Mortgage Rates at Historic Lows. Sales Activity Strong for Marco Island

MLS statistics, released by the Marco Island Area Association of Realtors® for Marco Island only properties, show a very active market according to Gerry Rosenblum, President.  Here is a recap of what happened in the Marco Island Real Estate market during August 2012.

104 Total properties closed for a total of $48 Million (including Time Shares and Commercial)

33 Single Family Homes for $20 Million – Avg. Sale price $605K

44 Condominiums for $19.3 Million – Avg. Sale price $439K

24 Vacant Home sites for $6.2 Million – Avg. Sale price $260K

 

106 Total properties went under contract in August

45 Single family homes

39 Condominiums

20 Vacant home sites

 

Inventory of what is currently on the market

278 Single family homes

504 Condominiums

257 Vacant home sites

 

Recap:

Month after month and quarter after quarter for 2012, the feverish pace of Real Estate sales continues on Marco Island. For the trailing 8 months SOLD listings are up 22%, PENDING listings are up 10% and the median sales price is up 2%. The average sales price is down 5%, and I attribute this to certain sales of bank foreclosures that may be in need of significant repairs. Inventory is low at this time but as season approaches we should see more properties come on the market. Mortgage rates remain at historic lows, and all indicators are that they should remain so for the foreseeable future. As always, if you or someone you know is thinking of buying or selling Real Estate, please contact a local Realtor®.