Marco Island Real Estate Statistics - January 2015

The following stats compare January 2015 to January 2014

Sold single family homes DOWN 38% (18 vs 29)

Sold condominiums UP 16% (44 vs 38)

Sold single family vacant lots DOWN 5% (19 vs 20)

Pending single family homes DOWN 38% (54 vs 87)

Pending condominiums DOWN 12% (82 vs 93)

Pending single family vacant lot sales DOWN 31% (22 vs 32)

Inventory:

330 Single family homes (DOWN 19% from January 2014)

318 Condominiums (DOWN 12% from January 2014)

331 Single family lots (DOWN 23% from January 2014)

Summary:

There are two specific items causing the red numbers above. The first issue is the lack of inventory, there simply isn't enough "market" priced property available to meet the demand. The second issue in my opinion, is the fact that the overall average sales price for all property types is up 36% when compared to January of last year. One home did close this January for over $7 Million, but if I remove that from the equation the overall average sales price still increased 21%. While this is good news for those that sold, the abundance of red numbers above is indicating that the buyers may be pulling back on their willingness to pay higher prices. However, there is no doubt that if you price your property within the market, there is a demand capable of meeting the supply.

On a related matter, the demand for seasonal and annual rentals continues to surpass the supply available. If you or anyone you know has a property they would consider renting, please let me know and I will pass it on to our rental division.

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

Marco Island Real Estate Statistics - 2014 Year End Review

The following MLS statistics compare 2014 to 2013 - Marco Island properties only.

Total Value of All Property Sold on Marco Island Up 3.65% ($677 Million vs. $654 Million)

Total Number of Sales on Marco Island (All Property Types) Up 1.7% (1,177 vs. 1,157)

Number of Sold Single Family Homes Up 10% (439 vs. 399)

Number of Sold Condominiums Up 2.2% (569 vs. 557)

Number of Sold Single Family Vacant Lots Down 17% (148 vs. 178)

Average Sale Price of a Single Family Homes Sold was $770,000 Up 1% from $763,000

Average Sale Price of a Condominium Sold was $477,000 Up 3% from $464,000

Average Sale Price of a Single Family Vacant Lot was $399,000 Up 3% from $387,000

The List to sell Ratio increased 1.74% from 92.16% to 93.77%.  This means that on average properties sold within 6.23% of their asking price. Put another way, the average sale price was negotiated down 6.23% from the asking price.  

Average days a sold property was on the market decreased 14.2% from 270 days to 232 days.

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

Current Inventory of Single Family Homes is Down 13% (428 vs. 494) compared to 2013

Current Inventory of Condominiums is Down 16% (421 vs. 503) compared to 2013

Current Inventory of Vacant Single Family Lots is Up 15% (356 vs. 310) compared to 2013

As I predicted, 2014 turned out to be a prolific year sales dollar wise with $677 Million dollars of sales taking place. Across the board, the average sales prices for Homes, Condos and Lots was up, but these increases were more modest than last year. (This was the second part of my prediction for 2014 making me 2 for 2). 

Recap and Prediction: During 2014 the inventory of available homes, lots and condos dipped below the 1,000 mark. This lack of inventory caused the year end total sales numbers to be lower than possible, as there simply wasn't much to sell. Currently the inventory is back above the 1,000 unit mark and sales continue to be fairly robust. As sales prices rose modestly and we got closer to "season" more and more properties started to come on the market and right now there are just over 1,200 homes lots and condos for sale. The number of lot sales decreased as the average sales price for lots escalated dramatically from 2012-2013. Unless there is a bit of a let up in the asking price of vacant lots, I think this slowdown trend will continue. Overall, as long as sellers don't get overly zealous in trying to get "much more" for their property than the last comparable, we should have another strong year. There are very few foreclosures or short sales and they are no longer an issue. In short, priced competitively, there is a demand for property and there are buyers out. In many instances I am seeing "move up" buyers, or buyers that already have a property on Marco but are now opting for something bigger or newer. Interest rates remain very low with the conventional 30 year fixed rate is just below 4% and the banks seem to have eased up a bit in their lending stringency. 

