Monday, September 28, 2020

Busy Real Estate Season Predicted

 

 

By Michael O’Rourke,
MIAAOR President

Everyone loves to see the full year real estate comparisons for the most recent year versus prior year. But before you dig in to all the details on 2016 in review, allow me to share an insight about what we are currently experiencing. 2015 was a very strong year for real estate on Marco Island. We would have to go back to 2007 and 2008 to find that level of activity on the island. Interestingly the fourth quarter of 2015 began to cool off a bit and as you will read below 2016 performance was off compared to 2015 for the full year. (MLS statistics released by the Marco Island Area Association of Realtors® for Marco Island only properties.)

60-day Comparison (November 2016 – January 2017)
The most recent 60-day time period (11/22/2016 to 1/22/2017) leading into 2017 has indicated several positive trends versus the prior year same time period, as we head into season.

Single-family homes have realized a 42.85% increase in the number of transactions (50 versus 35), a 29.31% increase in pending sales (75 versus 58), and a 23.19% increase in the median sell price ($800,750 versus $650,000).

Vacant lots have achieved a 22.72% increase in the number of transactions (27 versus 22), a 26.92% increase in pending sales (33 versus 26), although the median sell price has decreased 35.67% ($302,000 versus $469,500).

Condos realized a 2.46% increase in transactions (83 versus 81), the pending sales were flat versus last year at 92, but the median sell price increased 9.09% ($480,000 versus $440,000).

Additionally, it is worth noting that new listings have ranged from 3% below last year to 3% above last year during this time frame for the different types of properties. Overall, some encouraging signs as we begin the new year.

Yearly January – December, 2015 to 2016 Comparison
Total sold volume dollars for all property types was $662,171,587 for the calendar year January – December 2016 v. $765,914,381 for the calendar year January – December 2015.

Single Family Home Statistics
Total dollar volume sold listings for single-family homes was $344,603,225 for January – December 2016 vs. $358,396,762 for 2015, a 3.84% decrease. However, the median sale price for single-family homes increased 4.60% from $695,500 to $727,500 in the year-to-year comparison. (Median sale price means 50% of sales were above and 50% of sales were below.) Number of sold listings in the year-to-year comparison 2016 vs. 2015 decreased 7.14% from 392 to 364. The number of pending listings decreased 5.8% from 500 to 471. The number of new listings for single family homes that came on the market in 2016 to compared to 2015 increased 4.22%, 691 vs. 663. Average days on market increased 2.87% from 166 days to 171 days.

Multi-Family Home Statistics
Total dollar volume sold listings for multi-family homes was $250,458,612 for January – December 2016 vs. $325,287,456 for January – December in 2015, a 23.00% decrease. However, the median sale price for multi-family homes increased 0.93% from $400,000 in the 2015 calendar year to $403,750.00 in the calendar year 2016. (Median sale price means 50% of sales were above and 50% of sales were below.) Number of sold listings in the year-to-year 2016 vs. 2015 comparison decreased 18.64% from 590 to 480. The number of pending listings decreased 22.54% from 723 to 560. The number of new listings for multi-family homes that came on the market in the January – December 2016 to January – December 2015 comparison increased 7.28%, 825 vs. 769. Average days on market decreased 19.21% from 176 days to 142 days.

Lot Statistics
Total dollar volume sold listings for lots was $60,225,250 for the period January – December 2016 vs. $74,746,663 for the calendar year 2015, a 19.42% decrease. However, the median sale price for lots increased 4.76% from $315,000 to $330,000 in the year-to-year comparison. (Median sale price means 50% of sales were above and 50% of sales were below.) Number of sold listings in the calendar year 2016 vs. calendar year 2015 comparison decreased 36.87% from 179 to 113. The number of pending listings decreased 39.33% from 211 to 128. The number of new listings for lots that came on the market in 2016 compared to 2015 decreased 1.14%, 350 vs. 346. Average days on market increased 11.45% from 269 days to 300 days.

For additional insights into the latest trends contact your local Realtor®. 

This article was written by Michael O’Rourke, President for the Marco Island Area Association of Realtors®. Statistics were compiled by Shirley English, CEO. For more information call 239-394-5616.

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