MLS statistics have been released by the Marco Island Area Association of Realtors® for Marco Island only properties comparing the first quarter of 2015 (January – March) to the first quarter of 2014. According to Susan Ackerson, President, total sold volume dollars in this comparison of the Marco Island real estate market increased 24.01% from $177,269,256 (1st Q 2014) to $219,831,712 (1st Q 2015). Fewer new single family listings came on the market in the first quarter of 2015 vs. the first quarter of 2014 by 7.05% (211 v. 227). The total number of single family properties active on the market is also down in the yearly first quarter comparison by 18.89% (322 v. 397). Pendings of single family properties for the first quarter comparison decreased by 34.46% (175 v. 267). Single family homes closed this season (January – March statistics) show an increase of 5.71% (111 v. 105) from the same period in 2014. The average sale price (total sales in dollars divided by the number of sales) and median sale price (50% of sales were above and 50% of sales were below) for closed single family homes increased significantly by 23.65% ($947,852 v. $766,590) and 12.40% ($725,000 v. $645,000) respectively. Total sold dollar volume for single family homes was $105,211,612 for the first quarter 2015 up 30.71% from the same time frame in 2014 ($80,491,901). In regard to condo activity, number of new listings on the market this first quarter of 2015 compared to the first quarter of 2014 was down by 4.15% (254 v. 265); total number of condos on themarket in the same time frame this year compared to last year decreased by a substantial 22.96% (302 v. 392) continuing that pattern.
The number of pendings in the condo category decreased 15.48% (262 v. 310) in the same comparison. Number of condos closed in the quarterto-quarter comparison increased 3.42% (151 v. 146). Average sale price is up 9.69% ($590,526 v. $538,339) while median sales price is up 5.13% ($410,000 v. $390,000). Total dollar volume sold for condos in the first quarter of 2015 was $89,169,450 up 13.45% from the same time last year ($78,597,555). Number of new lots coming on the market January – March 2015 increased by 20.00% from first quarter 2014 (120 v. 100). Total number of lots now active on the market is up 18.40% from the 2014 comparison period (341 v. 288). Number of lots pending has gone down 10.81% (66 v. 74). However, number of lots closed went up 21.74% (56 v. 46). Average sale price went up substantially by 24.82% ($448,065 v. $358,963) as well as median sale price which increased by 27.40%. Total sold dollar volume was up a whopping 51.96% to $25,091,650 v. $16,512,300 in 2014. For all properties, average sale price is up 17.42% ($686,974 v. $585,047) and median sale is up a slight 0.53% ($477,500 v. $475,000). Overall inventory on the island is down 10.54% (1019 v. 1139) Inventory is low! Now is the time to buy your piece of paradise! As always, please contact a local Realtor® professional if you have any questions. Susan Ackerson is President for the Marco Island Area Association of Realtors®. Call 394-5616.