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

The following statistics compare the first 3 quarters of 2014 to 2013

Sold Single Family Home Sales UP 11% (362 vs. 325)

Sold Condominium Sales UP 2% (457 vs 448)

Sold Single Family Vacant Lots DOWN 16% (119 vs 142)

Average Sale Price Single Family Home DOWN 4% ($736 vs $763k)

Average Sale Price Condominium UP 4% (($486k vs $468k)

Average Sale Price Single Family Vacant Lot UP 7% ($414k vs 387k)

Total Dollar Value of all Single Family Homes Sold UP 7% ($266M vs $248M)

Total Dollar Value of all Condominiums Sold UP 6% ($222M vs $210M)

Total Dollar Value of all Single Family Lots Sold DOWN 10% (49M vs 55M)

Current Inventory:

255 Single Family Homes (DOWN 26% from 2013)

280 Condominiums (DOWN 30% from 2013)

241 Single Family Lots (UP 15% from 2013)

Summary:

Just like last year, over a half BILLION dollars of real estate closed on Marco Island during the first 9 months of the year.  Without question - the story here revolves around the inventory of property currently available for sale. As of October 15th, 2014 the total number of homes, vacant single family lots and condominiums for sale is just 819, and that is just not enough to satisfy the demand, especially if you remove the very expensive properties and the over priced properties. Average sale prices seem very stable which indicates the market has stabilized price wise and we are not seeing any spikes. Bank appraisals for mortgaged properties continue to keep prices in check as well, and interest rates are still excellent with the 30 year fixed rate at about 4%. Other indicators of note: The average days a property is on the market is down about 15% from 269 days to 230 days and the list price to sale price ratio is up 2% from 92% to 94% (this means the average amount "negotiated" from the asking price is 6%.)

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.  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 just send me an email and I'll plug you in.

Enjoy the Fall

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 for August 2014

The following stats compare August 2014 to August 2013

Sold single family home sales UP 35% (42 vs. 31)

Sold condominium sales DOWN 14% (38 vs 44)

Sold single family vacant lots UP 25% (10 vs 8)

Pending single family home sales up 7%  (49 vs. 46)

Pending condominium sales up 4%  (59 vs 57)

Pending single family vacant lot sales up 10%  (11 vs. 10)

Inventory:

262 Single family homes (Down 18% from 2013)

297 Condominiums (Down 26% from 2013)

288 Single family lots (Up 21% form 2013)

Summary:

A total of $41 Million dollars worth of real estate closed on Marco Island in the Month of August, 2014. ($45 Million dollars worth in July 2014 and $53 Million in July 2013). 

The operative word right now regarding Marco Island Real Estate is INVENTORY, or the lack of it for that matter.  Currently there are 262 single family homes, 288 condominiums and 297 single family lots for sale. These numbers are very, very low and it is becoming increasingly difficult to find a property at an acceptable price due to this low inventory.

There are buyers waiting in the wings for many properties and they are jumping in rather quickly when something new comes to market. In the last few weeks I have seen many instances of properties going under contract within a day or two of being listed. Again, if the price is fair, there are buyers out there waiting. The average number of days properties are on the market for the trailing 12 months is 241, and that number keeps dropping.

What does this mean? It means that if you are thinking about listing your property for sale, now is a great time to do so.  Prices have certainly moved up from the lows a few years ago and there is a demand right now. The stock market is strong and many people are cashing out of stock to buy a second home or investment property.  Couple that with very low interest rates for mortgage buyers, and it's a great time to be a seller.

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

Stay cool and dry and let me go to work for you.

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 2014

The following statistics compare April 2014 to April 2013.

Sold single family home sales UP 10% (54 vs. 49)

Sold condominium sales UP 5% (89 vs. 85)

Sold single family vacant lots DOWN 52% (11 vs. 23)

Pending single family home sales UP 26%  (92 vs. 73)

Pending condominium sales EVEN  (100 vs. 100)

Pending single family vacant lot sales DOWN 43%  (24 vs. 42)

Inventory:

360 Single family homes (Down 3% from 2013)

362 Condominiums (Down 28% from 2013)

291 Single family lots (Up 11% from 2013)

Summary:

