
Aquarius Photos by Gary Elliott
Last week 393 condos were listed for sale. The amount of inventory for sale is just one indicator of the real estate market on Marco Island. In a recent 30-day period 65 condos sold, 64 new listings came on the market, 39 listings expired, 51 condo sales contracts were signed and became pending transactions, 16 condos came back on the market, 16 condos extended their listing date and 17 were terminated or withdrawn from the market.
This time of year is an active one for Marco Island


San Marco Residences
Sixty-four new listings came on the market, ranging in price from $83,000 for a studio at Seabreeze West to $3,995,000 for a four bedroom condo at Madeira. Another 16 condos came back on the market after pending contracts were not consummated. These

Royal Seafarer and Summit House
So far during 2017 condos are selling after on average 154 day on the market. Some sell immediately when listed and some take a much longer time like one condo in Cape Marco that has been on the market a record 4,579 days (that’s right – more than 12 years). A review of the expired listings indicates

Madeira
The 51 pending sales list prices averaged 142% of the JMV. Assuming they close at 5% less than asking price then these condos will sell for about 137% of JMV.
During that same 30-day period there were 81 price changes – all but two were price reductions as sellers adjust their asking price to reflect current market conditions
Leave a Reply