Surge in the Number of Properties Closing Sales Activity Continues to be Strong on 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 in a comparison of Real Estate Sales for the first nine months of 2012 and 2011 (January – September).

858 Total Sales in 2012

708 Total Sales in 2011

$491,000 Average Sales Price in 2012

$514,000 Average Sales Price in 2011

295 Single Family homes sold in 2012 with a total dollar volume of $203 Million with an average Sales Price of $689,000

274 Single Family homes sold in 2011 with a total dollar volume of $183 Million with an average Sales Price of $668,000

398 Condominiums sold in 2012 with a total dollar volume of $168 Million with an average Sales Price of $423,000

344 Condominiums sold in 2011 with a total dollar volume of $155 Million with an average Sales Price of $452,000

150 Vacant Lots sold in 2012 with a total dollar volume of $44 Million with an average Sales Price of $293,000

81 Vacant Lots sold in 2011 with a total dollar volume of $25 Million with an average Sales Price of $310,000

Current Inventories as of October 10th compared to last year:

 

Current                                    Last Year

Single Family Homes 271              392

Condominiums           464         655

Vacant Lots                239         337

Total                           974             1,384

Of Interest:

The surge in the number of properties closing has continued throughout the first nine months with the total number of sales up 21.18% compared to last year. Total volume of sales is up $57 million or 15.69%. The average sales price is down 4.52%. However, for the first six months the average sales price was down over 6% so we are seeing the average sale price starting to rise.

The list to sell ratio is 90.10%, this translates into 9.9% being the amount “negotiated” off the listed asking price.

 

Recap:

I am happy to sound like a broken record repeating that Sales continue to remain strong, and it is apparent that the Real Estate Market on Marco Island is strengthening.

With 30 year interest rates at ALL TIME LOWS below 4%, many people are taking advantage of the economic climate to purchase their piece of Paradise. The most telling statistic to me is the current inventory which continues to shrink. With only 974 Homes, Condos and Lots for sale, it may be difficult to find the perfect property in your price range, and it is more important than ever to have Professionals vigilantly working for you. If you have been thinking about purchasing property on Marco Island, please contact a member of the Marco Island Area Association of Realtors®.

Gerry Rosenblum is President of the Marco Island Area Association of Realtors®.

Call 394-5616.