Marco Island - 2015 Real Estate Statistics Year End Review

The following MLS statistics compare 2015 to 2014 - Marco Island properties only

Total Value of All Property Sold on Marco Island UP 13% ($766 Million vs. $677 Million)

Total Number of Sales on Marco Island (All Property Types) UP .16% (1,179 vs. 1,177 )

Number of Sold Single Family Homes DOWN 11% (392 vs. 439)

Number of Sold Condominiums UP 4% (590 vs 569)

Number of Sold Single Family Vacant Lots UP 17% (179 vs.148)

Average Sale Price of a Single Family Homes Sold was $914,000 UP 19% from $770,000

Average Sale Price of a Condominium Sold was $551,000 UP 15% from $478,000

Average Sale Price of a Single Family Vacant Lot was $418,000 UP 5% from $399,000

The List to sell Ratio increased .2% from 93.77% to 93.97%.  This means that on average properties sold within 6.03% of their asking price. Put another way, the average sale price was negotiated down 6.03% from the asking price.  

Average days a sold property was on the market decreased 7% from 201 days to 188 days.

This means properties are selling quicker. (In this case the red is good)

Current Inventory of Single Family Homes is DOWN 7% (312 vs. 334) 

Current Inventory of Condominiums is DOWN 8% (301 vs. 326) 

Current Inventory of Vacant Single Family Lots is DOWN 16% (279 vs. 332)

State Of The Real Estate Market Address

2015 turned out to be the most prolific year sales dollar wise with $766 Million or over 3/4's of a BILLION dollars of sales taking place. (Powerball Marco Island style) To me the most telling part of our story is the total dollar volume of sales were up $89 Million dollars from last year, BUT, the total number of sales went up by only 2!  To the faithful 7.6 readers of this email all year (up from 3.2 last year) you have listened to me wax on and on about how the high end market has been booming and that is why the average sale price has been going up all year. Now you can see the proof with these numbers that I was correct and you can continue to have faith that 98% of what I tell you each month is true. (up from 97.9% last year). 

Currently the total number of homes, lots and condos for sale sits at only 892. That is a pretty small number when you start breaking things down to price points for a particular customer looking for a home, lot or condo. For instance, even if you have very deep pockets, there are currently only 9 homes for sale over $5,000,000 and it would break my heart if I showed them all to a customer and they didn't like any of them. However, there are 19 lots with asking prices from $2,000,000 to $7,450,000, so you can always buy the lot and build the dream house. I can tell you that with the new year upon us many properties are starting to come on the market and the inventory is creeping up a bit. 

Prediction for 2016: I believe the market will continue to be segmented. In particular I think there will be more and more high end sales (over $2 million) which will continue to make the average sale price increase. I base this on the number of spec homes being built that are at or above that price point and the fact that more and more high end buyers are seeing the value Marco Island offers versus other high end coastal communities. The second segment I see is the under $500,000 market which I believe will remain fairly steady. This segment of buyers are more sensitive to upward price movement and will simply pass if they don't perceive the value for the price asked. I also think the seller's in this segment feel this and understand it and are adjusting their prices downward in order to find the strike zone to sell their property. As I type this the DOW is down 500 points on the day and the stock market has certainly started off 2016 on a bad foot. While many of the buyers that come to Marco Island are either high wage earners, business owners or professionals that are somewhat immune to stock market fluctuations, nobody wants to buy real estate if they feel there is a significant economic downturn coming. Much of what is happening now is precipitated by what is happening in foreign economies and I have faith that things will get ironed out. This is also an election year for us and while I am no political pundit, it will be interesting to see how the winner of the election affects/effects our economy and markets. 

I know you want to know the record highs and lows from 2015, so here they are. Most expensive home sale 1549 Heights Court $7.5 Million, least expensive home 1570 Villa Court $214,500. Most expensive condo sale Madeira PH102 $6.45 Million, least expensive condo Seabreeze H-8 $75,000. Most expensive lot sale 350 Seabreeze $3.75 Million, least expensive lot 131 South Bahama $50,000. Proof that there is something for everyone on Marco Island. 

