The following stats compare August 2016 to August 2015
Sold Single Family Homes DOWN 8% (24 vs 26)
Sold Condominiums DOWN 6% (30 vs 32)
Sold Single Family Vacant Lots UNCHANGED (8 vs 8)
Pending Condominiums DOWN 9% (40 vs 44)
Pending Single Family Vacant Lots DOWN 44% (10 vs 18)
(Pending means it went under contract but has not closed yet)
Inventory:
296 Single Family Homes (UP 17% from 2015)
327 Condominiums (UP 40% from 2015)
335 Single Family Vacant Lots (UP 21% from 2015)
Summary:
A total of $46 Million dollars worth of real estate closed on Marco Island in the Month of August 2016. $56 Million dollars last month and $36 Million in August 2015, last year. George P. wanted some crazy numbers, so you want some crazy numbers?, I'll give you some crazy numbers...for the trailing 3 months of June July and August of this year versus last year. The total amount of sales for single family homes was $87 million vs $86 million. Condos $80 million vs. $80 million. Lots $13 million vs. $12 million. Now that's some crazy consistency there. In my opinion the market continues to be strictly price sensitive. The buyers are out there, money is still very cheap if you are getting a mortgage and people keep looking for a get-away-from-it-all destination like Marco Island. In the month of August there were 101 price reductions across the board on homes, lots and condos, while there were only 8 price increases. That to me folks says it all along with the sales figures above. Price it right and someone is ready to buy it. The market is neither good nor bad, it's a practical one at this time.
Last month I forewarned my faithful 7.6 readers that the average sale price would go nuts this month because of some big ticket sales and not to freak out thinking you hit the lottery if you own a piece of Marco. Well because of those two sales (read below to find out what the biggun was) the average sales price for condos was up 47% in August and across the board it caused the overall average sales price to show a 12% increase. Now, I warned you this increase was coming and that other bloggers, newsletter writers and prognosticators would report on this huge increase which might prompt you to sell all your Apple stock thinking the easy money is in buying Marco Island property. While I can't totally disagree with that logic, I would like you to remember that your portfolio should be diversified and having a portion of your hard earned money in Marco Island Real Estate and Apple stock is how the 7.6 roll.
For those of you that have had the embarrassing privilege of going out to a restaurant with Barb and I, you know that I never ever order off the menu. I ALWAYS tell the server " I would like you to pick my dinner and surprise me with your suggestion. I will eat anything on the menu cooked any way. I have no food allergies and don't be swayed by the color of the wine I am drinking". In my 20+ years of doing this at 100's of restaurants I was only disappointed once. It was at one of the most famous steak houses in Washington D.C. where the server brought me out a piece of swordfish. When I asked the server why would you bring me a piece of fish in a world famous steak house?, his reply was "I'm a pescatarian". I scratched my head wondering what religion had to do with it as I waited for dessert. The moral of the story is: sometimes you need to listen to, and trust your Realtor, as more often than not they know what's hot and fresh in the market and they want you to keep coming back. And like servers in restaurants, if they give you bad suggestions, try a new place. Lastly, if you would like to see my ordering technique in person, please feel free to invite Barb and I to dinner, at your expense, for a hands on experience which I assure you, if nothing else, will be entertaining and worth the price.
For the faithful 7.6 readers who beg to know each month's high and low sale, here you go: The highs for the month are... a Single Family Home for $1.6 MILLION at 680 Dorando (may have been bought for the lot). For Condos, Veracruz Penthouse 1 closed for $7,250,000. Yup, that's not a typo, 7 big ones (And a Madeira closed for $4 Million, kinda sad when you spend $4 Million and you're second fiddle). For Vacant lots, 976 Birch closed for $475,000.
For you bargain hunters out there, a Single Family Home at 204 Clyburn closed for $325,000. (It appears to me that the lower priced single family homes are hot) Two efficiency condos in Seabreeze West both sold for $110,000 and a Vacant lot at 376 Live Oak Lane in Hideaway closed for $160,000, which again may be another "Club Lot".
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.
I await the dinner invitations.
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
