Tuesday, November 24, 2020

MARCO ISLAND REAL ESTATE MARKET UP

Bette McGilvray, President Marco Island Area Association of Realtors 2014

Bette McGilvray, President Marco Island Area Association of Realtors 2014

OCTOBER 2014 TO OCTOBER 2013 COMPARISON

MLS statistics, released by the Marco Island Area Association of Realtors® for Marco Island only properties compare October 2014 to October 2013.

Marco Island MLS Statistics, for Marco Island only property, continues to be a seller’s market, according to Bette McGilvray, 2014 President, Marco Island Area Association of Realtors. Active inventory continues to decrease from a year ago and pending statistics for all property types are

  • Single Family Home Activity: Fewer new single family homes were listed in October 2014 v. October 2013. The percentage was down 4.69% (61 v. 64). The total number of single family properties active on the market decreased by 18.95% (278 v. 343).
  • The average sale price increased a whopping 81.28% ($979,620 v. $540397) while the median sale price for closed single family homes increased a substantial 39.22% ($710,000 v. $510,000).
  • Total sold dollar volume for single family homes increased significantly from $15,671,500 in October 2013 to $29,388,587 in October 2014, an 87.53% increase!
  • Condominium Activity: The number of new condo listings this October vs. last October increased by 7.14% (75 v.70) and total number of condos on the market is down from last year by 22.44% (311 v. 401).
  • The average sale price for condos increased 31.96% ($434,843 v. $329,521), and the median sale price for condos was also up significantly by 46.00% ($365,000 v. $250,000).
  • Total sold dollar volume for condominiums/ multi-family increased 12.65% from $13,510,350 in October 2013 to $15,219,490 in October 2014.
  • Lot Activity: The number of new lots listed in October 2014 v. October 2013 increased 78.26% (41 v. 23).
  • Total number of lots active on the market increased 21.86% (301 v. 247) from last year.
  • Average sale price was up more than one-hundred percent at 121.76% ($459,667 v. $207,283) while median sale price was up 21.21% ($150,000 v. $123,750). (The average sale price is total sales in dollars divided by the number of sales and median sale price means 50% of sales were above and 50% of sales were below.)
  • Pending Sales: The number of pending’s for all property types is up 16.26%. Single family pendings in the comparison are unchanged at 43; Lots up 5.26% (20 v. 19); and multi-family up 21.67% (73 v. 60).
  • Number of condos closed in the comparison is down 14.63% (35 v. 41). Number of single family homes closed is up 3.45% (30 v.29) in the October-to-October comparison while number of lots closed was down 25.00% (9 v. 12) in the same comparison.
  • For all property types, average sale price was up 68.76% ($651,754 v. $386.210) while median sale price was up 35.94% ($435,000 v. 320,000).

The Marco Island Real Estate market has rebounded and is stronger than ever. We will continue to see shrinking inventory and a narrowing days on market for all property types.

Please consult a Realtor Professional for your Real Estate needs.

Bette McGilvray, President Marco Island Area Association of Realtors 2014.

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