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

Marco Island Real Estate Statistics - February 2015

The following stats compare February 2015 to February 2014

Sold single family homes UP 46% (38 vs 26)

Sold condominiums UP 24% (57 vs 46)

Sold single family vacant lots UP 73% (19 vs 11)

Pending single family homes UP 1.6% (64 vs 63)

Pending condominiums UP 1% (85 vs 84)

Pending single family vacant lot sales UP 4% (27 vs 26)

(Interesting to note that in all three pending categories there was one more sale this February compared to last year)

Inventory:

324 Single family homes (DOWN 23% from 2014)

326 Condominiums (DOWN 20% from 2014)

331 Single family lots (UP 18% from 2014)

Summary:

A total of $72 Million dollars worth of real estate closed on Marco Island in the Month of February, 2015. ($60 Million dollars worth in January 2015 and $53 Million in February 2014). 

The number of sales taking place and the dollar amount of those sales is certainly strong and looks to be maintainable. Part of the reason this pace appears to be staying steady is that the average sales price for a single family home is down 6% and condos are down .5% when compared to last year. The average sale price for vacant lots is down 8.5%, if I subtract out the one beachfront lot that closed for $3.3 million in February. I believe these decreases in the average sale price are being driven out of necessity. Now that we are in the peak selling season, many sellers who had priced their properties out of the realistic "market" are now adjusting their prices downward. After sitting on the market for months with no offers and after switching Realtors,  it can become apparent that it may be the asking price that is the problem. Every week on our MLS hot-sheet I see dozens of price reductions, and few, if any increases. Simply put, there was such a run up in prices over the past 2 years the buyers started to back off the past few months, but now the sellers are adjusting to the market and I am happy to report that the demand is there. The horrid winter up north sure wasn't a bad thing for our real estate market either!

I have to repeat my rental request too this month as 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 - 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