The following stats compare January 2018 to January 2017.
Sold Single Family Homes DOWN 35% (15 vs 23)
Sold Condominiums DOWN 8% (35 vs 38)
Sold Single Family Vacant Lots DOWN 17% (10 vs 12)
Pending Single Family Homes DOWN 27% (41 vs 56)
Pending Condominiums DOWN 2% (63 vs 64)
Pending Single Family Vacant Lots EVEN (14 vs 14)
(Pending means it went under contract but has not closed yet)
Inventory:
312 Single Family Homes ( DOWN 22% from 2017)
346 Condominiums ( DOWN 15% from 2017)
298 Single Family Vacant Lots (DOWN 5% from 2017)
Summary:
A total of $43 Million dollars worth of real estate closed on Marco Island in the Month of January 2018. $54 Million dollars last month and $57 Million in January 2017 (last year). Now everyone just settle down, settle down. I know the numbers up top are not exactly what we were looking for but I have some excuses. First one is the cold weather up North. It was so cold for a few weeks that planes were being canceled and the dang geese (a.k.a. Snowbirds) couldn't fly south for the winter. Pence and I consulted with the man upstairs and he agreed to take care of the weather, so, as I write this, I hear it is 65 degrees in New York and this is February. So that was taken care of. Now we have this decreasing inventory problem to contend with and that is excuse number two. It is very hard for sales to increase when there is nothing for us poor salespeople to sell. (poor is the operative word here). Now, who's fault is that? Pencey and I again took it upstairs and were greeted with a shrug and a "nothing I can do for you here" answer. So, for this one, I have to blame the happy tall and tan inhabitants of Marco Island, as it appears nobody wants to sell and give up their piece of the rock. The third excuse for lackluster sales is that combined with low inventory are some high or optimistic asking prices on some properties. I have a customer who's initials are M.O. (his full name is Modus Operandi) and we have been looking around for months for a certain something. There are a few certain somethings out there for the taking (like my first wife), but some have asking prices that are well above the recent sales prices of like units in a building. And in many cases not only is the asking price well above that of the previous sales price of a similar unit in a building, the unit that is now for sale is not nearly as improved as the one that sold for a lower price. In other words, the property for sale now doesn't compare to one that sold recently and they're asking more money for it. So M.O. and I continue on our quest to find him and his tall tan wife a good deal. Lastly, dang Irma is still haunting us as there are plenty of homes waiting on new roofs and what-not before they can close or go on the market.
Now sticking to the subject, the Sellers aren't happy campers (along with the Realtors) because when you see all those red numbers up top in this newsletter that means nothing is selling and Momma isn't happy, and when Momma isn't happy, nobody is happy. As I may have said in the past, sometimes you need to think like Sigmund Freud to be a Realtor because there are tons of ids, egos, and superegos to deal with in real estate. The average Joe watches enough reality real estate T.V. shows to declare themselves an expert on all things related to the business. Spoiler alert. The people on those shows have the "picked" property either bought or under contract before they start filming. And regarding the
fixer-upper/flipper shows "NO, YOU CANNOT RE-DO A BATHROOM ON MARCO ISLAND FOR $6,500 NOR CAN YOU DO A KITCHEN FOR $10,000" Anyway, as usual, I digress. So, you ask what is going to happen? I'll tell you what. I predict prices will start to inch down as the Sellers realize we are in the heart of the season and they decide they don't want to come back next year. Before they throw in the towel, some will try a different Realtor thinking that will help. Some will paint their property or spend a bit of money jazzing things up thinking a little lipstick is the cure. Before you get all hopped up, I get that nobody wants to sell for less than they can get and Buyers don't want to pay more than something is worth, but right now the Buyers are winning the standoff. So, my secret I will share with you is that in the month of January there were 73 price reductions on homes, 2 increases. For condos there were 70 price reductions and 3 increases and for lots there were 31 decreases and 2 increases. That tells me the Sellers are coming to terms with the slow down and acting on it. And being that most everyone down here has a bad back, I don't see this limbo dance going very low.
I was watching the Superbowl with some friends recently. Most were Patriot fans and a couple were Eagles fans. I'm looking at Tom Brady on the T.V. (felt like I was looking in the mirror) and you just feel his confidence. He's a proven winner and you trust he will get the job done. Then I'm looking at Nick Foles who looks like he has an attitude (similar to my first wife) and he makes you nervous and causes you to sleep with one eye open. What is he going to bring tonight?... his "A" game (which is typically a C+) or will he get pulled to start the second half and the poor Eagles fans will have to wait for next season. Well Folesy has nothing to lose and he comes out throwing caution to the wind along with the football (is that a double entendre?). And what happens? The Eagles are the Super Bowl Champions. As usual, you ask "what the H-E double hockey sticks does this have to do with Real Estate?" And here is my Freudian answer. PATIENCE (not patients). The Patriots have won so many Superbowls, Tom Brady's above average looking soon to be ex-wife (and hopefully my next wife) said "sometimes you have to let the other guy win". The Eagles fans are like Buyers, they had patience, stuck by their team and they were rewarded after 147 years of never winning a Super Bowl. The Patriots fans are like Sellers. You can't always win; Brady won 5 and has lost 3. At this point the Buyers appear to be patient and are ready to pounce if a good deal comes along (a great deal is nice, but most people will settle for good). Now the Sellers realize it is the 4th quarter of the game and they are cutting their prices trying to get close to the goal line and hoping for the best. Sometimes you need to settle for getting close and then move on with your life.
Speaking of sports, did anyone hear Fergie sing the Star Spangled Banner during the basketball All-Star game? The only time I've ever heard anything worse is when my boy Andy kept singing The Sun Will Come Out Tomorow from the Broadway show Annie. Couldn't stop the kid from singing that tune for some reason. And as for my boy Willy, he's sitting next to me as I type this, working on some little brain teasers. Here is a word jumble Willy created just for you: NMRSLDCAOIA First one to solve it and email me the answer gets to take Barb and me out to dinner. Speaking of which, we had 3 nice dinners out last month, thank you.
As always, please reach out and contact me if you have any real estate questions or need bad marriage advice.
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
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
