Here is a recap of what happened in the Marco Island Real Estate market during April 2012.
131 Total properties closed for a total of $66 Million (including Time Shares and Commercial)
50 Single Family Homes for $34.3 Million – Avg. Sale price $686K
60 Condominiums for $25.5 Million – Avg. Sale price $425K
18 Vacant Homesites for $5.3 Million – Avg. Sale price $297K
67 Total properties went under contract in April
17 Single family home
13 Vacant homesites
Inventory of what is currently on the market
347 Single family homes
303 Vacant homesites
My prediction of April surpassing March came true, and we had another HUGE month for sales on Marco Island with 131 total properties closing. This made April the biggest sales month unit wise since March of 2005 when the 131 sales were equaled. (April of 2004 holds the record with 298 total sales)
Sales continue to be fueled by the fact that the benchmark 30 year mortgage rate hit a record low of 3.84%. Many future Marco Islanders are finding this an irresistible time to buy, and again, the majority of current buyers appear to be end users rather than investors.
Comparing the first four months of this year to last, I can tell you that unit wise Home Sales are up 12%, Condos Sales are up 8% and Vacant Lot Sales are up a whopping 100%. As we enter the summer months I expect these numbers to decline, but I also believe monthly sales will continue to surpass the numbers of the last few years.
As always, if you or someone you know is thinking of buying or selling Real Estate, please contact a local Realtor®.