Marco Island Real Estate Stats - 2016 Year End Review and Commentary

The following MLS statistics compare 2016 to 2015 - Marco Island properties only.

Total Value of All Property Sold on Marco Island DOWN 14% ($662 Million vs. $766 Million)

Total Number of Sales on Marco Island (All Property Types) DOWN 17% (978 vs. 1,179)

Number of Sold Single Family Homes DOWN 8% (364 vs. 392)

Number of Sold Condominiums DOWN 19% (480 vs 590)

Number of Sold Single Family Vacant Lots DOWN 37% (179 vs.148)

Average Sale Price of a Single Family Homes Sold was $944,000 UP 4% from $914,000

Average Sale Price of a Condominium Sold was $522,000 DOWN 5% from $551,000

Average Sale Price of a Single Family Vacant Lot was $533,000 UP 28% from $418,000

The List to sell Ratio DECREASED 1.36% from 93.97% to 92.69%.  This means that on average properties sold within 7.31% of their asking price. Put another way, the average sale price was negotiated down 7.31% from the asking price.  

Average days a sold property was on the market DECREASED 9% from 187 days to 172 days.

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

Current Inventory of Single Family Homes is UP 1% (375 vs.371) 

Current Inventory of Condominiums is UP 13% (392 vs. 348) 

Current Inventory of Vacant Single Family Lots is DOWN 11% (286 vs. 322)

State Of The Real Estate Market Address

2016 turned out to be a super biggly year with $622 Million dollars of Real Estate changing hands, but way off the $766 Million we had sell last year. There is so much red ink above you ask "What's up with that Doc?" (remember I am the self proclaimed Dr. of Real Estate) As always, I'll tell you what; the debates then the election caused 80% of the slowdown when compared to last year. Everybody was in a tizzy and took their eye off the ball. This isn't something the Doc hadn't talked about before, so none of the 7.6 people reading this are any more enlightened than before we all became big winners. So now you ask, if the election caused 80% of the slowdown, what caused the other 20%? Great question. My gut reaction is to say "greed", but I'm to couth to say that. Ultimately, I think we need to keep our good eye on the average sale price and the number of properties that sell. If you look at the lots above, the average sale price is up 28%, but the number of lots sold is down 37%. The average sales price of a single family home is up 4%, but the number of homes sold is down 8%. This makes me feel itchy because it appears that higher end properties are selling, causing the average sale price to go up, but overall fewer properties are selling because the middle and lower end buyers are throwing in the towel as the prices in those segments have previously risen.  However, the average sales price for condos went down 5%, but the number of condos sold also went down 19% which goes against my so called logic. Why? I'll tell you why, it's called an anomaly. That's the fancy word I'm told you use when something isn't what it's supposed to be. Or, condo buyers just haven't figured out that the average price is going down and they're supposed to be buying now. You know, condo dwellers are just a whole different breed and it takes them a bit longer to catch on sometimes. But, oh Nelly, when they figure it out they're gonna be on it like the the Pats D was on Roethlisberger last week. Or, the reality is there were a ton of high end condo sales in 2015 and not so many in 2016, so the average sale price simply went down. All kidding aside, I think the average price is pushing up a bit and Buyer's may need to re-acclimate themselves to the higher market, if they don't, then the Seller's better start re-acclimating themselves to bring the market down to the Buyer's comfort level. To give you a hint as to which way this is heading, in the last two months or so, there have been 271 price reductions in the MLS and 18 price increases. Do the math. And another little tip: keep an eye on the list to sell ratio at the top of the newsletter, as it gets bigger that means sellers are taking lower offers. Here is a real life example. I have a condo listed at $1M and the last comparable unit sold for $950,000. An offer comes in at $920k, seller counters at $980k. Buyer comes up to $940k. Seller counters at $975k. Buyer comes up to $950 and sez "Final". Seller comes back at $975k and sez"Final". Commissions get a haircut which puts us $20K apart. In this case the deal died because the Buyer was only willing to pay what the last comp sold for and the Seller wanted more than that. We couldn't bridge the gap so the Buyer moved on to another comparable unit that was on the market longer and actually had a higher asking price, but that Seller capitulated (gave in) and the deal was closed at $950K. That was a good deal for all, and do you know what the definition of a good deal is?....when both sides think they won. All in all, I predict  2017 will be a banner year because the 7.6 faithful will share this newsletter with the biggest crowd ever and word will spread throughout the Greatest Country.  As I write this the DOW just closed over 20,000 for the first time. Therefore, I encourage you to sell all your stocks and get yourself some of this. 