A total of $96 Million dollars worth of real estate closed on Marco Island in the Month of April. ($76 Million dollars worth in March and $101 Million in April 2013).  Historically April is one of the biggest months for closings here on Marco Island. Please keep in mind that if a property closed in April it probably went under contract in February or March. If you compare the $96 Million this April to the $101 Million last April it is safe to say the market, dollar volume wise, is pretty even when compared to last year. House sales remain strong as do condominiums because the average sales prices are not escalating dramatically. Since the beginning of 2014 the average Home sale is up 1.86% and Condos are up 6.7 percent compared to the same time period last year. (Jan 1 thru May 15) Lot sales however have slowed down dramatically. This let up in lot sales is simply due to the prices escalating for vacant lots. For the trailing 12 months compared to the trailing 12 months before that, the average lot sale price is up 40% from $300,000 to $419,000. It would seem buyers are not as willing to purchase lots at the new price points. However, there are buyers out there and when a seller becomes motivated the lot won't last long. People often ask if the summer brings a "slow" season, and to that I say no. While sales in March, April and May are "crazy", the summer certainly isn't slow by any means. The inventory continues to remain low and there is still a healthy appetite for property that is competitively priced. Interest rates are still excellent at under 5% for a 30 year fixed (although over 60% of the deals closed are for cash). If you're thinking of selling, the demand is there. If you're thinking of buying, we just need to find the right deal.

AS always, call, text, e-mail, fax or send a smoke signal or whatever you need to do to contact me.

For 2014 Trip Advisor ranked Marco Island the #1 Island in the United States and #4 in the WORLD! Click here to see for yourself http://www.tripadvisor.com/TravelersChoice-Islands-cTop-g191

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

The following statistics compare the first quarter of 2014 to 2013

Sold Single Family Home Sales Up 7% (105 vs. 98)

Sold Condominium Sales Up 36% (146 vs 107)

Sold Single Family Vacant Lots Up 12% (46 vs 41)

Average Sale Price Single Family Home Up 5.6% ($767k vs $726k)

Average Sale Price Condominium Up 19% (($538k vs $451k)

Average Sale Price Single Family Vacant Lot Down 2% ($359k vs 366k)

Total Dollar Value of all Single Family Homes Sold Up 13% ($80M vs $71M)

Total Dollar Value of all Condominiums Sold Up 63% ($79 vs $48M)

Total Dollar Value of all Single Family Vacant Lots Sold Up 10% (17M vs 15M)

Current Inventory:

374 Single Family Homes (Down 1% from 2013)

378 Condominiums (Down 29% from 2013)

286 Single Family Lots (Up 7% form 2013)

Average Days on Market:

189 for Single family homes down 13% from 219

235 for Condos down 21% from 297

340 for Lots down 5% from 356

Asking Price to Actual Sale Price Ratio during the first quarter:

Single Family Homes 93.25% (6.75% negotiated)

Condominiums 93.52% (6.48% negotiated)

Vacant Single Family Lots 94.82% (5.18% negotiated)

Summary:

Over  $178 Million Dollars worth of real estate has closed on Marco Island during the first 3 months of 2014, with $76 Million of that in March alone. Wow... 

With the inventory so depleted the sales numbers would be even higher if there was more competitively priced property available. A big chunk of the current inventory is for sale with asking prices that exceed what the market is willing to bear. While the average prices and median prices are up this quarter vs. last year, they have been down the last few months. There is a limit to how high most buyers will go and it appears we are starting to see resistance. Once again I will reiterate that If you are thinking of selling, it is a great time to do so, as the low inventory coupled with the increased demand for fairly priced properties could allow you to achieve a relatively quick sale right now.

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

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)

E-mail Marcoislandflorida@gmail.com

To View the Entire Marco MLS go to: www.viewmarco.com

The following statistics compare January 2014 to January 2013

The following statistics compare January 2014 to January 2013.

Sold single family home sales UP 38% (29 vs. 21)

Sold condominium sales UP 9% (38 vs. 35)

Sold single family vacant lots UP 300% (20 vs. 5)

Pending single family home sales UP 24%  (87 vs. 70)

Pending condominium sales UP  58%  (93 vs. 63)

Pending single family vacant lot sales UP 53%  (32 vs. 21)

Inventory:

395 Single family homes (up 13% from 2013)

402 Condominiums (down 26% from 2013)

277 Single family lots (down 1% form 2013)

Summary:

A total of $48 Million dollars worth of real estate closed on Marco Island in the Month of January. ($59 Million dollars worth in December 2013 and $32 Million in January 2013).  The new year has shown no slow down in sales here on Marco Island. Interest rates remain very favorable and the appetite for well priced properties is being met by the limited supply. Vacant Lots are selling like crazy and if you drive around the Island you will see many new homes being constructed. Many smart folks are buying the lots now in anticipation of building their dream home some day. And, if you never build the home years from now, you may have simply just made a good investment. The average sales price for all property types sold this January was 5.35% higher than last January.

If you are thinking of selling, it is a great time to do so, as the low inventory may result in a fairly quick sale. And for you buyers, get in sooner rather than later as it looks like prices will continue to slowly rise.  Please e-mail, call or text me if you have any questions.

For 2014 Trip Advisor ranked Marco Island the #1 Island in the United States and #4 in the WORLD! Click here to see for yourself http://www.tripadvisor.com/TravelersChoice-Islands-cTop-g191

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)

E-mail Marcoislandflorida@gmail.com

To View the Entire Marco MLS go to: www.viewmarco.com

Marco Island Real Estate Statistics comparing 2013 to 2012

The following MLS statistics compare 2013 to 2012 - Marco Island properties only.

