MLS statistics, released by the Marco Island Area Association of Realtors® for Marco Island only properties, show a prolific sales increase in 2012 according to Gerry Rosenblum, President. Here is a comparative recap of what happened in the Marco Island Real Estate market in 2011 and 2012.
Single Family Homes Sold 390 350
Vacant Lots Sold 186 107
Condominiums Sold 524 430
Totals 1,100 887
Total $ Value of Solds — $ 543 Million $ 451 Million
Average Sale Price —– $ 494,000 $ 508,000
Inventory 2012 2011
Single Family Homes 318 358
Vacant Lots 256 317
Condominiums 504 632
The year 2012 turned out to be one of the most prolific sales years ever in the number of properties sold on Marco Island. The total number of homes, residential lots, condos, timeshares, docks, commercial, businesses and non-residential land sold was 1,120. This represents an increase of 24% when compared to 900 sales in 2011.
For the year 2012, the average sale price was actually down 1.94% when compared to 2011, BUT for the 4th quarter of 2012 the average sale price was up 8.74% when compared to the 4th quarter of 2011. This is due in large part to a shortage of bank owned sales that in many cases were below comparable sales.
Inventory of available properties is drastically low at 1,078 homes, lots and condos. If the inventory remains this low, I believe we will see a gradual increase in the average selling price throughout the year. No dramatic increases, as those seeking mortgages must still go through the appraisal process and this will prohibit any large upticks in sales prices. However, I also believe that cash buyers are entering the market, and in many cases they are willing to pay a little more than the last comparable sale as the low inventory is making many realize that the time to buy is now.
In the 4th quarter we also saw a dramatic decrease in the average days on market from 296 days to 252 days. I attribute this to a pent up demand for nicer, well maintained, well priced properties. Simply put, many of the properties that are lingering on the market are either overpriced or poorly maintained; when something nice comes along it gets bought up rather quickly.
In summary, now might be one of the best times ever to sell or buy property as the demand is there and optimism is on the rise.
As always, please contact a local professional Realtor® for advice or questions.
Gerry Rosenblum is President of the Marco Island Area Association of Realtors®.