Monday, October 19, 2020

Marco Island Pending Sales Increase




Michael O’Rourke Submitted Photo

Michael O’Rourke Submitted Photo

During the month of July the Marco Island real estate market continued its momentum by achieving an increase in pending sales across all property types 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 achieved mixed results when compared to prior year. Inventory levels declined which may soon begin to effect selection for buyers. Well-priced properties on Marco Island are selling, yet inventory declines need to be monitored closely.

Closed sales for July 2017 performance was mixed relative to July 2016:

Thirty-three single family homes sold
which is flat versus prior year same
time frame.
Fifteen home-sites (vacant lots) sold
which amounts to a 66.66% increase
over prior year.
Thirty condos sold, a -28.57% de
crease versus last year.

Pending sales, which are properties
under contract that have not yet closed,
increased for all property types when
compared to July 2016:

Thirty-four single family homes went
under contract which is 6.25% above
last year at this time.
Twelve home-sites amounted to a
20.00% increase.
Forty-two condos accounted for a
2.43% increase versus July a year ago.

Inventory levels declined on all
property types:

Active listings for single family homes
totaled three-hundred and ten, a
-5.20% decrease.
Home-sites totaled two-hundred and

ninety-one, a -3.64% decrease.
Condos finished the month with
three-hundred and forty-one active
listings, which is a -6.58% decrease.

Median Sale Price (point at which fifty
percent of the properties sell for more
and fifty percent of the properties sell for
less) performance was excellent for home
sites/vacant lots, while down for homes
and condos:

Single family homes had a Median
Sale Price of $625,000 which
amounted to a 0.79% decrease over
July 2016.
The Median Sale Price for home-sites
sold was $330,000, which increased
46.67% versus last July 2016.
Condo sales achieved a Median Sale
Price of $411,000, which is a decrease
of 6.59% compared to July a year ago.

On a year-to-date basis, we continue to experience positive trends for sales and prices. When you drill down to specific communities and segments the performance can vary. In particular the inventory levels in certain segments have been reduced. That’s why it’s so important to reach out to a 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.

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