars worth of real estate closed on Marco Island in the Month of February, 2016 (and this was a Leap year with a whole extra day to sell Real Estate!) - $46 Million dollars worth in January 2016 and $72 Million in February 2015, last year.
The March 9th Headline of the Naples Daily News was - Forecast: SWFL home prices will rise, become overpriced. Being that I am the self proclaimed, and legendary without peer expert in our market statistics, I was captivated by this headline, especially since I didn't write it. So, as I sat and ate my Cheerios I went on to read that the firm, Local Market Monitor, making this prognostication is out of Cary, North Carolina. Further into the article I read that they base their numbers on "Mortgage data the company tracks". I then ran a top secret report on my computer (with PZ's help) and discovered that of the 116 total properties that closed in our MLS in February, 73 were for CASH, no mortgage. So I think their numbers may be a bit off to say the least based on their sample. I then folded up the paper and put it in the bottom of Polly's cage. The New Jersey in me then figured the folks from Cary, NC fly around the country and visit all of the beautiful 315 markets they track, spend a few enjoyable days there, then write it off as a business expense. I thought long and hard about how they make a living and have since sent them my brief resume. I want in.
Here is what I can factually tell you. In February there were 295 price reductions out of 1,138 total listed properties. (Some properties had more than 1 reduction so I can't say that 26% of the properties had a price change). BUT, for those of you that are ever the optimist, there were 12 brave sellers that RAISED their asking price in February. Makes sense to me that if a property won't sell at X price, why not try X plus Y and blame the dang Realtor for not having enough open houses or full page color ads if it does not sell. This reminds me of a wine glass a friend of mine had that had a line in the middle with Optimisto written above the line, and Pessimisto written below it. The more I drank the more Optimisto I became. I also learned it is more important to know how much was left in the bottle than what was in the glass. Then I learned not to worry about what was left in the open bottle but how many unopened bottles were still left. Then I learned not to worry about how many unopened bottles there were, but what time the liquor store closed. So, the moral here is to look at the big picture and not just the little bit in front of you.
With that said, I think it is crystal clear that seller's understand the market is pushing back on asking prices and the seller's are responding appropriately by lowering their prices. $53 million dollars worth of property closed on little old Marco Island in February so there are still some happy Seller's, Buyer's and Realtors. We need to sorta kinda ignore the average, mean, median and mode of the overall market and really look at the segment you are selling and buying in. Find yourself a Realtor that can guide you through this maze, and when you can't, call me. The great intangible that can't be quantified is just how great Florida, and Marco Island in particular, are to live in. There will ALWAYS be smart folks looking to come here and git some of the great lifestyle we have. The end is not near, but life is short, so enjoy it.
For the faithful 7.6 readers who need to know: The sold $$ leaders for the month are a Single Family Home for $1,900,000 at 1795 Hummingbird Court. For Condos, Cozumel 804 closed for $2,075,000 and for Vacant lots, 1128 Edington closed for $1,950,000.
For you bargain hunters out there, a Single Family Home at 291 West Flamingo Circle closed for $344,000. A condo in Seabreeze South, Unit K8 closed for $118,000 and a Vacant lot at 1010 Mendel closed for $215,000.
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 that 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