Now, because I am psychic I know you're calculating $622M x an average commission of 5% equals $31M. Then you divided that by the 600 or so Realtors on Marco Island and you come to find out that on average I am making $52,000 in commissions. I figure 7.5 of the 7.6 people reading this make much more than $52,000 and right about this time you should feel sorry for me only bringing home $52 large. Now listen, I got bills to pay and nuts to crack. Barbs dang scar makeup alone is now costing me thousands. (I have included her most recent photo below mine in this email so you can see how well she's progressing) Anyway, I have a plan to make more money and here's how it works. I'm going to build a wall, a big wall, the biggest wall ever across Collier Blvd. at the foot of the bridge. This wall is going to keep out any new Realtors. The new Realtors will simply see the wall, turn around and go sell somewhere else, because most Realtors have very short attention spans and they don't want to wait for that next commission. Now, the Seller's are stuck on this side of the wall with me, so they're a captive audience. The Buyer's that want to come to Marco need to call me, email me, text me or Tweet me and I will give you the secret password. You whisper this password to the guard on the other side of the wall and things will happen. Great things. Big things. I'm so excited about these things I can't wait. Now, if I can just figure out how to pay for the wall.....

Now for the high and low awards of 2016: A single family home at 1331 6th street sold for $254,800 and 188 South Beach Drive in Hideaway sold for $5,350,000. A condo inSeabreeze South sold for $78,225 and the Penthouse in the Veracruz (which was owned by a local starving Realtor) sold for $7,250,000. And for lots we have 211 Second Ave selling for $72,000 and 1539 Heights Court closed for a paltry $5,300,000. Congratulations to all the 2016 high and low winners!

As always, I apologize to the Rattlers for my freestyle punctuation and/or spelling.

I recently had a customer in my office that made a great sacrifice for our country. So, to Dan and all of you that served, WE THANK YOU FOR YOUR SERVICE. 

And for those of you that don't know, we lost our Mitzi girl on Christmas morning after 16 and a half years. We love her and miss her.

Lastly, I will never be out thought or out fought, just ask Chuckie, Snowflake or Donald Jr.

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 Stats for October 2016

The following stats compare October 2016 to October 2015

Sold Single Family Homes DOWN 4% (25 vs 26)

Sold Condominiums DOWN 43% (21 vs 37)

Sold Single Family Vacant Lots DOWN 46% (7 vs 13)

Pending Single Family Homes DOWN 12% (23 vs 26)

Pending Condominiums DOWN 6% (32 vs 34)

Pending Single Family Vacant Lots UP 64% (18 vs 11)

(Pending means it went under contract but has not closed yet)

Inventory:

313 Single Family Homes (UP 21 % from 2015)

362 Condominiums (UP 47% from 2015)

319 Single Family Vacant Lots (UP 9% from 2015)

Summary:

A total of $47 Million dollars worth of real estate closed on Marco Island in the Month of September 2016. $48 Million dollars last month and $54 Million in September 2015 (last year). For the trailing 3 months we are at $141 Million this year compared to $153 Million last year. There is an overall slowdown in the market and I know why. The answer/reason sales have been down is academically explained by the rarely recounted "couch potato theory of economics." We all know about the election. Buyers were sitting on the couch, glued to their favorite T.V. news source like Fox (For Only Xenophobes), CNN (Crappy News Network) and MSNBC (More Socialist Nonsense & Bull Crap) and this prevented them from getting out and buying homes, lots or condos. Sure, the Libertarians and Green Partiers were buyers, but their lack of numbers show up in our lack of numbers. 