I have never ever had or heard of somebody buying a property on Marco Island and not loving it. Purchase what you can comfortably afford and enjoy yourself, because in the end, life is short.

And remember, I won't be out thought or out fought so call me if you want to buy, sell or argue. 

Here's to a Healthy and Happy 2016!

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

Marco Island Real Estate Stats for October 2015

The following stats compare October 2015 to October 2014 Sold single family homes DOWN 13% (26 vs 30) Sold condominiums UP 6% (37 vs 35) Sold single family vacant lots UP 44% (13 vs 9) Pending sales of single family homes DOWN 40% (26 vs 43) Pending sales of  condominiums DOWN 53% (34 vs 73) Pending sales of vacant single family lots DOWN 45% (11 vs 20) Inventory: 244 Single family homes (DOWN 15% from 2014) 238 Condominiums (DOWN 25% from 2014) 288 Single family lots (DOWN 6% from 2014) Summary: A total of $54 Million dollars worth of real estate closed on Marco Island in the Month of October, 2015. ($63 Million dollars worth in September 2015 and $50 Million in October 2014). Look above at the SOLD numbers, these are properties that closed in October. Now look at the PENDING sales, these are properties that went under contract in October and will close somewhere in the near future. What do those huge red PENDING numbers tell us? It tells us the number of people actually purchasing property is slowing down pretty dramatically. Why, you ask, is this happening? I'll tell you why, it's because many of the asking prices out there are unrealistic at this time and prospective "Buyers" are simply taking a pass and becoming "Waiters" (and I don't mean it in the restaurant server sense). "Buyers" start looking at recent closed comps and the current asking prices, and in many cases (not all) they are looking at a disparity. Couple that with a small inventory and many Realtors better have a nest egg built up to live on until this sorts itself out. I recently had a customer and we looked at a condo where another unit in the building had closed within the last 6 months for about $800,000. When this new listing came on the market the asking price was over $1 Million and it was inferior in many ways. What did my customer do after they saw it and the price? They said thanks for showing it to me, I'll wait. Then they asked: Will someone pay that number? I don't know I said. Will the seller eventually lower the price significantly if it doesn't sell? I don't know I said. Will another unit with a more realistic asking price come on the market and get gobbled up? I don't know I said. My customer then said "well, what do you know?". I said, "I better go check the egg in my nest" But kind of seriously, if you are a buyer, I believe you need to be patient. I believe you need to come to grips with paying a bit more for something than the last guy did. I believe the sellers have done a fine job testing the market and are coming to the realization that you can only squeeze the orange so hard, then nothing comes out. (Florida metaphor) I believe as season rolls around more properties will come on the market and many of those sellers are in it to sell it. Prices have come up to a point where they will be happy with their gain and move on. And, as every Realtor will tell you, there are X number of sellers that put their property on the market at a high price and give you the old "I don't care if I sell it, but if somebody wants to give me what I want I will." If you want to buy one of those properties, please call me. Apparently for many, a popular feature of my monthly update is the telling of the Home, Lot and Condo with the highest price sale. Not wanting to disappoint the 3 people that read this email, this month a house closed on the beach in Hideaway for $5,800,000, a vacant lot closed on the beach in Hideaway for $3,750,000 and a condo in the Madeira closed for $3,150,000. Like most of you and I, all of those buyers have problems, money just isn't one of them. As always, please reach out and contact me if you have any real estate questions. And if you are thinking of using me as your Realtor, keep in mind 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

Marco Island Real Estate Stats for the first 3 quarters of 2015 compared to 2014

The following statistics compare the first 3 quarters of 2015 to 2014

Sold Single Family Home Sales DOWN 10% (327 vs. 362)

Sold Condominium Sales UP 5% (478 vs 457)

Sold Single Family Vacant Lots UP 24% (148 vs 119)

Average Sale Price Single Family Home UP 26% ($923k vs $736k)

Average Sale Price Condominium UP 15% (($559k vs $486k)

