Saturday, September 26, 2020

Marco Island Real Estate Starts Strong in 2017

 

 

By Michael O’Rourke
MIAAOR President

During the month of January our market realized a solid increase in activity when compared to prior year same time frame, according to the Marco Island Area Association of Realtors® Multiple Listing Service. Closed sales and properties under contract spiked across all three residential categories (Single Family Homes, Home-site/Vacant Lots and Condos). Inventory levels provide an excellent selection for buyers and the Median Sale Price for Single Family Homes increased. Well-priced properties on Marco Island are selling, and momentum is building for the 2017 season!

Closed sales for January 2017 performed very well relative to January 2016:

  • Twenty-three Single Family Homes sold, which is an increase of 43.75% versus prior year same time frame.
  • Twelve home-sites (vacant lots) sold, which amounts to a 20.00% increase over prior year.
  • Thirty-eight condos sold, an 11.76% increase over last year.
  • Pending sales which are properties under contract (which have not yet closed) increased dramatically when compared to January 2016:
  • Fifty-six Single Family Homes went under contract, which is 33.33% above last year at this time.
  • Fourteen home-sites amounted to a 40% increase.
  • Sixty-four condos accounted for a 30.61% jump versus last January.

Inventory levels remain solid:

  • Active listings for Single Family Homes totaled 383, a 3.23% increase.
  • Home-sites totaled 311, a 3.42% decrease.
  • Condos had 400 active listings, which is a 14.94% increase.

Median Sale Price (point at which fifty percent of the properties sell for more and fifty percent of the properties sell for less) performance was mixed:

  • Single Family Homes had a Median Sale Price of $1,025,000, which amounted to a 33.90% increase over January 2016.
  • The Median Sale Price for Home-sites sold was $323,500, which declined 53.79% versus last January. Keep in mind sales are increasing, inventory has decreased and buyers are zeroing in on value opportunities.
  • Condo sales achieved a Median Sale Price of $495,000, which was down 9.42% compared to January 2016. Interestingly, the Average Sale Price of condos increased 16.47% during this time frame. So you can see how the sale of higher priced properties can really impact the pricing number.

One area people often overlook is the availability of affordable properties on Marco Island. Did you know there are currently six homes for sale on Marco for less than $350,000? How about eighteen condos available for less than $150,000? If you are looking to build a home, did you know there are twenty-seven home-sites for $125,000 or less? Contact your local MIAAOR Realtor® for more details.

MLS statistics released by the Marco Island Area Association of Realtors® for Marco Island only properties. Statistics by Shirley English, CEO. Call 239-394-5616.

Leave a Reply

Your email address will not be published. Required fields are marked *