By Dick Shanahan,
President of the Marco Island Area Association of Realtors®
MLS statistics, released by the Marco Island Area Association of Realtors® for Marco Island-only properties compare January 2016 activity to January 2015 activity. For all property types, volume sold listings January 2015 was $60,295,000, compared to $45,726,850 in January 2016, a 24.16% decrease. However, median sale price comparison was up 37.20%, from $410,000 to $562,500 for all property types according to Dick Shanahan, president.
The number of new listings for all property types that came on the market in January 2016 compared to January 2015 rose by 8.13% (266 v. 246). New listings for single-family homes increased 19.54% (104 v. 87) in the January to January comparison. New listings in the condo market rose 15.96% from 94 to 109, while new listings for lots that came on the market in January 2016 decreased 14.04% from January 2015 (57 to 49).
Sold listings in the January year-to-year comparison decreased in 2016 from 2015 24.69% (61 v. 81) for all property types. Number of single family sold listings decreased 11.11% in 2016 from 2015, from 18 to 16. Condo sold listings decreased in the comparison from 44 to 34, a 22.73% decrease, and lot sold listings decreased 47.37% (10 v. 19).
The median sale price rose for condos and lots, but decreased for single-family homes. Single-family median sale price decreased 28.72% from $1,073,950 in 2015 to $765,500 in 2016. Condo median sale price rose a whopping 60.50%. The median sale price in 2015 was $340,500 compared to the median sale price in 2016 of $546,500. Median sale price for lots increased more than 150% by 154.55%. Median sale price in 2015 was $275,000 and increased to $700,000 in 2016.
(Median sale price means 50% of sales were above and 50% of sales were below.)
Volume sold listings for each property type for single family homes was: $27,684,400 in 2015 and $15,861,950 in 2016, a 42.70% decrease; for condos volume sold listings was down 13.57% from $23,963,100 in 2015 to $20,710,900 in 2016; lots increased 4.30% from $8,647,500 in 2015 to $9,019,000 in 2016.
How do we account for these January numbers? Year-to-year monthly statistics can vary dramatically by one or two big luxury sales, as noted above.
Our market is sensitive to some combination of world events, stock market fluctuations and political activity this election year. Also, this January was the coldest and wettest month we’ve had in a long time.
The market remains strong when looked at on an annual basis, said President Dick Shanahan. Last year 590 condos sold, 392 single-family homes sold and 179 lots. Higher price properties are seeing price reductions reflecting a more stable market.
The market remains steady, and it is always a good time to buy on Marco Island, said President Dick Shanahan.
As always, please contact a local Realtor® professional if you have any questions.
Dick Shanahan is president for the Marco Island Area Association of Realtors®. Call 239-394-5616.