Average Sale Price Single Family Vacant Lot DOWN 2% ($405k vs 414k)

Total Dollar Value of all Single Family Homes Sold UP 13% ($301M vs $266M)

Total Dollar Value of all Condominiums Sold UP 20% ($267M vs $222M)

Total Dollar Value of all Single Family Lots Sold UP 22% (60M vs 49M)

Current Inventory:

237 Single Family Homes (DOWN 13% from 2014)

218 Condominiums (DOWN 26% from 2014)

276 Single Family Lots (DOWN 2% from 2014)

Summary:

$633,000,000 worth of Real Estate closed in the first 9 months on Marco Island; I wonder if we will hit $1 Billion this year?! 

As the average sales price has crept up I have been screaming from the rooftops this has been a function of the amazing activity in the high end market and can't necessarily be applied to the rest of the market. The newspapers and most of my peers have finally started to look a bit closer at the numbers and are seeing the light. To elaborate, for the first 9 months of 2014 on Marco Island there were 98 sales from $1M to $2M, 15 sales from $2.1M to $3M and 3 sales over $3 Million with the highest sale in 2014 being $3,459,000 in 2014.  However, for the first 9 months of 2015 there were 115 sales from $1M to $2M, 21 sales from $2.1M to $3M, 13 sales from $3.1M to $4M, 2 sales from $4.1M to $5M, 1 sale from $5M to $6M, 2 sales from $6M to $7M and the grandaddy of them all is a sale at $7.5 million (1549 Heights Court for those that want to Google Earth it) This explosion in the rarified air of the high end market is astounding and as I mentioned it is pulling the average sale price across the board waaayyyy up. I can tell you that part of the reason for the sales activity of the high end market on Marco, is the relative bargain it represents when compared to Naples. The most expensive property for sale right now on Marco is the Belize Grand Penthouse with an asking price of $9.5M. In Naples there are currently 29 properties for sale over $10M with the most expensive property for sale being a home with an asking price of $68 Million dollars! (3100 Gordon Drive is the address and now is a good time for me to mention that if you are tired of slumming on Marco Island, I would be happy to help you buy this house) But seriously, the real estate market on Marco Island is as healthy as it has ever been and interest rates are still below 4% which bodes well for the near future.

Repeating myself again, if you are thinking of selling, it is a great time to do so, as the low inventory has buyers waiting for fairly priced properties. Advances in Internet Real Estate sites allow consumers to receive daily updates as new properties come on the market. When a good one comes up, they are jumping on it if the price is fair.  As I deal with buyers and sellers, I can assure you, I have the capability to assist you whether you are selling or buying. If you would like to be put on my daily update list of what is coming on the market, just send me an email and I'll plug you in.

And remember, I  won't 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

Marco Island Real Estate Statistics - July 2015 - Gerry Rosenblum

The following stats compare July 2015 to July 2014

Sold single family homes DOWN 21% (23 vs 29)

Sold condominiums UP 15% (46 vs 40)

Sold single family vacant lots UP 20% (12 vs 10)

Pending sales of single family homes DOWN 55% (29 vs 65)

Pending sales of  condominiums DOWN 41% (44 vs 75)

Pending sales of vacant single family lots UP 5% (20 vs 19)

Inventory:

264 Single family homes (DOWN 10% from 2014)

243 Condominiums (DOWN 24% from 2014)

297 Single family lots (UP 1% from 2014)

Summary:

A total of $52 Million dollars worth of real estate closed on Marco Island in the Month of July, 2015. ($91 Million dollars worth in June 2015 and $44 Million in July 2014).