As anyone who is on Marco will tell you, it appears very busy this year. The Farmers Market is booming, the restaurants are busy but not ridiculous. I see many people taking advantage of the $6 fare offered by many of the local taxi companies at night when they are enjoying a cocktail. The weather has been exemplary, the fishing is great, the golf courses are impeccable and the Tennis courts are smooth. Heck, House Speaker John Boehner even bought a place this year on Marco.

What more could you want? Cheap gas...we have that too!

Here's to a Healthy and Happy 2015!

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 - November 2014

The following stats compare November 2014 to November 2013

Sold single family homes UP 73% (19 vs 11)

Sold condominiums UP 24% (31 vs 25)

Sold single family vacant lots DOWN 71% (4 vs 14)

Pending single family homes DOWN 5% (41 vs 43)

Pending condominiums UP 8% (67 vs 62)

Pending single family vacant lot sales DOWN 46% (14 vs 26)

Inventory:

287 Single family homes (DOWN 22% from 2013)

325 Condominiums (DOWN 22% from 2013)

321 Single family lots (UP 28% from 2013)

Summary:

A total of $27 Million dollars worth of real estate closed on Marco Island in the Month of November, 2014. ($50 Million dollars worth in October 2014 and $29 Million in November 2013). 

The market for Homes and Condos continues to remain on a nice even pace. For the trailing 12 months the number of homes sold was 445 compared to 403 for the prior year. Condos are fairly even at 566 vs 569. Vacant lot sales have definitely slowed down with 142 closed sales in the trailing 12 months compared to 182 the year before (down 22%). Average prices for the trailing 12 months for sold homes was $767,000, condos at $477,000 and lots were at $421,000.   

Going forward, I think the overall demand for all property types will remain constant, but I think price appreciation has slowed down and will continue to do so. Without question, vacant lot pricing increased significantly and now there is a dramatic slowdown in the sale of lots because of this. The concern over possible special assessments from the City of Marco Island on vacant lot owners has also had a negative effect on lot sales. The "season" is approaching, inventory is still low, interest rates are still very low, the stock market is at record highs and it's not getting warmer up North any time soon. Putting all of those factors together should result in a stable real estate market this winter.

On a related matter, the demand for seasonal and annual rentals continues to surpass the supply available. If you or anyone you know has a property they would consider renting, please let me know and I will pass it on to our rental division.

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

Marco Island Real Estate Statistics for October 2014

The following stats compare October 2014 to October 2013

Sold single family home sales UP 3.45% (30 vs. 26)

Sold condominium sales DOWN 15% (35 vs 36)

Sold single family vacant lots DOWN 25% (9 vs 12)

Pending single family home sales Even (43 vs. 43)

Pending condominium sales UP 22% (73 vs 60)

Pending single family vacant lot sales UP 5% (20 vs. 19)

Inventory:

279 Single family homes (Down 19% from 2013)

312 Condominiums (Down 22% from 2013)

301 Single family lots (Up 22% form 2013)

Summary:

A total of $50 Million dollars worth of real estate closed on Marco Island in the Month of October, 2014. ($35 Million dollars worth in September 2014 and $32 Million in October 2013). 

The overall pulse of the market right now is very strong and it does not appear that it will abate anytime soon. October is typically one of the slowest months for sales, but the pending sales were strong with 136 properties going under contract. Again, I will reiterate that the operative word right now regarding Marco Island Real Estate is INVENTORY, specifically the lack of properties for sale. Currently there are 279 single family homes, 312 condominiums and 301 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.

Repeating myself again, 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. 

This means that if you are thinking about listing your property for sale, now is a great time to do so. 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.

Have a Happy Thanksgiving!

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 my website: viewmarco.com
Email - Marcoislandflorida@gmail.com

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