The following MLS statistics compare 2017 to 2016 - Marco Island properties only.
Total Value of All Property Sold on Marco Island UP 6% ($700 Million vs. $662 Million)
Total Number of Sales on Marco Island (All Property Types) UP 3.5% (1,012 vs. 978)
Number of Sold Single Family Homes UP 6% (385 vs. 364)
Number of Sold Condominiums DOWN 2% (469 vs. 480)
Number of Sold Single Family Vacant Lots UP 24% (140 vs.113)
Average Sale Price of a Single Family Homes Sold was $949,000 UP .35% from $946,000
Average Sale Price of a Condominium Sold was $545,000 UP 4% from $522,000
Average Sale Price of a Single Family Vacant Lot was $524,000 DOWN 2% from $533,000
The overall List to sell Ratio was 93.04%. This means that on average properties sold within 6.96% of their asking price. Put another way, the average sale price was negotiated down 6.96% from the asking price.
Average days a sold property was on the market INCREASED from 172 days to 181 days.
This means properties took 9 days longer to sell. (In this case, the GREEN is bad)
Current Inventory of Single Family Homes is DOWN 24% (286 vs.375)
Current Inventory of Condominiums is DOWN 15% (326 vs. 384)
Current Inventory of Vacant Single Family Lots is DOWN 8% (282 vs. 308)
State Of The Real Estate Market Address
2017 was another banner year for the Marco Island Real Estate market (and it's Realtors) with $700 million dollars worth of property changing hands. Had it not been for Hurricane Irma who knows how much more would have sold! Every year my faithful 7.6 readers wait to read this State Of The Real Estate Market Address because they are not so much interested in looking in the rear view mirror as looking out the windshield to see where I think we are headed. Everyone that knows me well, knows I was only wrong once in my life, and my first nasty troll wife is living proof of that. Anyway, 2016 finished off soft because America was riveted by the Presidential debates and election and no one was taking time out to buy real estate. Once we got the election behind us and everyone's focus shifted back to getting a little piece of Paradise, we were back on track and momentum was building in the market for 2017. Then Irma came to town and we were derailed again. After a few months of putting Humpty Dumpty back together again we are again looking forward. Now, the stock market has been skyrocketing for the past few months and I am seeing and hearing about folks cashing in some shares of Tesla (or whatever) and securing themselves a nice piece of good old solid Marco Island. However, an Island is only so big, and there is only so much to go around and we are starting to hit a bump in the inventory or number of properties for sale. You all know my penchant for tall women, and just like property, there is only so many of them to go around and sometimes you have to settle for something that might not be exactly what you wanted, you know the old saying "you get what you get". Now, I am a settler and again I point to my first wife to prove that point. PAUSE: For those of you that have never read my newsletter you think I'm rambling, but my 7.6 faithful readers know there is a moral hidden as it relates to the Real Estate market and here it is. UNPAUSE. As I stated, the inventory is way down and that means there are fewer properties to pick from. When there are less to pick from, the choosy type of buyers will not settle and will wait for something better (or taller) to come along. Sometimes it comes along, sometimes it doesn't. Sometimes it comes with a big price tag, sometimes it is cold and lacks soul, but you buy it (or marry it) anyway. Sometimes you can buy one that needs work and turn it into something more robust than it was before and learn to love it. A good contractor can do miracles with a bit of silicon and a nip or tuck here or there. And as I tell my boys, Andy and Willy, marry for money, not love, because when the love is gone, the money is still gonna be there. Regardless, right now the inventory, or lack there of, is the problem. People are running around with crazy money to spend/invest and it is slim pickings out there. Also, last year I was ranting and raving about vacant land and telling you smart folks that under all buildings, lays/lies the land. Last year the number of lot sales was up 24% and if you factor in how many tear downs were sold the number is actually higher. Listen folks, like I have said before, if you already own a home or condo and have some cash laying around, buy land, invest in land, land bank, whatever you want to call it, just get some cause they ain't making any more of it. Looking further down the road for this year.... as for homes and condos here on Marco, I think the high-end market will continue to be strong because the rich are getting richer and the biggly tax reform is going to get the heavy hitters all fired up to buy. Now I know William Devane is telling you FOX Channel watchers to invest in silver on T.V. with Rosland Capital, but I disagree. Give me some good old dirt any day of the week. Now you CNN'ers are laughing at that while you slather Blue Emu on your aching joints because Johnny Bench tells you it works. Can't we all just get along? Getting back on point and delving further, I think the mid-range homes and condos will continue to be steady and I think the low end will really start to move up in appreciation. You can still get a condo on Marco in the $100,000 range, however I think those properties will soon become unicorns and only be a fantasy. BUT, you have your chance now to buy on the cheap, find a renter that doesn't set up a meth lab, maybe renovate it a bit and flip it in a few years with a handsome profit. Come to think of it -- maybe that is a Realtor fantasy?
Anyway, let's talk about Politics and Religion here for a minute. Okay, let's not. I would say that I personally respect everyone and their opinions/beliefs. If you want to know the correct answers to all of life's questions, I encourage you to invite Barb and me to dinner and I will be more than happy to answer them, factually and in totality. You will have no further need to go on Facebook searching for the truth. In the meantime lets get ready for the Super Bowl and enjoy life for a moment.
I still will not be out thought or out fought when it comes to Real Estate.
Call, email or text with Real Estate questions and/or 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
Place your bets!