You want to know what is going on in the Marco Island Real Estate Market? I'll tell you what...the high end market is doing great and the rest of the market is slow because of lack of inventory. ( I know, I know, I keep repeating this inventory issue, but it's true) Of the 81 sales in July, 16 of them were OVER $800,000, with the winner coming in at $3,550,000. (Inquiring minds want to know; the $3.550MM sale was a townhouse on the beach in Hideaway, (1 of 6 that exist)  and the lowest price sale was a $50K lot on Bahama Ave). The Collier County notice of proposed Real Estate taxes went out this week, that means a whole bunch of owners are going to list their properties in the near future because there is nothing like opening that letter to light a fire under you if you are on the fence about selling. We are also in the dog days of summer when things are a bit slower due to buyers enjoying their summers up north, but we all know old man winter is right around the corner and now is good time to buy something to prevent frost bite in February. Another general observation driving around the island is that there is a tremendous amount of new home construction going on. My advice is to sell some of that Apple stock you're holding and buy property on Marco Island. The Marriott reopened while their transformation to a JW Marriott continues, things are looking up.

As always, please reach out and contact me if you have any real estate questions. And if you are thinking of using me as your Realtor, keep in mind 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

Marco Island Real Estate Stats - May 2015

The following stats compare May 2015 to May 2014

Sold single family homes DOWN 29% (42 vs 59)

Sold condominiums DOWN 19% (56 vs 69)

Sold single family vacant lots DOWN 6% (16 vs 17)

Pending single family homes DOWN 32% (58 vs 85)

Pending condominiums DOWN 22% (56 vs 72)

Pending single family vacant lot sales DOWN 14% (19 vs 22)

Inventory:

277 Single family homes (DOWN 15% from 2014)

274 Condominiums (DOWN 26% from 2014)

307 Single family lots (UP 2% from 2014)

Summary:

A total of $73 Million dollars worth of real estate closed on Marco Island in the Month of May, 2015. ($97 Million dollars worth in April 2015 and $83 Million in May 2014).

When you look above you see lots of red numbers. Sold properties are down and Pending properties are down. You want to know why?.....I'll tell you why. THERE IS NOT MUCH LEFT TO SELL! There are currently 277 single family homes for sale and 67 of those having asking prices greater than $2 MILLION. (for all you big hitters like HPG, now is a good time to step up as the deals are in the high end). Of the 114 total sales in May, 15 were over $1 Million. There are 274 condos currently for sale and 15 of those have asking prices greater than $2 MILLION. With so much talk about how "strong" the Real Estate market is, many sellers have their properties listed at prices that are higher than where they should be. And you know what happens then? NOTHING, that's what. The property sits there because the laws of supply and demand don't factor in the fact that buyers simply won't keep paying higher and higher prices, because we all saw in 2005 what happens when you do, and the buyers today AND the lenders are keeping things more in check. Simply put, the numbers above are not red because there no buyers, they are red because the asking prices are too high relative to the comparable solds in the under $1 Million range, or simply too high, as in not many people can afford a $5 Million dollar home. I would say we are in uncharted waters and something has to give. Either sellers start to lower asking prices or a whole bunch of people start putting their properties on the market at sellable asking prices, because if they do, they will get SOLD.

As always, please reach out and contact me if you have any real estate questions. And if you are thinking of using me as your Realtor, keep in mind 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

Marco Island Real Estate Statistics - April 2015

The following stats compare April 2015 to April 2014

Sold single family homes DOWN 22% (42 vs 54)

Sold condominiums DOWN 20% (71 vs 89)

Sold single family vacant lots UP 36% (15 vs 11)

Pending single family homes DOWN 40% (55 vs 92)

Pending condominiums DOWN 15% (85 vs 100)

Pending single family vacant lot sales DOWN 17% (20 vs 24)

Inventory:

297 Single family homes (DOWN 21% from 2014)

295 Condominiums (DOWN 22% from 2014)

330 Single family lots (UP 13% from 2014)

Summary:

A total of $97 Million dollars worth of real estate closed on Marco Island in the Month of April, 2015. ($87 Million dollars worth in March 2015 and $96 Million in April 2014).

