Gary & Sandy Elliott
The Marco Island condo market has had some big swings over the last two decades. Over the last 20 years the median condo price rose from $200,000 in 1997 to a peak of $635,000 in 2005, then dropped to a low of $300,000 in 2011. Since then the median price has been growing to today’s median sales price of $440,000.
During that same time the number of condos sold per year started at 375 and rose to 830 in 2004 before dropping to 272 in 2007, and is tracking at about 500 sales for 2017. The average number of sales per year for the last 20 years is 508, and for the last five years is 544.
The average days on the market (from listing date to a signed contract) started at 250 in 1997 and dropped to 96 days in 2005, then rose to over 250 days from 2007 to 2013. Since 2013 the average number of days it takes for a condo to go pending has been dropping steadily to about 150 days now. The average number of days on market has been 203 days for the last 20 years and 204 for the last five years.
Recently there were 375 condos for sale on the island, and so far this year there have been 250 condos sold. Last month there was generally less than a six-month supply of condos listed for under $700,000 and well over a 12-month supply of condos listed for over $800,000. Condos listed for under $300,000 have only a four month supply if no new listings come on the market. Less than a six months’ supply is described as a seller’s market and over six months is usually considered a buyer’s market.
The median list price of a Marco Island condo today is $479,000. Condos priced around that median price include a 504 square foot one-bedroom, one-bathroom Apollo on the beach; a two bedroom, two bathroom 1,075 square foot condo in the South Seas Towers, and a three-bedroom, two-and a half-bathroom 2,103 square foot condo at Vintage Bay.
So far in 2017 the highest sale price was $3,650,000 for a three-bedroom, three-and a half-bathroom condo at Madeira. The lowest priced sale was $98,800 for a 406 square foot Seabreeze studio.
The range of prices for active listings starts with a 406 square foot Southwinds studio for $109,900 to a Belize grand penthouse with six bedrooms, eight bathrooms and two-half bathrooms for $8,500,000.