I choose this month to not belabor the numbers. I told you we had to get this election behind us and it almost is. I predict that sales will be very strong this season, maybe even better than last year, maybe not. I predict that appreciation will be somewhere below 87%. I know that if you worked hard your whole life and want to enjoy yourself, Marco Island is THE place to do that. Even if there was only one sale next month, I would say that was one smart buyer.

Many of you have complained that I am late getting this October edition out. The reason is there has been quite an upheaval in Chateau Rosenblum. Our older daughter who we now call "Snowflake" and attends a new college, burned her bra, stopped shaving her armpits and legs and told us she would soon be  hitchhiking to North Dakota was all in for Madame Secretary Clinton. Our younger daughter Lily, who is upset her name even remotely rhymes with Hillary, is proud of the fact that at 15 years old she has never paid one cent in taxes and swears she's so smart she never will. Mitzi our dog likes to do her business in the grass, so she's a sworn Green Party lover. Put these three women in one condo, throw in a healthy dose of Barb and I, sprinkle it with some rum, and anybody that knows us well, knows the sparks were flying and we have recently called a truce. We took a vote amongst ourselves, as soon as we recount the results I will tell you who the household Presidential winner was.

 

For the faithful 7.6 readers who beg to know each month's high and low sale, here you go: The highs  for the month are... a Single Family Home for $5,400,000 (asking price was $7,495,000 which makes this statistically a great deal) at 820 South Barfield. For Condos, Belize 1708 closed for $2.1 Million (asking price was $2.2M). For Vacant lots, 1539 Heights Court closed for $5,300,000. That's a big'un, then you have to pay to build the house.....

For you bargain hunters out there, a Single Family Home at 255 Tahiti sold for $305,000 (3 bedrooms, no pool). In condos we have an efficiency  unit in Seabreeze South for $118,000 and a Vacant lot at 230 Bermuda closed for $90,000. I can tell you that the lower priced condos and lots are selling like crazy. Two customers of mine, Bob and Sheila jumped in this month and got a great deal. They were smart, got themselves a starter condo and in a few years they will be movin on up. 

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 that I will never be out thought or out fought. 

GO PENN STATE!!!

I still await the dinner invitations. 

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 Stats for September 2016

The following stats compare September 2016 to September 2015

Sold Single Family Homes UP 14% (33 vs 29)

Sold Condominiums DOWN 22% (35 vs 45)

Sold Single Family Vacant Lots DOWN 65% (8 vs 23)

Pending Single Family Homes UP 10% (43 vs 39)

Pending Condominiums DOWN 54% (25 vs 54)

Pending Single Family Vacant Lots DOWN 50% (6 vs 12)

(Pending means it went under contract but has not closed yet)

Inventory:

296 Single Family Homes (UP 18 % from 2015)

339 Condominiums (UP 51% from 2015)

325 Single Family Vacant Lots (UP 16% from 2015)

Summary:

A total of $48 Million dollars worth of real estate closed on Marco Island in the Month of September 2016. $46 Million dollars last month and $63 Million in September 2015 (last year). For the trailing 3 months we are at $149 Million this year compared to $152 Million last year, so overall the sales are remaining fairly consistent. Above you see a pretty big blip in the number and dollar value of condo sales as well as those that went under contract, it may be just a blip but if not read on for my theory.

