Recently the Southwest Florida International Airport (RSW) reported its best May passenger total in its 34-year history, having served 629,321 fliers for an increase of 3.7 percent over May 2016. Well a good number of those folks must be coming to Marco Island. During the month of May the Marco Island real estate market continued its momentum by achieving another significant increase in activity when compared to prior year same time frame, according to the Marco Island Area Association of Realtors® Multiple Listing Service. Closed sales for single family homes, home-sites/vacant lots and condos outpaced prior year. Inventory levels continue to provide an excellent selection for buyers, but the strong pace of sales compared to new listings will be something to keep an eye on. Well-priced properties on Marco Island continue to sell, and we are encouraged by the momentum heading into the summer months.
Closed sales for May 2017 performed very well relative to May 2016:
Forty-seven single family homes sold
which is an increase of 9.30% versus
prior year same time frame.
Eleven home-sites (vacant lots) sold
which amounts to a 266.66% increase
over May prior year.
Sixty condos sold, a 5.26% increase over
same month last year.
Pending sales, which are properties
under contract that have not yet closed,
again increased for home sites/vacant
lots (fifth month in a row), while
slipping for single family homes and
condos when compared to May 2016:
Fifty-one single family homes went
under contract which is -8.92% below
last year at this time.
Fifteen home-sites amounted to a 25%
Fifty-seven condos accounted for a
10.93% decline versus May one year ago.
Inventory levels rose for condos but
declined on single family homes and
Active listings for single family homes
totaled 340, a -5.82% decrease.
Home-sites totaled 304, a -13.64%
Condos finished the month with 371
active listings, which is a 3.34%
increase. Median Sale Price (point
at which fifty percent of the properties
sell for more and fifty percent of the
properties sell for less) performance
exceeded May 2016 for single family
homes, home sites/vacant lots and
Single family homes had a Median Sale
Price of $785,000, which amounted to a
3.28% increase over May 2016.
The Median Sale Price for home-sites
sold was $232,000, which increased
31.82% versus last May 2016.
Condo sales achieved a Median Sale
Price of $445,000, which is an increase
of 1.13% compared to May a year ago.
When we look at the year-to-date performance through May 31, 2017 versus prior year same time frame, the results remain very encouraging. Single family home sales have increased 23.33%, home-sites sales increased 70% and condo sales increased 16.28%. The median sell price for single family homes of $820,000 has increased 9.33%, home sites/vacant lots of $395,000 has increased 1.60% and condos at $440,000 is up 4.76%. Overall our market is experiencing positive trends compared to last year. When you drill down to specific communities, neighborhoods and segments the trends and performance may vary. Numerous media sources and publications have reported that Zillow is now offering a $1 million prize to the person or team who can most improve their Zestimate algorithm. All the more reason why it’s so important to reach out to a local based, knowledgeable and licensed professional with your questions.
For more details on specific segments of the market please contact your local MIAAOR Realtor® to help you with further insights. For more information call 239-394-5616.