Thursday, May 24, 2018

Marco Island Real Estate Report

Island Real Estate Market Continues to Grow

Nine-hundred ninety-four (994) homes, lots and condos on Marco Island sold in 2017, up 4% from the year before. This represents $694 million in sales volume, up 6% from 2016. Three-hundred eighty-five (385) houses sold last year for a total of $365.5 million. Four-hundred sixty-nine (469) condos sold last year for a total of $255.5 million, and one-hundred forty (140) lots sold last year for a total of $73 million. Median price for a home in 2017 was $755,000; for a condo $425,000 and for a lot $344,000.

December 2017 statistics

Homes

Thirty-three (33) homes sold for $31.7 million. Sales prices ranged from $377,000 to $2.975 million. Median price of a home sold on Marco Island in December was $755,000. Inventory was two hundred eighty-five (285) homes in December 2017 compared to three hundred seventy-five (375) homes in December 2016 or a decline of 24%. Fifty-two (52) new listings came on the market in December compared to fifty-four (54) last year. List price range for a home was $349,000 to $7,950,000.

Condos

Thirty-five (35) condos sold for $18.6 million. Sales prices ranged from $100,000 to $1.530 million. Median Price of a condo sold on Marco Island in December was $424,000. Inventory was three hundred twenty-five (325) condos in December 2017 compared to three hundred eighty-four (384) condos in December 2016 or a decline of 15%. Fifty-nine (59) new listings came on the market compared to sixty-three (63) last year. List price range for a condo was $110,000 to $8,500,000.

Lots

Fifteen (15) lots sold for $3.6 million. Sales prices ranged from $45,000 to $650,000. Median price of a lot sold on Marco Island in December was $212,000. Inventory for sale in December 2017 was two hundred eighty-two (282) compared to three hundred eight (308) lots in December 2016 or a decline of 8%. Thirty-two (32) new listings came on the market compared to twenty-eight (28) last year. List price range for a lot was $49,900 to $4,995,000.

As usual there is a wide-range of properties for sale on Marco Island. As we enter 2018 inventory has declined from this time last year, the number of units sold is rising and prices are trending up. For more information please contact a local Realtor®.

Written by Gary Elliott, President, Marco Island Area Association of Realtors®. Call the Association at 239-394-5616 or visit www.marcorealtor.com. Data courtesy of Marco island Area Association of Realtors® Multiple Listing Service.

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