The following stats compare June 2019 to June 2018
Sold Single Family Homes DOWN 18% (32 vs 39)
Sold Condominiums DOWN 23% (41 vs 53)
Sold Single Family Vacant Lots DOWN 40% (5 vs 8)
Pending Single Family Homes UP 14% (33 vs 29)
Pending Condominiums DOWN 5% (40 vs 42)
Pending Single Family Vacant Lots UP 67% (15 vs 9)
(Pending means it went under contract but has not closed yet)
Inventory:
291 Single Family Homes (UP .3%) from 2018)
383 Condominiums (UP 6% from 2018)
294 Single Family Vacant Lots (Down 1% from 2018)
1,068 Total
Summary:
A total of $51 Million dollars worth of real estate closed on Marco Island in the month of June 2019. $78 Million dollars last month and $74 Million in June 2018 (last year). Through the first 6 months of 2019 total sales were $390 Million compared to $417 Million for 2018, a decrease of 6.3%. A pretty crazy stat is that the average sale price year to date is $722,745 compared to last years $722,882 a difference of only $137 which shows the market is certainly active, but flat. Earlier this year the market was like a running horse, and a horse can't run forever without resting. The reins were pulled in during June and things are easing up except for lots; people are listening to me and buying them. Waterfront lots are a commodity and the prices here are still cheap compared to other places. The stock market is at a record high and maybe some of the money that would normally go into the Real Estate market is in Apple stock. What I do know is that historically the stock market profits will be taken and redirected into our Real Estate as people like terra firma in their portfolio. I firmly believe as Marco takes this little breather over the summer, the market will begin to strengthen again in the fall and winter.
My other boy child Willy and I were sitting around the other day talking about all kinds of things. Willy is a deep thinker and announces that going to college is no longer the plan, becoming a long haul trucker is his new plan for the future. He said stuff will always need to get from point A to point B and that spells job security. I explained that Elon Musk/Tesla has trucks that will eventually be autonomous and there will be no need for a driver. Willy smiled wryly and said, "someone still needs to unload the stuff". I explained that they have robotic machines that will remove the freight without human intervention. Willy said, "someone needs to open the boxes when the robot unloads them". I said, "how much do you think a box opener makes?" Willy thought hard and said, "you better send in that tuition check ASAP, that'll give me at least 6 more years before I have to worry about getting a job". I said, "your brother Andy figured that out 5 years ago too, Good For You!" As an aside, many years ago before I went to college I was a truck driver. While heading down the road I stopped into a liquor store in South Carolina to load up on provisions. The guy in front of me said to the clerk in a thick South Carolina drawl, "I'd like ta grab sum ass". The clerk had a name tag that said "Dan" and he replied with the same drawl and said, "Ain't no problem, how much dat ass you need?" - " We got plenty and it's all fresh ass, except for the old ones way in the back". My fellow trucker said, "I only got 2 hands to grab that ass with, so I guess I'll take 2 of the old stinky ones you got in the back if they're any cheaper". My mouth is agape by this point and I'm not sure what I have stumbled into and I'm really getting nervous as Dan heads to the back of the store. (Ever seen the movie Pulp Fiction?) Suddenly Dan appears with two 10 pound bags of ICE and now we all can translate at least one Southern word. I only wish I could hear all of you that are now going to re-read the last paragraph out loud with your best drawl.
My faithful 7.6 readers may already know what the moral of the above story is and how it pertains to Real Estate, and for those of you that don't know how this works, here it is. First, technology is changing the face of Real Estate. Amazon recently made a huge move into the Real Estate market and some people (mostly Realtors) fear this will cause people to turn solely to on-line resources to buy or sell a property. Think of what Amazon has done to the retail market and how they have changed how people shop for pretty much everything. One of the pivotal moments in the retail transformation that led to a leap in use was the advent of the return policy. Sure, I'll order 10 pairs of pants on-line, keep one, and mail the rest back FOR FREE, easy peasy. But how will this translate to Real Estate? I don't know how you can create a return policy for that, so there will need to be a new dynamic. Now I'm sure Jeff Bezos and his brain trust have been working on something and we will all find out in the future how they plan to do this. Jeff and I have the same divorce attorney on speed dial so next time we run into each other I will ask. The other moral woven here is terminology and how people communicate. Descriptive words often mean different things to different people depending on where they are from. It is often said that all Real Estate knowledge is local and that is why you need a professional. And remember, If you are on-line and buying a house in South Carolina, don't worry if there is an ass maker in the freezer. The way I see it play out is, the on-line method of Real Estate will work for some people, but not everyone. There are those that still go to a tailor, use a real-life stockbroker, and go to Publix to buy their food. There will always be people that will turn to a local Professional Realtor for advice and guidance to protect their investment. Either that or I'm going to work for Amazon real soon as a box opener.
Bezos and I were talking about our first wives a few months back. He said, "I hear you write songs and have them recorded by others". I said "yup". Jeff said, "ever write one about your first wife?" I said, "Yup, I've got it right here on my phone, wanna hear it?" I then played it for him and told him "If I had to pay my first wife $38 Billion as you did, I would have had different lyrics". He just started to cry. So, for all of you with that special someone out there, click here to hear my tribute to #1. https://www.youtube.com/watch?v=WXBHCQYxwr0
The inquiring 7.6 faithful readers demand to know The High and Low Sales for the month of Jue, and they are as follows:
Single-family home, 1569 Heights Court closed for $4,700,000 Condo, Veracruz 805 closed for $2,000,000 and a vacant lot at 510 Barfield Drive closed for $975,000.
For the bargain hunters, a 3 bedroom home at 351 Yellowbird closed for $362,000. A 1 bedroom condo in Wexford Place closed for $109,000 and a vacant lot at 1769 Granada Drive closed for $32,000, yes, you can still get a great deal on Marco Island.
As always, I strongly encourage you to invite my current wife and me out for dinner as soon/often as possible. She has a poor sense of direction and can't find the kitchen. By taking us out, we may stay together. So, you can be part of the problem or part of the solution.
*** I broke my rule of not using swear words this month and I do apologize to anyone I may have offended with the word ass, or those that may be from South Carolina. There was just no other way to make my point.
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 Realty
2013, 2012 & 2007 President Marco Island Area Association of
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
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