The following stats compare March 2019 to March 2018.
Sold Single Family Homes UP 21% (35 vs 29)
Sold Condominiums DOWN 7% (52 vs 56)
Sold Single Family Vacant Lots DOWN 31% (11 vs 16)
Pending Single Family Homes UP 10% (74 vs 67)
Pending Condominiums DOWN 10% (62 vs 69)
Pending Single Family Vacant Lots DOWN 13% (14 vs 16)
(Pending means it went under contract but has not closed yet)
Inventory:
361 Single Family Homes ( UP 6% from 2018)
443 Condominiums (UP 13% from 2018)
336 Single Family Vacant Lots (UP 9% from 2018)
1,140 Total (Total Inventory is really going up and that can cause more competitive pricing)
Summary:
A total of $70 Million dollars worth of real estate closed on Marco Island in the Month of March 2019. $52 Million dollars last month and $69 Million in March 2018 (last year). For the first quarter total sales stand at $164,000,000 for 2019 vs $160,000,000 in 2018 which is pretty dang even. HOWEVER, the average sale price went from $673,000 to $782,000 (up 16%) which backs up what I have been harping on all year, that the high-end market is where the strength lies. (the median is up 4.4%) Furthermore, to date, there were just 210 total sales compared to 238 last year, which is a 12% decrease. So, as this is sinking in and filtering down to the, let's say, under 1 million dollar Seller, they are appropriately responding by lowering their asking prices. In March there were 115 single family home price reductions, 5 increases. Condos saw 134 reductions and 8 increases. Lots had 42 reductions and 3 increases. Unfortunately for Mr. and Mrs. Seller, until a good chunk of this inventory is sold off, which we don't know when that will happen, you will need to lower your price until you can find a comfortable Mr. and Mrs. Buyer. And to you Buyer's out there, now is the best time for you to jump in and try to buy something before the inventory diminishes and prices start to go up. Prices will only go so low, so don't think you can wait forever.
I was with a future customer recently who is a proctologist. He is shorter than I am and has little stubby fingers with very short nails; from biting them. I casually made a comment, where I said, as a layman, I thought to be a good proctologist you would have to have longer thinner fingers to be efficient and/or effective. He looked at me and politely said "that is because you are prejudiced" I said, "no I'm not, I like people of all colors, religions, most political affiliations, meat, drinks besides Manhattans, and sailboats". He said "that's not what I mean, you expressed physical prejudice because you think someone's skills or abilities are linked to their physical attributes. I said, "well sometimes it is true, look at basketball players, they're all tall". He said, "what about Spud Webb, he was only 5' 7' and could dunk". I said, "What about actors, they're all handsome". He said "Steve Buscemi". I said, "sons are better than daughters" to which he replied, "how are things working out with your two, Andy and Willy?" I said "witches, they all ride brooms and have black pointy hats," he said, "how about your first wife, she rode in a Bentley and wore a dew rag, and besides that has nothing to do with a physical prejudice, stick to the point". I said, "I can't because she put a spell on me which makes me stewpit, that's how she got me to marry her in the first place". He said "now, there is a prejudice that may be true for all Realtors", to which I replied, "huh?"....
Again, my 7.6 Faithful Readers already are sensing the meaning of all this and what it has to do with Real Estate here on Marco, and here it is for those that have not figured it out yet. Don't judge a property by its size, shape, age, or whatever physical prejudice you may have in your mind. I recently met with some folks that swore they needed a waterfront home with 3 bedrooms, a den/office, and 3 bathrooms (one needed to have a tub for soaking a bad back) for them to be happy because they had a 2 little dogs, one grown married son with two young children that visited 1 week per year. We looked at some places in their price range that met that criteria and they all had icky views. Being stewpit, I suggested we look at one condo that allowed 2 pets, had 2 bedrooms, a den, and 2 bathrooms, but no tub. But this condo had a view that would not quit and was breathtaking. They stood on the lanai looking out at the beauty that Marco offers and said: "where will the grandkids sleep when they are here for the week?" I said, "check out the full size pull out couch, or the Murphy Bed in the den". The husband said, "there's no tub, how is Monica going to soak the Bursitis in her Coccyx bone?" I laughed and showed them the 104-degree hot tub next to the pool. Slowly but surely all of their prejudices were dispelled and here we are 6 months later with them living in a condo with a beautiful view and they could not be any happier. And when their son showed up and saw it and realized he would inherit it one day, he too was ecstatic. Sometimes you need to think a little bit outside the box, realize you really don't need that tall supermodel wife, and try out the short and stout like a teapot reliable one, and put some trust in your stewpit Realtor.
The inquiring 7.6 faithful readers demand to know The High and Low Sales for the month of March, and they are as follows:
Single family home, 1475 Butterfield Court closed for $2,250,000 (this is an old home built in 1966 that will be torn down). Condo, Madeira 908 closed for $3,050,000 (sold by the stewpitist Realtor on Marco) and a vacant lot at 507 Tigertail closed for $2,250,000.
For the bargain hunters, a 3 bedroom home at 2054 Sheffield Ave. closed for $365,000. A condo in Seabreeze West E-8 closed for $110,000, and a vacant lot at 1432 Leland Way closed for $120,000, YES, you can still get a great deal on Marco Island.
Keep the dinner invites coming, HP, Shirl, and Suz took me and the Yogi to C.J.'s for a fantastic fun-filled dinner. You too could have the pleasure of our company.
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 wrote a song in honor of my first wife and the band Iration recorded it. If you would like to hear it, click here. https://www.youtube.com/
Past boring newsletters can be viewed here: https://viewmarco.
