Marco Island Real Estate Statistics July 2013

The following stats compare July 2013 to July 2012

Sold single family home sales up 41% (38 vs. 27)

Sold condominium sales up 30% (48 vs 37)

Sold single family vacant lots down 31% (11 vs 19)

Pending single family home sales down 5%  (42 vs. 44)

Pending condominium sales down 8%  (47 vs 51)

Pending single family vacant lot sales down 26%  (14 vs. 19)

Inventory:

323 Single family homes (up 6% from 2012)

405 Condominiums (down 22% from 2012)

236 Single family lots (down 14% form 2012)

Summary:

A total of $63 Million dollars worth of real estate closed on Marco Island in the Month of July. ($59 Million dollars worth in June 2013 and $38 Million in July 2012).  There were quite a few sales in July in excess of $1,000,000, which seems to be a trend.  While there is a definite "season" to our Real Estate Market, without question this proves sales don't stop after April.  

The total number of homes, condos and lots for sale is currently 964.  That is a very low number and if it continues to shrink we may see a let up in sales as there are just simply not enough properties to meet the demand.  Economics 101 teaches us if the supply is low and demand is high, prices will rise. The problem is we are now seeing buyers willing to pay a bit more for a property than the last comparable sale, but the bank appraiser is not allowing for that increase in the appraisal.  This either causes the buyer to put a bigger deposit down, try to renegotiate the deal or cancel the contract all together.  These are the challenges Realtors face every day and why you need one to help guide you through a transaction, whether you are buying or selling.  

If you are thinking of selling, it is a great time to do so, as the low inventory is creating a sense of urgency in buyers which is now compounded by the fact that interest rates are rising.

An exciting piece of news is the Marriott is planning to possibly do an expansion that would allow for an increase in their business during the off season here on Marco. I also heard that if successful, this may result in their business being upgraded to J.W. Marriott status. From a Real Estate standpoint I believe this will be a positive as it will bring more jobs and more affluence to Marco.

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

Marco Island Real Estate Statistics for February 2013

Here is a recap of what happened in the Marco Island Real Estate market during February 2013.

39 Single family homes, 32 Condominiums and 22 Vacant homesites Closed in February.

38 Single family homes, 51 Condominiums and 21 Vacant homesites went under contract in February. 

Inventory is at 368 Single family homes, 542 Condominiums and 274 Vacant homesites for a total of 1,184 which is 15% lower than last February.

In February 82 Single family homes, 86 Condominiums and 29 Vacant homesites were listed and came on the market.

For the trailing 12 months the average sales price is up 1.8% from $486,000 to $495,000.  The average number of days a property was on the market is 282, and  properties sold within 9.49% of asking price on average.

It is my pleasure to continue presenting these numbers that indicate the Marco IslandReal Estate market is maintaining solid sales and listing activity through February.  The market is very healthy right now and I don't foresee anything in the near future that will dampen the current pace.   The stock market is at an all time high and we are seeing some buyers that are selling off equities to purchase real estate.  While it is nice to have shares of Google, you can't sleep in them.

If you have any specific questions about Marco Island Real Estate, as always, please call or e-mail.

marcoislandflorida@gmail.com

The following stats compare January 2013 to January 2012

Pending single family home sales up 38%  (62 vs. 45)

Pending condominium sales up 19%  (59 vs. 51)

Single family vacant lot sales down 11%  (16 vs. 18)

Inventory:

335 Single family homes (down 14% from 2012)

526 Condominiums (down 21% from 2012)

277 Single family lots (down 20% form 2012)

Summary:

Market momentum continues to push prices upward with increases in average sales price and median sales price.  There is a slight decrease in lot sales, this is because the average sales price for lots is up 33% and the median price is up 70%.  Simply put, the cheaper lots are gone and sellers are holding out for, and getting, higher prices.  Months ago as the inventory declined I predicted that average and median sales prices would increase, and they are.  While we are in "season" many new properties are coming on the market and they are not lasting to long if they are priced competitively.   There is a pent up demand, so if you are thinking of listing your property now is a great time to do so.  The bottom of the market came and went and now we appear to be on a gradual up tick, I rang a bell months ago to signal the markets bottom.  I would also point out that while the northeast was getting pelted with 2 FEET of snow, we were enjoying sunny days in the mid to upper 70's; hard to put a price on that!

If you have any questions please feel free to e-mail or call.

Gerry Rosenblum

Prudential Florida Realty

Broker Associate

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