As I sit here petting my cat while I delete some junk e-mail, I can't help but wonder what the Presidential campaigns/debates are doing to the market. When I drill down a bit further into last month you see the blip I mentioned in the number and dollar volume of condo sales as well as those that went under contract. I want my faithful 7.6 readers to now lay down on a couch and get comfortable, clear your mind and read what I have to say as Dr. Gerry* is about to tell you what he thinks the problem is. First, if we look at the median sale price for single family homes for the trailing 12 months it is $705,000 and for condos it was $400,000. There were 342 homes sold and 492 condos sold. (I underline to give you the Evelyn Wood Speed Reading version - try reading it again, just the underlined parts). That tells us that single family home buyers usually have quite a bit more money on the line and overall there may be a bit more wealth in that group. Using my unproven socio-economic psychological extrapolation theory of those numbers, I submit that the single family home market, as a whole, is attracting buyers who are less politically sensitive and have the means to buy what they want now. Secondly, buyer's of the sub $300,000 condos are possibly not as affluent as a group and they are sitting on the sidelines waiting to see who moves into the White House thinking it may have an affect/effect on things. For those of you that have heard my shtick over the years, you know one of my sayings is that "Everyone on Marco Island is a Millionaire, however there are some with $1 Million, some with $10 Million, some with $100 Million and some that have a lot of problems, money just isn't one of them."  I also believe that many people purchase smaller condos with an emphasis on rentals or investment and may be concerned that the election result may put a damper on the rental market. For instance, if you're paying more taxes you may not have money to spend renting for 3 months on Marco. Again, I think there are distinct mindsets for the buyers in the different markets and the anticipation of the election is causing some pause in the condo market. As far as vacant lot buyers go, they are a whole different breed and based on the 8 sales of vacant lots in September, they are definitely spooked by the pending election right now. Lastly, no matter what your preferred political party is I can assure you there will be a winner, we will have a new president, things will calm down and we will move forward as one great nation. Marco Island Real Estate has prospered for over 60 years and nothing will change that....even if Gary Johnson wins we are safe because he doesn't know where Marco Island is.

None of these numbers have been fact checked and all future updates will be found on WikiLeaks. 

For the faithful 7.6 readers who beg to know each month's high and low sale, here you go: The highs  for the month are... a Single Family Home for $4,262,225 Million (I'm not making up this number) at 1460 Salvadore Court. For Condos, Marbelle 1202 closed for $1.2 Million. For Vacant lots, 1389 North Collier closed for $875,000.

For you bargain hunters out there, a Single Family Homes we have at tie at $330,000 at 1216 6th street and 478 Fieldstone. In condos we have a 2 bedroom unit in Marco Villa closing at  $115,000 (too good to pass up no matter who's running) and a Vacant lot at 1320 Riverhead closed for $107,000, which again was an "a-political" buy.

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 that I will never be out thought or out fought. 

I still await the dinner invitations. 

* Dr. of Real Estate is used purely for fictional purposes.

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 Stats for August 2016

The following stats compare August 2016 to August 2015

Sold Single Family Homes DOWN 8% (24 vs 26)

Sold Condominiums DOWN 6% (30 vs 32)

Sold Single Family Vacant Lots UNCHANGED (8 vs 8)

Pending Single Family Homes DOWN 3% (38 vs 39)

Pending Condominiums DOWN 9% (40 vs 44)

Pending Single Family Vacant Lots DOWN 44% (10 vs 18)

(Pending means it went under contract but has not closed yet)

Inventory:

296 Single Family Homes (UP 17% from 2015)

327 Condominiums (UP 40% from 2015)

335 Single Family Vacant Lots (UP 21% from 2015)

Summary:

A total of $46 Million dollars worth of real estate closed on Marco Island in the Month of August 2016. $56 Million dollars last month and $36 Million in August 2015, last year. George P. wanted some crazy numbers, so you want some crazy numbers?, I'll give you some crazy numbers...for the trailing 3 months of June July and August of this year versus last year. The total amount of sales for single family homes was $87 million vs $86 million. Condos $80 million vs. $80 million. Lots $13 million vs. $12 million. Now that's some crazy consistency there. In my opinion the market continues to be strictly price sensitive. The buyers are out there, money is still very cheap if you are getting a mortgage and people keep looking for a get-away-from-it-all destination like Marco Island. In the month of August there were 101 price reductions across the board on homes, lots and condos, while there were only 8 price increases. That to me folks says it all along with the sales figures above. Price it right and someone is ready to buy it. The market is neither good nor bad, it's a practical one at this time.

Last month I forewarned my faithful 7.6 readers that the average sale price would go nuts this month because of some big ticket sales and not to freak out thinking you hit the lottery if you own a piece of Marco. Well because of those two sales (read below to find out what the biggun was) the average sales price for condos was up 47% in August and across the board it caused the overall average sales price to show a 12% increase. Now, I warned you this increase was coming and that other bloggers, newsletter writers and prognosticators would report on this huge increase which might prompt you to sell all your Apple stock thinking the easy money is in buying Marco Island property. While I can't totally disagree with that logic, I would like you to remember that your portfolio should be diversified and having a portion of your hard earned money in Marco Island Real Estate and Apple stock is how the 7.6 roll. 

