MLS statistics, released by the Marco Island Area Association of Realtors® for Marco Island only properties compare January 2013 activity with January 2012 activity. According to Gerry Rosenblum, President, here is a recap of what happened in the Marco Island Real Estate market.
The following stats compare January 2013 to January 2012:
Pending single family home sales up 38% (62 vs. 45)
Pending condominium sales up 19% (59 vs. 51)
Single family vacant lot sales down 11% (16 vs. 18)
335 Single family homes (down 14% from 2012)
526 Condominiums (down 21% from 2012)
277 Single family lots (down 20% from 2012)
Market momentum continues to push prices upward with increases in average sales price and median sales price. There is a slight decrease in lot sales. This is because the average sales price for lots is up 33% and the median price is up 70%. Simply put, the cheaper lots are gone, and sellers are holding out for, and getting, higher prices.
Months ago as the inventory declined I predicted that average and median sales prices would increase, and they are. While we are in “season” many new properties are coming on the market, and they are not lasting too long if they are priced competitively.
There is a pent up demand, so if you are thinking of listing your property, now is a great time to do so. The bottom of the market came and went and now we appear to be on a gradual up-tick. I rang a bell months ago to signal the market’s bottom. I would also point out that while the northeast was getting pelted with 2 FEET of snow, we were enjoying sunny days in the mid to upper 70’s; hard to put a price on that!
I encourage you to contact a local professional Realtor® if you are thinking about buying or selling property.