The following stats compare September 2016 to September 2015
Sold Single Family Homes UP 14% (33 vs 29)
Sold Condominiums DOWN 22% (35 vs 45)
Sold Single Family Vacant Lots DOWN 65% (8 vs 23)
Pending Condominiums DOWN 54% (25 vs 54)
Pending Single Family Vacant Lots DOWN 50% (6 vs 12)
(Pending means it went under contract but has not closed yet)
Inventory:
296 Single Family Homes (UP 18 % from 2015)
339 Condominiums (UP 51% from 2015)
325 Single Family Vacant Lots (UP 16% from 2015)
Summary:
A total of $48 Million dollars worth of real estate closed on Marco Island in the Month of September 2016. $46 Million dollars last month and $63 Million in September 2015 (last year). For the trailing 3 months we are at $149 Million this year compared to $152 Million last year, so overall the sales are remaining fairly consistent. Above you see a pretty big blip in the number and dollar value of condo sales as well as those that went under contract, it may be just a blip but if not read on for my theory.
As I sit here petting my cat while I delete some junk e-mail, I can't help but wonder what the Presidential campaigns/debates are doing to the market. When I drill down a bit further into last month you see the blip I mentioned in the number and dollar volume of condo sales as well as those that went under contract. I want my faithful 7.6 readers to now lay down on a couch and get comfortable, clear your mind and read what I have to say as Dr. Gerry* is about to tell you what he thinks the problem is. First, if we look at the median sale price for single family homes for the trailing 12 months it is $705,000 and for condos it was $400,000. There were 342 homes sold and 492 condos sold. (I underline to give you the Evelyn Wood Speed Reading version - try reading it again, just the underlined parts). That tells us that single family home buyers usually have quite a bit more money on the line and overall there may be a bit more wealth in that group. Using my unproven socio-economic psychological extrapolation theory of those numbers, I submit that the single family home market, as a whole, is attracting buyers who are less politically sensitive and have the means to buy what they want now. Secondly, buyer's of the sub $300,000 condos are possibly not as affluent as a group and they are sitting on the sidelines waiting to see who moves into the White House thinking it may have an affect/effect on things. For those of you that have heard my shtick over the years, you know one of my sayings is that "Everyone on Marco Island is a Millionaire, however there are some with $1 Million, some with $10 Million, some with $100 Million and some that have a lot of problems, money just isn't one of them." I also believe that many people purchase smaller condos with an emphasis on rentals or investment and may be concerned that the election result may put a damper on the rental market. For instance, if you're paying more taxes you may not have money to spend renting for 3 months on Marco. Again, I think there are distinct mindsets for the buyers in the different markets and the anticipation of the election is causing some pause in the condo market. As far as vacant lot buyers go, they are a whole different breed and based on the 8 sales of vacant lots in September, they are definitely spooked by the pending election right now. Lastly, no matter what your preferred political party is I can assure you there will be a winner, we will have a new president, things will calm down and we will move forward as one great nation. Marco Island Real Estate has prospered for over 60 years and nothing will change that....even if Gary Johnson wins we are safe because he doesn't know where Marco Island is.
None of these numbers have been fact checked and all future updates will be found on WikiLeaks.
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 $4,262,225 Million (I'm not making up this number) at 1460 Salvadore Court. For Condos, Marbelle 1202 closed for $1.2 Million. For Vacant lots, 1389 North Collier closed for $875,000.
For you bargain hunters out there, a Single Family Homes we have at tie at $330,000 at 1216 6th street and 478 Fieldstone. In condos we have a 2 bedroom unit in Marco Villa closing at $115,000 (too good to pass up no matter who's running) and a Vacant lot at 1320 Riverhead closed for $107,000, which again was an "a-political" buy.
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 still await the dinner invitations.
* Dr. of Real Estate is used purely for fictional purposes.
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