For those of you that have had the embarrassing privilege of going out to a restaurant with Barb and I, you know that I never ever order off the menu. I ALWAYS tell the server " I would like you to pick my dinner and surprise me with your suggestion. I will eat anything on the menu cooked any way. I have no food allergies and don't be swayed by the color of the wine I am drinking". In my 20+ years of doing this at 100's of restaurants I was only disappointed once. It was at one of the most famous steak houses in Washington D.C. where the server brought me out a piece of swordfish. When I asked the server why would you bring me a piece of fish in a world famous steak house?, his reply was "I'm a pescatarian". I scratched my head wondering what religion had to do with it as I waited for dessert. The moral of the story is: sometimes you need to listen to, and trust your Realtor, as more often than not they know what's hot and fresh in the market and they want you to keep coming back. And like servers in restaurants, if they give you bad suggestions, try a new place. Lastly, if you would like to see my ordering technique in person, please feel free to invite Barb and I to dinner, at your expense, for a hands on experience which I assure you, if nothing else, will be entertaining and worth the price. 

For the faithful 7.6 readers who beg to know each month's high and low sale, here you go: The highs  for the month are... a Single Family Home for $1.6 MILLION at 680 Dorando (may have been bought for the lot). For Condos, Veracruz Penthouse 1 closed for $7,250,000. Yup, that's not a typo, 7 big ones (And a Madeira closed for $4 Million, kinda sad when you spend $4 Million and you're second fiddle).  For Vacant lots, 976 Birch closed for $475,000.

For you bargain hunters out there, a Single Family Home at 204 Clyburn closed for $325,000. (It appears to me that the lower priced single family homes are hot) Two efficiency condos in Seabreeze West both sold for $110,000 and a Vacant lot at 376 Live Oak Lane in Hideaway closed for $160,000, which again may be another "Club Lot". 

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 that I will never be out thought or out fought. 

I await the dinner invitations. 

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 Stats for July 2016

The following stats compare July 2016 to July 2015

Sold Single Family Homes UP 38% (33 vs 24)

Sold Condominiums DOWN 9% (42 vs 46)

Sold Single Family Vacant Lots DOWN 25% (9 vs 12)

Pending Single Family Homes UP10% (32 vs 29)

Pending Condominiums DOWN 7% (41 vs 44)

Pending Single Family Vacant Lots DOWN 50% (10 vs 20)

(Pending means it went under contract but has not closed yet)

Inventory:

305 Single Family Homes (UP 12% from 2015)

315 Condominiums (UP 27% from 2015)

331 Single Family Vacant Lots (UP 9% from 2015)

Summary:

A total of $56 Million dollars worth of real estate closed on Marco Island in the Month of July, 2016 - $81 Million dollars last month and $53 Million in July 2015, last year. 

I've been reading some of the other recent blurbs and blogs about Real Estate in our area and I can't help but notice that they pretty much are telling you this month, what I told you last month. So, after you read this, you will have an advance copy of what they will tell you next month. Get that? 

