Monday, September 21, 2020

Marco Island Real Estate Inventory Down, Prices Up

 

 

By Susan Ackerson

MLS statistics have been released by the Marco Island Area Association of Realtors® for Marco Island only properties, comparing the first half of 2015 (January – June) to the first half of 2014. According to Susan Ackerson, President, total dollars volume sold of the Marco Island real estate market increased 5.75% from $246,628,214 (2014) to $260,815,478 (2015).

New single family listings coming on the market in the first half of 2015 vs. the first half of 2014 increased by a slight 2.26% (136 v. 133). However, total active single family homes on the market decreased 13.40% (265 v. 306). Pendings of single family properties for the first half comparison decreased 33.18% (149 v. 223). Single family homes closed since January also decreased, with the declining inventory by 14.38% (137 v. 160) from the same period in 2014.

The average sale price (total sales in dollars divided by the number of sales) for closed single family homes was up 24.85% ($948,468 vs. $759,659) while the median sale price (50% of sales were above and 50% of sales were below) was up 15.73% ($710,000 vs. $613,500). Total sold dollar volume for single family homes was $129,940,150 for the first half of 2015, up 6.91% from the same time frame in 2014 ($121,545,414).

In regard to condo activity, number of new listings on the market the first half of 2015 compared to the first half of 2014 increased 9.32% (176 v. 161). However, total active listings for condos decreased 26.61% (251 v. 342). The number of pendings in the condo category decreased with a declining inventory 20.66% (192 v. 242) in the same comparison.

Number of condos closed in the comparison is up 3.55% (204 v. 197). Average sale price is up 9.89% ($543,038 in 2015 vs. $494,158 in 2014) while median sale price is also up 10.81% ($410,000 in 2015 vs. $370,000 in 2014). Total sold dollar volume for condos in the first half of 2015 was $110,779,665 (vs. $97,349,150 in 2014), up 13.80%.

Number of new lots coming on the market the first half of 2015 decreased 23.26% (66 v. 86) from the first half of 2014. Total active listings for lots was up slightly in the comparison 1.68% (303 v. 298). The number of lots pending decreased 11.29% (55 v. 62). Number of lots closed increased 8.89% (49 v. 45). Average sale price decreased 25.55% ($399,014 in 2015 vs. $535,931 in 2014). Median sale price increased 29.41% ($330,000 in 2015 vs. $255,000 in 2014). Total dollar volume sold decreased 18.93% ($19,551,663 in 2015 vs. $24,116,900 in 2014).

For all properties, average sale price is up 8.70% ($661,968 in 2015 vs. $608,959 in 2014) and median sale price is up 2.17% ($470,000 in 2015 vs. $460,000 in 2014).

Total active listings for all property types is down 15.24% from 2014 (862 v. 1,017). Now is the time to buy!

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.

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