Gary Elliott & Sandy Elliott
Over the last four years 560 condos, on average, change owners every year on Marco Island. The biggest month for closings is April when an average 76 condos sell, followed by May when 63 condos sell. The slowest month on average is November when 32 condos sell or 42% of the peak month of April. Altogether there are about 11,000 condos on Marco Island, so about 5% change hands every year.
On a quarterly basis the first quarter of the year sees 129 condos or 23% of the condos sell; second quarter is 194 or 35%; third quarter is 121 or22% and the fourth quarter is 115 or 21%. During 2015 a record number of condos sold, reaching 590 in total.
On a dollar volume basis the numbers are similar. Over this same four year period $270 million dollars of condo sales take place every year on average. Again the biggest month for closings is April with an average of $41.2 million of transactions. The slowest month is October with an average of $15 million. 2015 was a record year when $387 million dollars of condos sold – well above the average.
The median price of a sold condo on Marco Island over the last four yearshas averaged $344,000, but last year the median price of a condo on Marco was $387,000 a 10% increase from the year before. For comparison, four years ago the median price was $317,000, three years ago $321,000 and two years ago $351,000.
Today 372 condos are for sale and 110 have sold during the first quarter, or about 85% of the average first quarter. The median sales price for the first quarter of 2016 was $430,000 or 8% above the first quarter of 2015 at $398,500.
During season the population swells and visitors check out open houses, work with realtors to get educated and many make thedecision to buy a condo. Some act quickly and some take a number of months or years to actually buy a condo resulting in year round activity. Similarly, sellers of a Marco Island condo may decide that this may be the year to put their property on the market. Family circumstances, market activity and rising prices slowly coalesce to help make the decision to sell. Last year 737 condos were newly listed for sale – 36% in the first quarter; 22% in the second quarter; 15% in the third quarter and 27% in the fourth quarter. There is always a new condo coming on the market providing buyers with options year round.