Total Value of All Property Sold on Marco Island DOWN 2.6%
2024 $1.208 Billion
2023 $1.240 Billion
Total Number of Sales on Marco Island (All Property Types) DOWN 1.6%
2024 - 821
2023 - 834
Number of Sold Single Family Homes UP 5%
2024 - 363
2023 - 345
Number of Sold Condominiums DOWN .75%
2024 - 395
2023 - 398
Number of Sold Single Family Vacant Lots DOWN 41%
2024 - 49
2023 - 74
Average Sale Price of a Single Family Homes Sold DOWN 4.6%
2024 - $2,100,000
2023 - $2,200,000
Average Sale Price of a Condominium Sold was UP 3%
2024 - $1,000,000
2023 - $970,000
Average Sale Price of a Single Family Vacant Lot was DOWN 11%
2024 - $910,000
2023 - $1,020,000
The overall List to sell Ratio was 94%. This means that on average properties sold within 6% of their asking price. Put another way, the average sale price was negotiated down 6% from the asking price.
Current Inventory of Single Family Homes is 242
Current Inventory of Condominiums is 337
Current Inventory of Vacant Single Family Lots is 68
State Of The Real Estate Market Address:
2024 was very similar overall when compared to 2023 for Marco Island Real Estate. Some odd dynamics are happening in the condo market that look to be a bit troublesome for the foreseeable future. Insurance companies are hammering condo associations with rate increases, and these increases are having a dramatic effect on monthly condo fees, driving them up. I would guesstimate that in the last 5 years condo fees have probably doubled. The second and third issue facing most condos is that under new laws all buildings occupied before 1992 must complete a milestone inspection by Dec. 31, 2024. This is an examination of the building’s structural integrity by an architect or engineer. The requirement also applies to buildings at least 25 years old that are within 3 miles of the coast. If the milestone inspection finds a potential structural problem, testing is required to determine if structural repairs are needed. If they are, owners must fund these repairs without an option to waive by vote. The new regulations also require associations to budget and collect sufficient reserves to cover the cost of maintaining and replacing expensive wear-and-tear items such as roofs, elevators, and balconies. I know what you just read is very dry and I wish I could make it funny. I belive at some point I hope/believe there will be some sort of political intervention that hopefully alleviate some of these issues. Another purely armchair observation I have regarding the market has to deal with demographics. I think a large portion of Marco Island residents came here in the 1990's and early 2000's when Marco was becoming more popular, it is my feeling that many of these folks are now finding themselves at a point in their lives where they may be moving elsewhere. As for me, I'm checking out the new Assisted Living facility on Marco, if the food is good, I'm moving in myself. Overall, just like the Rona virus and everything else negative that happens in the world, the Real Estate market will adjust to these new norms and it will persevere. My faithful 7.6 readers know that I have been single for quite a few years now, and deservingly so they would say. A few years back I tried the online dating scene and I am here to give you some pro tip interpretations about what the ladies write in their bios and what they really mean. Love Golf = they drink. Drink Socially = They go to Happy Hour 7 days a week and drink. Don't Drink = Anymore since something really bad happened 3 or 4 times. Only drink on weekends = they drink from 5:00 PM Friday to 8:00 PM Sunday, non-stop. Foodie = Husky. Slim = Anorexic or bi-polar (who knew there were so many women that had homes in the North and South Poles). Curvy = They are from the midwest and it's winter. Searching for Mr. Right = Been divorced 3 or more times. Self-sufficient = Big divorce settlement from Mr. Wrong. Animal lover = Crazy cat lady. Cuddler = Clingy. Not looking for a one-night stand = let's meet in the afternoon. Sexy = Boob job, also paid for by Mr. Wrong. Licensed Medical Practioner = They have a medical marijuana card. I'm just scratching the surface here folks as nothing is ever as it seems. Now I know I don't bring much to the table but I thought honesty was my best shot, but for the second time in my life I was wrong. Here is the exact bio I put in with my real photos on a dating site: "I’m scrawny, I walk funny, I look bad from behind and not too good from the front either. I’m crass, snarky, sarcastic, and hate to travel. I have longish hair and all of my teeth and I'm not sure if I smell. Did I mention terrible in bed? I like fast cars and dive bars. I love my two sons, Andy and Willy, and ahi tuna tacos." For whatever reasons, be it the photos or what I wrote, I only had one match and we dated on and off and on and off and on and off until she couldn't take it anymore and went into the witness protection program. So, realizing I needed some help I did what everyone does today, I turned to ChatGPT and figured I'd let AI or Artificial Intelligence take a crack at it for me. So, I took my exact wording, ran it through their mainframe computer a dozen or so times and this is what it came up with " I have a lean build, my walk has been compared to a sexy saunter. My appearance from both behind and the front is statuesque and alluring. My personality is, dare I say, unique and will leave you speechless. I don't care for traveling, as there is no need when you can be home with me. I have longish hair like Fabio, teeth like Mr. Ed, and some say I smell like a rose in bloom. I can't boast about my performance in the bedroom, but at least I'm easy to please. On the positive side, I enjoy fast cars and dive bars, sometimes in the same night for a bit of devil-may-care. My heart is full of love for my two boys Andy and Willy, and I can’t resist the allure of ahi tuna tacos". I swapped out my photos for some of Brad Pitt and suddenly I am a commodity. I can't actually meet any of these matches because then the truth would be revealed, so I remain untethered waiting for Mrs. Write.
Now I know 3.2 of my 7.6 faithful readers have been tested and have genius IQs and know exactly how this translates into Real Estate, but for the other 4.4 faithful readers who aren't geniuses but special in other ways, I will explain. Zillow, Realtor.com, Trulia, and Redfin, and others are nothing but real estate dating websites. Now, I understand that no other Realtor in the world has the literary gift I have when it comes to writing and free-style punctuation, but the stuff they are putting on the internet using ChatGPT is worse than what boring unattractive people lie about on Tinder. Talk about trying to pull a quick one. And the Real Estate photographers with their trick lenses and Photoshop abilities are wreckless. Folks, do not believe for one second what you read or see on these Real Estate websites. Now go read that last sentence one more time. You gotta go out with a Realtor, preferably me, and see these properties in real life with all their warts, blemishes, coverups, and yes SMELLS. There is no substitute for a little touchy-feely as long as it's consensual, so make sure you ask that Realtor if it's okay before you start snooping through the medicine cabinet and nightstand.
The Highs and Lows of 2024:
The most expensive home sale was 680 South Barfield Court at $11,100,000. The least expensive home was 283 South Heathwood Drive at $550,000. Condos at Madeira 1506 lead the way at $7,200,000 as the top dog, and Aquarius T3 was the bargain at $199,000 For vacant lots we have 185 Stillwater Court closing at $3,100,000. And for the least expensive lot we have 2040 Dogwood Ave closing at $30,000. Listen to me and you'll get rich.
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