Another month goes by and again we have extraordinary sales numbers that need to be looked at a bit closer before we declare another boom. One undeniable fact is that the high end market is as strong as ever here on Marco Island. In the month of April seven single family homes sold ranging from $2.1M to $4.5M for a total of almost $21M. Two condos sold in the Madeira building, one for $3.4M and the other for $6.45M. (The third highest amount ever for a condo on Marco Island). I attribute the strength of the high end market to general strength in the overall economy, perceived value in these properties by these elite buyers and optimism that Marco Island is segueing into becoming a top tier location/destination. Just as the Marriott on Marco Island has long been considered excellent, it's upcoming transformation and elevated status into becoming a J.W. Marriott property follows suit with the status of Marco Island as a whole. I continue to see a lot of new construction of very large and very expensive homes further solidifying the high end market valuations. While many of these new homes do not appear in the MLS statistically, it is apparent that people are not hesitant to invest heavily in Paradise. As an aside and to add a little sass to this update, a statement I often make when someone asks me about wealthy customers, such as my friend HPG, is "They have a lot of problems too, money just isn't one of them".

Now, because I don't want to paint a picture of unbridled enthusiasm, I will point out that the average overall sale price for homes, lots and condos in April was $739K, if I subtract out the $30M for the 9 high end sales mentioned above, the average sale price in April was $541K. A bit closer to where the average buyer is looking. The biggest impediment to the overall market right now is a simple lack of inventory. The inventory just keeps decreasing and decreasing and it's hard to find matches for customers. The buyers are out there, so if you are looking to sell at a price within reason, now is the time.

As always, please reach out and contact me if you have any real estate questions. And if you are thinking of using me as your Realtor, keep in mind 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

Marco Island Real Estate Statistics - March 2015

The following stats compare March 2015 to March 2014

Sold single family homes UP 10% (55 vs 50)

Sold condominiums DOWN 19% (50 vs 62)

Sold single family vacant lots UP 20% (18 vs 15)

Pending single family homes DOWN 51% (57 vs 117)

Pending condominiums DOWN 29% (95 vs 133)

Pending single family vacant lot sales UP 6% (17 vs 16)

Inventory:

322 Single family homes (DOWN 19% from 2014)

302 Condominiums (DOWN 23% from 2014)

341 Single family lots (UP 18% from 2014)

Summary:

A total of $87 Million dollars worth of real estate closed on Marco Island in the Month of March, 2015. ($72 Million dollars worth in February 2015 and $76 Million in March 2014). 

I was hesitant to send out my email this month because most Realtors and the papers are painting a picture of how rosy the market is. While it certainly is a good market I'm just not one to exaggerate things and there are a few aberrations that I would like to point out. First, the average sales price for condos was up 28% this March when compared to last March and that is a number you will read in many headlines. However, there was one $6 Million dollar sale this March and if that was removed from the equation the average sales price this March would be down about 10%  ($492K vs $549k) when compared to last year. Secondly, the average sales price for single family homes was up 17% this March, but again this March there were 4 home sales greater than $2 Million dollars and if I remove those from the equation the average sales price would have been down 4% ($688K vs $714K). when compared to last year.  While these high end sales did actually take place, we can't ignore them on all accounts. (My apologizes if I offend anyone, but many folks interested in the Marco Island real estate market are not in the $2 to $6+ Million dollar bracket).  An optimistic point is that these mega sales indicate that many wealthy people view Marco Island as a excellent investment. (And if you are in this bracket I am certainly here to help you).  Another telling tale of the tape are pending sales...with single family homes down 51% and condos down 29%. On the surface these numbers would indicate a slow down in the market, but the reality is that the inventory is terribly low right now and there simply isn't enough competitively priced property to meet the actual demand. For you economics 101 folks, I would also state that buyers are a bit more picky in this market and are not willing to overpay even if it means passing on a deal. I hear many Realtors discussing that they are getting offers, but can't but can't come to an agreeable meeting of the minds between buyer and seller on price and get the deal done. The list to sell ratio is currently at 94% on average which means 6% is the typical amount negotiated from asking price. All in all I will say the market is strong for well priced property, interest rates continue to be absolutely fantastic and we are in the thick of the strongest part of the selling season. Things are looking good, but maybe not as great as some headlines indicate.

As always, please reach out and contact me if you have any real estate questions.  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