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

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