First, here is a warning. In August there were two condo sales, one for just over $7 Million and one for $4 Million. That means next month the average sale price is going to go off the charts and all the other prognosticators will tell you prices are taking off. IGNORE IT. Nothing is taking off, nothing is going crazy, it's not too late to buy, you didn't miss the boat, Marco isn't just for rich folks. However, when that time does come, you will know because my own condo will be listed and I will be cashing out of Marco, so until that happens, rest assured things here are still good; no boon or boom yet. So back to this month. We are in a really nice summer groove. $56 million sold this July vs $53 million last July. We all know the summer months are a bit slower for Real Estate (the liquor stores are always busy) and some people specifically come here in the summer thinking they will get a better deal. I'm really not sure if that is technically/factually true or not, but if it works for you, it works for me. I can technically/factually tell you that looking at properties in the summer is much easier as many of them are vacant this time of year. You can really do some serious tire kicking without the renter who is cooking beef tongue and garlic on the stove, giving you the stink eye pushing you out the door. Another little tidbit for those looking to deal is knowing that the notice of proposed property taxes just went out in the mail. That owner looking to sell his piece of Paradise, is sitting up north, opens that envelope, curses a few times and then calls their Realtor and tells them "get me an offer and let's sell". Often times that seller is looking to upgrade on Marco and they have the itch to make a deal. And as the Dalai Lama says, if you have an itch, scratch it. Sage advice, no? Summing up, things are very good, not great. Spirit Airlines has very cheap flights into Fort Myers if you want to come look at property. The inventory is much better than it was a year ago and much, much better than 2 years ago. Interest rates are dirt cheap. Tax notices went out. I'm here ready to help you. I have Tito's and Crown Royale if needed. So you understand where I'm coming from, I just received Annie's college tuition bill and my little one had her wisdom teeth out. Barb needs something I'm sure and Mitzi has a spa day coming up. I just want to sell Real Estate. 

For the faithful 7.6 readers who beg to know: The GOLD medal winners for the month are... a Single Family Home for $4.25 MILLION at 580 South Heathwood. For Condos, Belize 2403 closed for $2,455,00 and for Vacant lots, 230 Stillwater closed for $950,000. 

For you bargain hunters out there, a Single Family Home at 301 Old Marco Lake closed for $278,250. A condo in Island Manor sold for $139,000 and a Vacant lot at 617 Waterside in Hideaway closed for $100,000. As an aside, many of the lots in Hideaway are nicknamed "Club Lots" because folks that live elsewhere buy the vacant lot, pay the $10,712 per year Hideaway fee and the taxes, but this lets you use the private facilities within Hideaway that are outstanding. Just thought I'd let you know that tidbit. 

Brian Lochte has reviewed everything written above and assures you of it's accuracy. 

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 that 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 - First 6 months of 2016 vs 2015

The following statistics compare the first 2 quarters of 2016 to 2015

Sold Single Family Homes DOWN 23% (190 vs. 248)

Sold Condominiums DOWN 21%  (280 vs 355)

Sold Single Family Vacant Lots DOWN 47% (56 vs 105)

Average Sale Price Single Family Home UP 2% ($969k vs $948k)

Average Sale Price Condominium DOWN 12% (($497k vs $563k)

Average Sale Price Single Family Vacant Lot UP 33% ($566k vs 425k)

Total Dollar Value of all Single Family Homes Sold DOWN 22% ($184M vs $235M)

Total Dollar Value of all Condominiums Sold DOWN 30% ($139M vs $200M)

Total Dollar Value of all Single Family Lots Sold DOWN 29% (32M vs 45M)

Current Inventory:

297 Single Family Homes (UP 9% from 2015)

303 Condominiums (UP 22% from 2015)

325 Single Family Lots (UP 7% from 2015)

Summary:

$360 MILLION  dollars worth of Real Estate closed in the first 6 months on Marco Island. That's a 26% decrease when comparing this year to last, but folks that's still a lot of commissions. The Trump and Clinton camps both reached out to me to speak at their respective conventions to explain what is going on in the Marco Real Estate market. I understand America needs to know, but I respectfully declined as my faithful 7.6 readers of this newsletter tell me they love getting the inside skinny first. So, without further adieu here is how I want you to think about this 26% decline in sales. In 1961 Wilt Chamberlain averaged 50.4 points per game over the course of the season. As some of you may know Wilt was a very busy guy, but he still found the time to have a monster season. The next player after Wilt in the record books is a player some of you may have heard of, Michael Jordan. Mike averaged 37.09 points per game in 1986. That's 26% fewer points than Mr. Chamberlain had, BUT IT WAS STILL CONSIDERED A GREAT YEAR. Sometimes there is an epic "blip" and all the pieces fall together and something astounding happens. I know that records are meant to be broken, but sometimes there was nothing wrong with the year you have even if it's not a record breaker. So, I want you to know that last year was pretty epic, but things are still great this year.

Without Micro analyzing things here are some of the points you can take away from this.

