Total Value of All Property Sold on Marco Island DOWN 8% ($1.206 Billion vs. $1.312 Billion)
Total Number of Sales on Marco Island (All Property Types) DOWN 14% (817 vs. 947)Number of Sold Single Family Homes UP 5% (345 vs. 328)
Number of Sold Condominiums DOWN 20% (398 vs. 495)
Number of Sold Single Family Vacant Lots DOWN 40% (65 vs.109)
Average Sale Price of a Single Family Homes Sold was $2,159,000 UP 003% from $2,153,000
Average Sale Price of a Condominium Sold was $967,000 UP 6% from $905,000
Average Sale Price of a Single Family Vacant Lot was $1,085,000 DOWN 12% from $1,229,000
The overall List to sell Ratio was 95%. This means that on average properties sold within 5% of their asking price. Put another way, the average sale price was negotiated down 5% from the asking price.
Average days a sold property was on the market INCREASED from 50 days to 75 days.
This means properties were on the market 25 days longer than last year.
Current Inventory of Single Family Homes is UP 38% (176 vs.110)
Current Inventory of Condominiums is UP 47% (205 vs.109)
Current Inventory of Vacant Single Family Lots is UP 9% (90 vs. 82)
State Of The Real Estate Market Address
2023 was an outstanding year overall for Marco Island Real Estate. However, 2022 was a little bit better, but that was then, and this is now. Without regurgitating the numbers above, I have for you here a synopsis and crystal ball prognostication. The market cooled off a tiny bit compared to 2022, probably due to the interest rate increases. Even though about 70% of our deals are cash and the purchases are not directly affected by interest rate increases, many local buyers need to sell their properties elsewhere before they pay cash here. Where they are selling up north, buyers are interest rate sensitive, hence, sales slow up north, and that causes a trickle-down slow down here. It's that simple. Now, interest rates are cooling off a bit so I'm optimistic things will trend back up here. However, this is a Presidential election year. And you know what? I don't know what the heck is going to happen and I'm not touching that one with a 10-foot pole. These are some crazy times politically speaking and I'm glad I live here in my little bubble. I can tell you that nobody is getting any younger, so if you have the money in the bank and you're thinking about buying your piece of Marco paradise, do it now.
And now a little something for my faithful 7.6 readers. Recently I had a heart CAT scan and I went to a new cardiologist for the results. (So, yes, I do have a heart.) He was staring at me, then staring back at the computer screen with the results. Finally, he said, "So you're really 60 years old?" I said "Yes". He replies "Well you look about 48 to me, but your heart looks about 73". "You need to learn to relax, and here, take more pills" "That'll be $875 thank you and I'll see you in six months unless...". So, I told my boys, Andy and Willy, who happened to be in town checking to make sure my will was all up to date, what the doctor said. Andy said, "You should get some medical marijuana Dad it'll calm you down". Well, I don't have a medical marijuana card so I couldn't go to the local pot store. I don't know any drug dealers, so I couldn't go buy some in a dark alley either. But, it turns out a new store opened on Marco and they advertise "No medical card needed". I figured this was some scam, but hey I'm game, so the boys and I went into the store. The tie-dyed shirt-wearing girl working there tells me there is some loophole in the law that allows them to sell their products and she guarantees the results, or my money back. Again, I figure it's all just a scam and nothing is going to happen, but I hand over $60 and get 20 little gummy bear candies that are supposed to calm me down. She gives me strict instructions to eat half of one, wait 1-2 hours, then maybe take another half if necessary. I put them in a cabinet and forgot about them. One night I remembered they were there and I decided to eat 4 of them, no training wheels for me. About 21 minutes later I'm staring at the TV screen and I'm watching a show. That show features me and some people I've met in my life. First, there was my neighbor Emerson from Long Beach Island, we used to call him Uncle Em. Then there was my friend, Kenny, he was a skinny little kid and always afraid of everything. There was my other friend Richie who always wore a flannel shirt and a Cat hat, and was the dumbest kid in 3 counties, never saw him without a little bar straw in his mouth he chewed on. Another friend in the show was Michael, he always wanted to be a stupid doctor, specifically a heart transplant specialist, the kid never had any goals in life. At some point in the show, we were all walking on a sandy beach and some pygmy yoga goats started singing and dancing. Wow, talk about entertainment. Out of nowhere my mom appeared on the show and she looked just like a beautiful angel, she told me to beware of some bad woman that I would meet along the way. Unfortunately, I thought she said bad cumin, so I just never ate Indian food. Anyway, as Kenny, Richie, Michale, and I sang with the goats, we all skipped along the winding beach and ended up in Beach Haven New Jersey at the Deerskin Leather shop where I bought some soft faux leather slippers. Right next door to this store is an antique shop called The Wizard of Odds. The owner was a funny little old man who was the mayor and called the shots in town. Throughout the show, some bad woman tried to take many things from me, especially those slippers, but while she got a lot, I hung onto those slippers. At the end of the show, a huge flood came and the bad woman was washed out to sea and could be seen melting into the western sunset. Also, at the end, Kenny started taking steroids and grew to be big and strong. Richie enrolled in night school, learned his letters and numbers, and became an astrophysicist. Micheal, well, he's now sticking hearts in people and every time he sees me he tells me he can fix mine. And, as the credits started to roll at the end of the show, the song "Africa" started to play, and we all know the band that does that song is Toto. Suddenly my phone rang and I was jolted back into consciousness and realized I wasn't watching a TV show about my life, I was merely hallucinating like Timothy Leary. Wow, I looked down at my feet and was overjoyed to see my toasty faux deer skin slippers were on. I answered the Facetime call and it was my boys Andy and Willy. I told them about the crazy thing that had just happened to me, and at the same time, they both said "It's okay Dad, there's no place like home when you've had too many gummies".
Now I know my 7.6 faithful readers are starting to see the Real Estate lessons that are embedded here, and they realize there are many. First, and foremost your house or condo is your home. Love it, take care of it, enjoy it, and hang onto it if someone or something tries to take it away. But, if that happens, know that you can get a new one. Second, just like you listen to your trusted pot dealer, listen closely to the instructions of your trusted real estate advisor as well. I can steer you out of trouble that you may unknowingly be heading into. Third, never under any circumstances eat 4 gummies.
Now for the high and low sales for 2023. First, the highest sale in the history of the Marco Island MLS was the Port Marco Trailer Park for $16,000,000, and yes as you know I was the listing and selling agent. The most expensive home sale was 1589 South Barfield Court at $12,100,000. The least expensive home was 201 Marco Lake Drive at $450,000. Condos at Belize 2405 lead the way at $6,350,000 as the top dog, and Coquina Gardens #210 was the bargain at $170,000. For vacant lots we have 1071 South Barfield Drive closing at $11,000,000. WOW! And for the least expensive lot we have 2043 Sheffield Ave closing at $190,000. And a crazy side story to that lot is that at one time there was a home on that lot that I owned it and sold it for $425,000. See, listen to me and you'll get rich.
Old nasty newsletters can be read at: https://viewmarco.
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)
1-800-237-8817 (toll-free)
To View the Entire Marco MLS go to: www.viewmarco.com
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