Total Value of All Property Sold on Marco Island Up 18.6% ($654 Million vs. $551 Million)

Total Number of Sales on Marco Island (All Property Types) Up 3.2% (1,157 vs. 1,121)

All Property types include Homes, Condominiums, Residential Lots, Commercial, Docks, Business, Land and Timeshares.

Number of Sold Single Family Homes Up 2.3% (399 vs. 390)

Number of Sold Condominiums Up 6.1% (557 vs. 525)

Number of Sold Single Family Vacant Lots down 4.3% (178 vs. 186)

Average Sale Price of a Single Family Homes Sold was $763,000 Up 12% from $681,000

Average Sale Price of a Condominium Sold was $464,000 Up 7.5% from $431,000

Average Sale Price of a Single Family Vacant Lot was $387,000 Up 40.7% from $275,000

The List to sell Ratio increased 2% from 90% to 92%.  This means that on average properties sold within 8% of their asking price. Put another way, the average sale price was negotiated 8% from the asking price.  

Average days a sold property was on the market decreased 6.2% from 288 days to 270 days.

Current Inventory of Single Family Homes is even (351 vs. 351) compared to 2012

Current Inventory of Condominiums is down 30% (380 vs. 542) compared to 2012

Current Inventory of Vacant Single Family Lots is down 9.3% (254 vs. 280) compared to 2012

Dollar volume wise, 2013 was one of the most prolific sales years in the History of Marco Island, with Real Estate sales of $654 MILLION dollars. Across the board, the average sales prices for Homes, Condos and Lots was up. I believe the most telling part of the Real Estate story is the lack of inventory of property that is not priced well above the recent sold comparables. There is always a certain amount of property that is priced above the comparables and these tend to linger on the market, and in many cases don't sell at all. While the average prices have gone up overall, there is a pent up demand for those properties which are are priced closer to the recent comparables. Again, the inventory of these properties has diminished, but the demand has not. There are certain condominiums where there are no units for sale and there are buyers waiting for a unit to come on the market.  Again, if the price is fairly reasonable, it will sell very quickly. There are very few foreclosures or short sales and the market has stabilized in that regard. In short, priced competitively, there is a demand for property. Interest rates remain very low with the conventional 30 year fixed rate at about 4.5%. The season is upon us and I remain optimistic that we will see moderate growth and appreciation going forward. After all, the recent sub zero temperatures up north make the warmth and beauty of Marco Island even more attractive.

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)

E-mail Marcoislandflorida@gmail.com
To View the Entire Marco MLS go to: www.viewmarco.com

Marco Island Real Estate Statistics for November 2013

The following statistics compare November 2013 to November 2012

Sold single family home sales down 61% (11 vs. 28)

Sold condominium sales down 40% (25 vs. 42)

Sold single family vacant lots even (14 vs. 14)

Pending single family home sales up 5%  (43 vs. 41)

Pending condominium sales up 11%  (62 vs. 56)

Pending single family vacant lot sales up 53%  (26 vs.17)

Inventory:

351 Single family homes (up 6% from 2012)

401 Condominiums (down 26% from 2012)

246 Single family lots (down 9% form 2012)

Summary:

A total of $29 Million dollars worth of real estate closed on Marco Island in the Month of November. ($31 Million dollars worth in October 2013 and $44 Million in November 2012).  While the sales figures seem to have gone down in November it is important to note this number represents when the property closed, not when it went under contract. For instance, it may take a property 60 or 90 days to close from when it goes pending due to the time needed to get a mortgage. Closed sales are important statistically because it shows how much a property sold for which gives us an indicator of price movement. The holidays can also have an effect on closed sales as many people put off the closing until we are out of the holiday season. Meanwhile, pending activity shows how many properties went under contract in a given month, and again, these can close during various months in the future.To have a firm grasp of the market, we need to look at both Closed and Pending sales to make a good assessment. Pending sales are up, Closed sales are a bit off, but that can be partially attributed to "seasonality" and the fact that the screaming good, quick, cash close deals are diminishing as the market improves.  I would also mention that the when compared to last year the average sale price is up 14% and the median sale price is up 22%. Next month we will look at the year in review and see how it stacked up to last year.

If you are thinking of selling, it is a great time to do so, as the low inventory may result in a fairly quick sale. And for you buyers, you may may to get in sooner rather than later as it looks like prices will continue to slowly rise.  Please e-mail, call or text me if you have any questions.

Have a Merry Christmas and a Healthy and Happy New Year!

viewmarco.com  Click to see the entire Marco Island MLS viewmarco.com

E-mail  marcoislandflorida@gmail.com