The following stats compare February 2018 to February 2017.
Sold Single Family Homes UP 7% (31 vs 29)
Sold Condominiums DOWN 26% (32 vs 43)
Sold Single Family Vacant Lots DOWN 50% (7 vs 14)
Pending Single Family Homes DOWN 6% (48 vs 51)
Pending Condominiums DOWN 5% (61 vs 64)
Pending Single Family Vacant Lots UP 8% (13 vs 12)
(Pending means it went under contract but has not closed yet)
Inventory:
328 Single Family Homes ( DOWN 21% from 2017)
362 Condominiums ( DOWN 13% from 2017)
304 Single Family Vacant Lots (DOWN 9% from 2017)
Summary:
A total of $49 Million dollars worth of real estate closed on Marco Island in the Month of February 2018. $43 Milliondollars last month and $59 Million in February 2017 (last year). Did you ever go to the County Fair or a Carnival in your hometown and there would be a love tester machine? (picture below) You know, the one where you would put your quarter in the machine then squeeze the handle and it would rate your love life? Well, I invented a new Real Estate Meter that you can use in the privacy of your own home or office. I am willing to share it with my faithful 7.6 readers right now, free of charge. Interested in trying it? If so, here is how it works. First, I need each of you to hold your computer mouse firmly in your hand. Close your eyes tight and say Gerry - Gerry - Gerry - three times out loud and then open your eyes. After you open your eyes the rating shown below in Red will be the "hotness" of the Marco Island Real Estate Market. Ready to try it? Remember now, close your eyes, hold the mouse tightly and say Gerry - Gerry - Gerry - then open your eyes and see the instant results. (Please do this while you are alone as it could be hard to explain if someone was watching, and I don't need any more trouble than I already get from my boys Andy and Willy)
Okay.....Get ready.....Get set..... GO!!!
HOT - Property Values Doubled in 6 Months and you are tall and tan.
PRETTY HOT - Your property sold in less than a year and you are 83% healthy.
MEDIUM - You have an offer on your property, lower than you want, but you take it and move on.
NORMAL - There is no such thing as normal.
MILD - You have an offer on your property, lower than you want, but you pass and the buyer walks.
Cold - You're on your third listing agent & 5th price reduction. You'd give it away but nobody wants it.
Ice Cold - You got foreclosed on, and your first wife, like mine, was a short nasty woman.
Wow, it works! Years of testing, analyzing women, drinking Manhattans, data crunching and I present to my faithful 7.6 readers the most accurate way to gauge the real estate market in the privacy of your own home. (Speaking of which, I was previously working on a colonoscopy testing mail away kit, but somebody stole that idea. However, I am improving on that concept with a stay at home colonoscopy testing kit that will eliminate the need to mail in your sample. It will work similarly to this real estate test, but I haven't found a satisfactory way to sanitize the mouse after the test.).
As usual, here we go because you are asking "what the heck does this have to do with Real Estate?" and now I am forced to tell you my inner thoughts, and they are, I don't believe there is a "normal" market. There are averages, means, modes, trends, highs, lows, dips, bounces, bumps, hiccups, and all kinds of words to describe the market. And, do you know why we have all these words? Because that's what the market does, it moves, it flows, it changes, it is not static. Is there a normal? I say no. And because I write this, I can say whatever I like. And you know what? - I was only wrong once, and most of you already know her name. So, bear with me here and let me continue this thought. I had a professor once in college that was grading a test of mine. It was a class in human sexuality. I had an essay question where I elaborated, based on first-hand knowledge, on what I thought was "normal", sexually speaking, with people that live in cold climates below the equator. He wrote on the essay, "this is so wrong, it's not even wrong" and gave me an F. I was sharing this information with my Physics professor, who was a tall woman from Southern New Zealand who was tutoring me. She laughed and told me that my sex ed teacher stole that idea from the famous Physicists Wolfgang Pauli who coined the phrase "not even wrong" She said the Cliff Notes version was that if you made an argument or explanation that is based on invalid reasoning or speculative premises that can neither be proven correct nor falsified, you are "not even wrong". As an example she said 2+2=22, then we went back to tutoring.
Now back to the discussion. I stick to the fact that there is no normal, and I clearly explained above that I am not wrong. Put another way, the market is what it is. Today the buyers are finicky like Morris the cat, they are looking for price cuts, they take a swipe at the property then they pounce and go in for the kill. It's got to be just right. That's normal- today. Price cuts are very normal- today. Properties staying on the market longer is normal- today. Changing Realtors when things don't sell is normal- every day. All in all, things are selling right now. I bet March will be a very good month and I'm going to say that April will be really good. If you are looking to sell, check the comps and stick very close to them asking price wise. If you are a buyer, watch the price cuts very closely and be ready. In number of days challenged February (my car dealer customers know what I mean there) there were 94 single family home price decreases, 4 increases. 78 condo price decreases, 2 increases. 20 vacant lot decreases and 3 increases. Buyers can wait, or, simply make your offer and see if your Realtor can present an argument to the Seller's agent and justify the offer. The worse thing they can say is NO. That my dear 7.6 faithful readers is "normal'.
As always, please reach out and contact me if you have any real estate questions or need any advice which can only be given at dinner. Last week, Bob, the engineer, and his lovely wife took us to 21 Spices where we ate, drank, laughed and solved the String Theory Equation over dessert.
The High and Low Sales for the month of February:
Single family home, 1381 Cutler Court closed for $2,125,000. Condo, Cozumel 1204 closed for $1,863,000 (normal number) and a vacant lot at 816 Heathwood closed for $975,000.
For the bargain hunters, a 3 bedroom home at 1299 Apricot closed for $300,000. An efficiency condo at The Aquarius closed for $110,000 and a vacant lot in Hideaway at 608 Waterside closed for $180,000 and that new owner can enjoy the Hideaway Club and amenities.
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