Sold Single Family Homes UP 21% (35 vs 29)
Sold Condominiums DOWN 7% (52 vs 56)
Sold Single Family Vacant Lots DOWN 31% (11 vs 16)
Pending Single Family Homes UP 10% (74 vs 67)
Pending Condominiums DOWN 10% (62 vs 69)
Pending Single Family Vacant Lots DOWN 13% (14 vs 16)
(Pending means it went under contract but has not closed yet)
Inventory:
361 Single Family Homes ( UP 6% from 2018)
443 Condominiums (UP 13% from 2018)
336 Single Family Vacant Lots (UP 9% from 2018)
1,140 Total (Total Inventory is really going up and that can cause more competitive pricing)
Summary:
A total of $70 Million dollars worth of real estate closed on Marco Island in the Month of March 2019. $52 Million dollars last month and $69 Million in March 2018 (last year). For the first quarter total sales stand at $164,000,000 for 2019 vs $160,000,000 in 2018 which is pretty dang even. HOWEVER, the average sale price went from $673,000 to $782,000 (up 16%) which backs up what I have been harping on all year, that the high-end market is where the strength lies. (the median is up 4.4%) Furthermore, to date, there were just 210 total sales compared to 238 last year, which is a 12% decrease. So, as this is sinking in and filtering down to the, let's say, under 1 million dollar Seller, they are appropriately responding by lowering their asking prices. In March there were 115 single family home price reductions, 5 increases. Condos saw 134 reductions and 8 increases. Lots had 42 reductions and 3 increases. Unfortunately for Mr. and Mrs. Seller, until a good chunk of this inventory is sold off, which we don't know when that will happen, you will need to lower your price until you can find a comfortable Mr. and Mrs. Buyer. And to you Buyer's out there, now is the best time for you to jump in and try to buy something before the inventory diminishes and prices start to go up. Prices will only go so low, so don't think you can wait forever.
I was with a future customer recently who is a proctologist. He is shorter than I am and has little stubby fingers with very short nails; from biting them. I casually made a comment, where I said, as a layman, I thought to be a good proctologist you would have to have longer thinner fingers to be efficient and/or effective. He looked at me and politely said "that is because you are prejudiced" I said, "no I'm not, I like people of all colors, religions, most political affiliations, meat, drinks besides Manhattans, and sailboats". He said "that's not what I mean, you expressed physical prejudice because you think someone's skills or abilities are linked to their physical attributes. I said, "well sometimes it is true, look at basketball players, they're all tall". He said, "what about Spud Webb, he was only 5' 7' and could dunk". I said, "What about actors, they're all handsome". He said "Steve Buscemi". I said, "sons are better than daughters" to which he replied, "how are things working out with your two, Andy and Willy?" I said "witches, they all ride brooms and have black pointy hats," he said, "how about your first wife, she rode in a Bentley and wore a dew rag, and besides that has nothing to do with a physical prejudice, stick to the point". I said, "I can't because she put a spell on me which makes me stewpit, that's how she got me to marry her in the first place". He said "now, there is a prejudice that may be true for all Realtors", to which I replied, "huh?"....
Again, my 7.6 Faithful Readers already are sensing the meaning of all this and what it has to do with Real Estate here on Marco, and here it is for those that have not figured it out yet. Don't judge a property by its size, shape, age, or whatever physical prejudice you may have in your mind. I recently met with some folks that swore they needed a waterfront home with 3 bedrooms, a den/office, and 3 bathrooms (one needed to have a tub for soaking a bad back) for them to be happy because they had a 2 little dogs, one grown married son with two young children that visited 1 week per year. We looked at some places in their price range that met that criteria and they all had icky views. Being stewpit, I suggested we look at one condo that allowed 2 pets, had 2 bedrooms, a den, and 2 bathrooms, but no tub. But this condo had a view that would not quit and was breathtaking. They stood on the lanai looking out at the beauty that Marco offers and said: "where will the grandkids sleep when they are here for the week?" I said, "check out the full size pull out couch, or the Murphy Bed in the den". The husband said, "there's no tub, how is Monica going to soak the Bursitis in her Coccyx bone?" I laughed and showed them the 104-degree hot tub next to the pool. Slowly but surely all of their prejudices were dispelled and here we are 6 months later with them living in a condo with a beautiful view and they could not be any happier. And when their son showed up and saw it and realized he would inherit it one day, he too was ecstatic. Sometimes you need to think a little bit outside the box, realize you really don't need that tall supermodel wife, and try out the short and stout like a teapot reliable one, and put some trust in your stewpit Realtor.
The inquiring 7.6 faithful readers demand to know The High and Low Sales for the month of March, and they are as follows:
Single family home, 1475 Butterfield Court closed for $2,250,000 (this is an old home built in 1966 that will be torn down). Condo, Madeira 908 closed for $3,050,000 (sold by the stewpitist Realtor on Marco) and a vacant lot at 507 Tigertail closed for $2,250,000.
For the bargain hunters, a 3 bedroom home at 2054 Sheffield Ave. closed for $365,000. A condo in Seabreeze West E-8 closed for $110,000, and a vacant lot at 1432 Leland Way closed for $120,000, YES, you can still get a great deal on Marco Island.
Keep the dinner invites coming, HP, Shirl, and Suz took me and the Yogi to C.J.'s for a fantastic fun-filled dinner. You too could have the pleasure of our company.
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 wrote a song in honor of my first wife and the band Iration recorded it. If you would like to hear it, click here. https://www.youtube.com/
Past boring newsletters can be viewed here: https://viewmarco.
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
