Marco Island Real Estate Statistics - First 6 months of 2016 vs 2015

The following statistics compare the first 2 quarters of 2016 to 2015

Sold Single Family Homes DOWN 23% (190 vs. 248)

Sold Condominiums DOWN 21%  (280 vs 355)

Sold Single Family Vacant Lots DOWN 47% (56 vs 105)

Average Sale Price Single Family Home UP 2% ($969k vs $948k)

Average Sale Price Condominium DOWN 12% (($497k vs $563k)

Average Sale Price Single Family Vacant Lot UP 33% ($566k vs 425k)

Total Dollar Value of all Single Family Homes Sold DOWN 22% ($184M vs $235M)

Total Dollar Value of all Condominiums Sold DOWN 30% ($139M vs $200M)

Total Dollar Value of all Single Family Lots Sold DOWN 29% (32M vs 45M)

Current Inventory:

297 Single Family Homes (UP 9% from 2015)

303 Condominiums (UP 22% from 2015)

325 Single Family Lots (UP 7% from 2015)

Summary:

$360 MILLION  dollars worth of Real Estate closed in the first 6 months on Marco Island. That's a 26% decrease when comparing this year to last, but folks that's still a lot of commissions. The Trump and Clinton camps both reached out to me to speak at their respective conventions to explain what is going on in the Marco Real Estate market. I understand America needs to know, but I respectfully declined as my faithful 7.6 readers of this newsletter tell me they love getting the inside skinny first. So, without further adieu here is how I want you to think about this 26% decline in sales. In 1961 Wilt Chamberlain averaged 50.4 points per game over the course of the season. As some of you may know Wilt was a very busy guy, but he still found the time to have a monster season. The next player after Wilt in the record books is a player some of you may have heard of, Michael Jordan. Mike averaged 37.09 points per game in 1986. That's 26% fewer points than Mr. Chamberlain had, BUT IT WAS STILL CONSIDERED A GREAT YEAR. Sometimes there is an epic "blip" and all the pieces fall together and something astounding happens. I know that records are meant to be broken, but sometimes there was nothing wrong with the year you have even if it's not a record breaker. So, I want you to know that last year was pretty epic, but things are still great this year.

Without Micro analyzing things here are some of the points you can take away from this.

1. There were a lot of very high end sales last year which puffed things up.

2. Inventory is coming back up and there are more choices; I think this gives buyers a little breathing room when pulling the trigger so things naturally slow down. (Second amendment/Real Estate joke here)

3. The buyer's are out there and the seller's continue to cut their prices trying to find that common ground.

4. Life is short, if you want it, can afford it, buy it.

For all you Democrats, Republicans and Others out there, I know you all want to know the monthly high and low sales regardless of your politics, so here goes. A home at 750 Rockport sold for $4,925,000.00 while a home at 161 Tahiti closed for $270,000. A condo in Coquina Gardens sold for $89,900 while Riviera PH925 in Hideaway closed for $1,950,000. A vacant lot in Hideaway sold for $187,500 while we had a tie for the high lot, 1136 Edington and 1011 Coronado both closed for $1,150,000. 

If you would like to be put on my daily update list of what is coming on the market, just send me an email and I'll plug you in. 

And remember, I won't 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 

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