The following stats compare December 2020 to December 2019
Sold Single Family Homes UP 40% (569 vs 406)
Sold Condominiums UP 34% (621 vs 462)
Sold Single Family Vacant Lots UP 127% (272 vs 1200)
Pending Single Family Homes UP 76% (58 vs 33)
Pending Condominiums UP 123% (89 vs 40)
Pending Single Family Vacant Lots UP 169% (43 vs 16)
(Pending means it went under contract but has not closed yet)
Inventory:
117 Single Family Homes (DOWN 60% from 2019)
246 Condominiums (DOWN 36% from 2019)
113 Single Family Vacant Lots (DOWN 60% from 2019)
476 Total Homes, Condos, and Vacant Lots for sale. THIS NUMBER IS VERY LOW!
Summary:
A total of $1.137 BILLION dollars worth of real estate closed on Marco Island in 2020. Yes folks, that is a B there for Billion. In 2019 the total was $708 Million. I want you to read that last sentence a few times and let it sink in, $1,137,455,174.00 was the actual number and that is a big booty number. For a visual I want you to think of Dr. Evil from Austin Powers saying "1 Billion Dollars". What makes it all the more remarkable is that the "C" word (that is Covid for you deplorables) descended upon us and everyone was thinking we were in for a world of hurt Real Estate wise. The great minds in the US Treasury started sending out checks for $600 dollars to everyone to stimulate the economy, which I personally thought was fruitless. But, I am here to tell you that I was 100% wrong! The ingenuity of the American public is not to be underestimated. Somehow people took that $600 and were able to figure out a way to purchase homes, condos, and lots with it. I'm still scratching my head a bit on this one, but they know something I don't know. I can tell you that lots of people started working from home and realized they will keep working from home since their companies can save money on water coolers, coffee, and office rent. The really smart workers figured they might as well work from home on Marco Island because they can play hookey once in a while from the job and enjoy Paradise year-round instead of a few weeks a year. Those that weren't as bold bought vacant lots and will wait and see if this thing works, and if it does, they will start building homes here with nice offices in them I guess. Moreover, being a prognosticator, I am a bit concerned that all the new people I see lollygagging around on the beach all day are really supposed to be home on their computers working on the cure for cancer or how to send manned rockets to Mars and back. I have a bit of fear that this work at home thing might backfire a bit. Regardless, back to the subject, the Real Estate Market on Marco was absolutely on fire this year. The numbers will start to drop off a bit now, not because the demand is down, but because there is a low inventory of property available to purchase. SO, IF YOU WERE THINKING OF SELLING YOUR PROPERTY THERE IS NO BETTER TIME TO DO IN THAN RIGHT NOW!. Besides an on-fire market, we are now actually entering what is usually the busy and strongest time of the year so it would seem there is no let-up in sight. Interest rates are low, the stock market is strong, and the Treasury just started sending out more $600 checks, so hold on to your seats.
I have been remiss in sending out this newsletter to my faithful 7.6 readers for the past few months and the .6 reached out to me recently and said "listen, I know you've had a very tough year with getting sick and divorced, and whatever else happened to you, but those are your problems, not mine. And when you let your problems become my problems, then we both have a problem and I'm not standing for that. So, why don't you make like all the stay at home workers, get your butt over to the computer, and start typing some Real Estate facts and figures so I know whether to sell my condo or buy another as an investment". I took those words to heart and am now hammering away at my keyboard with my lame hand so all of you are informed and entertained at my expense.
For the other 7 out of the 7.6, who care more about a story with a real estate moral than the facts and figures, here we go. With the C-word going on, I have all kinds of doctor visits that are done via Zoom and Facetime instead of in person. Now, I am all for keeping people safe and all that, but it is hard to be dealing with medical issues online. I recently was chatting it up on Facetime with my Urologist, whom I really like, regarding something I am smuggling in my body. We have a nice chat, go over some test results, talk about some new pills and whatnot, and about life in general. Now, for all of you men out there, you know that a normal visit to the Urologists office always ends with the one-finger salute to check your prostate. As we are wrapping up our conversation my doctor said "so you live alone now", to which I replied "yes". He said, "do you have any close neighbors or friends nearby that you could call on to lend a hand?" I said "what for?", he said, "you know, we need to check your prostate". I said "it's good", he said, "oh, you checked it yourself?". I said, "no, but I'm pretty sure it's okay". He said, "okay, I'll let it go this time, but next time you need to have somewhere with you when we Facetime". I let it go, but about 2 weeks later my neighbor called up who sees the same doctor and said "hey, can you stopover for a minute and lend me a hand, Dr. G is on the phone?". I think this whole telemedicine thing has some kinks that need to be worked out.
Now the moral of the story, without question, is that in Real Estate, just like medicine, you want a trained professional to help you. Stop listening to what your friends, family, and neighbors tell you about the market and speak to a licensed Realtor (preferably me). Please believe me when I tell you Zillow and Trulia are not the experts. Quit listening to every Tom, Dick, and Harry, and no matter what, don't take matters into your own hands and try to do it yourself.
The inquiring 7.6 faithful readers demand to know The high and low Sales for 2020, and they are as follows:
Single-family home, 475 Gate House Way in Hideaway closed for $10,500,000. It was on the market for 25 days. Condo, Belize 2305 closed for $5,124,000 and it was on the market for 25 days. and a vacant lot at 350 Seabreeze Drive closed for $3,350,000 and it was on the market for 302 days.
For the bargain hunters and those that are certainly in the money, a 2 bedroom home at 168 Dogwood Drive closed for $325,000 (76 days on the market) A condo in Coquina Gardens closed for $95,000 (43 days on the market), and a vacant lot at 185 Dogwood Drive closed for 55,000, (138 days on the market). YES, you can still get a great deal on Marco Island, but not like these anymore.
I want to make a little public service announcement to thank everyone that has gone out of their way these past few months, feeding me, driving me, and checking on me. (now I know what it feels like to be a common house plant). I especially want to thank my sons Andy and Willy who have done more for me than I could ever have dreamt of. And to all my faithful 7.6 readers, please tell all your family members you love them...because you can.
If you are thinking of using me as your Realtor, keep in mind that I will never be out thought or out fought.
Past boring newsletters can be viewed here: https://viewmarco.blogspot.com/
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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