Marco Island Real Estate Statistics - January 2016

The following stats compare January 2016 to January 2015

Sold Single Family Homes DOWN 11% (16 vs 18)

Sold Condominiums DOWN 23% (34 vs 44)

Sold Single Family Vacant Lots DOWN 47% (10 vs 19)

Pending Single Family Homes DOWN 22% (42 vs 54)

Pending Condominiums DOWN 40% (49 vs 82)

Pending Single Family Vacant Lots DOWN 55% (10 vs 22)

(Pending means it went under contract but has not closed yet)

Inventory:

360 Single Family Homes (UP 8% from 2015)

339 Condominiums (UP 4% from 2015)

318 Single Family Vacant Lots (Down 5% from 2015)

Summary:

A total of $46 Million dollars worth of real estate closed on Marco Island in the Month of January, 2016. ($42 Million dollars worth in December 2015 and $60 Million in January 2015). 

As I sit and ponder what witty things to say about the market to keep my 7.6 faithful readers riveted, I can't help but tell the truth as I see it. To be blunt, the market is cooling off rather quickly because asking prices are a bit inflated. Being a numbers guy (especially 36-24-34), I run all kinds of reports each month to gain a better perspective on market trends so I can factually tell you what is happening rather than guess. This month I ran a report that tells me there were 205 price changes to existing listings January in the MLS. The report then tells me 18 of those price changes were up and 187 were down! That tells us that the sellers are feeling this easing in the market (definitely those that have been reading this) and they are adjusting their prices downward to entice a buyer. To be more specific, I have been ranting about the high end market booming which was causing the average sales price of homes to look like they were skyrocketing, when it was simply a strong high end market pulling the average price upward. This month the average single family home price is down 36% to $991,000 when compared to last January, this is nothing to freak out over, just understand we didn't have a whole bunch of high end sales in January. That's it. Now sellers need to digest this and consult with their mediocre Realtor or me to look at their property and see how it compares specifically to the marketplace. You gotta have apple to apples here. You can also see that the inventory has started to creep up because some sellers were slow to react and they are putting their properties on the market thinking things are still booming. So, what typically happens is these new sellers are looking at the hot activity we had over the summer thinking that's where the market is, and the sellers that have been on the market all summer without a bite because they were priced a bit higher are now lowering their prices so they can pack up and move somewhere cold. And if you don't believe what I preach here, I want you to know there are Realtors that trust what I say, and as a compliment they take my name off of this report and send it to their own customers to help them see the light. This actually makes me happy because an informed buyer or seller is good to have in the marketplace, even though I don't get my 2 cent annual subscription. At the end of the day I truly believe everything is ok and there are plenty of buyers out there and mortgage rates are dirt cheap. The moral is to put your property in the strike zone and it will sell, don't spend $50,000 feeding the property with taxes, insurance, misc. fees, maintenance and aggravation to get another $25,000 out of it. (or whatever numbers you want to plug in) Hopefully you get the drift of what I'm saying. 

The sold leaders for the month are a Single Family Home for $3,7000,000 at 1491 Caxambas Court. For Condos, Riviera unit 922 closed for $1,675,000 and for Vacant lots, 2 lots at 511 and 525 Sandhill closed for $2,000,000 each. 

For you bargain hunters out there, a Single Family Home at 136 Tahiti closed for $345,000. (I originally sold that house to Betty and Fergie in 2000 for $155,000 and then sold it for them in 2007 for $355,000) A unit in Coquina Gardens closed for $129,900 (full price) and a Vacant lot at 640 Lewis Court closed for $195,000. 

I would also like to point out to Jeff G. that the object of buying a house where it's warm is to use that house when it is cold where you are. Once you figure that out, your wife will think you're almost perfect.

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

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