1. There were a lot of very high end sales last year which puffed things up.

2. Inventory is coming back up and there are more choices; I think this gives buyers a little breathing room when pulling the trigger so things naturally slow down. (Second amendment/Real Estate joke here)

3. The buyer's are out there and the seller's continue to cut their prices trying to find that common ground.

4. Life is short, if you want it, can afford it, buy it.

For all you Democrats, Republicans and Others out there, I know you all want to know the monthly high and low sales regardless of your politics, so here goes. A home at 750 Rockport sold for $4,925,000.00 while a home at 161 Tahiti closed for $270,000. A condo in Coquina Gardens sold for $89,900 while Riviera PH925 in Hideaway closed for $1,950,000. A vacant lot in Hideaway sold for $187,500 while we had a tie for the high lot, 1136 Edington and 1011 Coronado both closed for $1,150,000. 

If you would like to be put on my daily update list of what is coming on the market, just send me an email and I'll plug you in. 

And remember, I won't 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 - First 6 months of 2016 vs 2015

The following statistics compare the first 2 quarters of 2016 to 2015

Sold Single Family Homes DOWN 23% (190 vs. 248)

Sold Condominiums DOWN 21%  (280 vs 355)

Sold Single Family Vacant Lots DOWN 47% (56 vs 105)

Average Sale Price Single Family Home UP 2% ($969k vs $948k)

Average Sale Price Condominium DOWN 12% (($497k vs $563k)

Average Sale Price Single Family Vacant Lot UP 33% ($566k vs 425k)

Total Dollar Value of all Single Family Homes Sold DOWN 22% ($184M vs $235M)

Total Dollar Value of all Condominiums Sold DOWN 30% ($139M vs $200M)

Total Dollar Value of all Single Family Lots Sold DOWN 29% (32M vs 45M)

Current Inventory:

297 Single Family Homes (UP 9% from 2015)

303 Condominiums (UP 22% from 2015)

325 Single Family Lots (UP 7% from 2015)

Summary:

$360 MILLION  dollars worth of Real Estate closed in the first 6 months on Marco Island. That's a 26% decrease when comparing this year to last, but folks that's still a lot of commissions. The Trump and Clinton camps both reached out to me to speak at their respective conventions to explain what is going on in the Marco Real Estate market. I understand America needs to know, but I respectfully declined as my faithful 7.6 readers of this newsletter tell me they love getting the inside skinny first. So, without further adieu here is how I want you to think about this 26% decline in sales. In 1961 Wilt Chamberlain averaged 50.4 points per game over the course of the season. As some of you may know Wilt was a very busy guy, but he still found the time to have a monster season. The next player after Wilt in the record books is a player some of you may have heard of, Michael Jordan. Mike averaged 37.09 points per game in 1986. That's 26% fewer points than Mr. Chamberlain had, BUT IT WAS STILL CONSIDERED A GREAT YEAR. Sometimes there is an epic "blip" and all the pieces fall together and something astounding happens. I know that records are meant to be broken, but sometimes there was nothing wrong with the year you have even if it's not a record breaker. So, I want you to know that last year was pretty epic, but things are still great this year.

Without Micro analyzing things here are some of the points you can take away from this.

1. There were a lot of very high end sales last year which puffed things up.

2. Inventory is coming back up and there are more choices; I think this gives buyers a little breathing room when pulling the trigger so things naturally slow down. (Second amendment/Real Estate joke here)

3. The buyer's are out there and the seller's continue to cut their prices trying to find that common ground.

4. Life is short, if you want it, can afford it, buy it.

For all you Democrats, Republicans and Others out there, I know you all want to know the monthly high and low sales regardless of your politics, so here goes. A home at 750 Rockport sold for $4,925,000.00 while a home at 161 Tahiti closed for $270,000. A condo in Coquina Gardens sold for $89,900 while Riviera PH925 in Hideaway closed for $1,950,000. A vacant lot in Hideaway sold for $187,500 while we had a tie for the high lot, 1136 Edington and 1011 Coronado both closed for $1,150,000. 

If you would like to be put on my daily update list of what is coming on the market, just send me an email and I'll plug you in. 

And remember, I won't 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