Monday, September 21, 2020

Marco Island Real Estate Steady

Dick Shanahan. Submitted Photo

Dick Shanahan. Submitted Photo

By Dick Shanahan,
2016 MIAAOR President

The Marco Island Area Association of Realtors® released rolling statistics for Marco Island only properties for February 2015 through February 2016. According to Dick Shanahan, president, volume sold listings increased 9.02% from the prior year to $804,236,331 in the February 2015 to February 2016 year statistics.

On a month-to-month February 2015 to February 2016 comparison for all property types, volume sold listings in February 2015 was $72,280,450 compared to $52,890,100 in February 2016, a 26.83% decrease.

Inventory Up

The number of new listings for all property types that came on the market in February 2016 compared to February 2015 rose by 7.65% (211 v. 196). New listings for single family homes increased 6.06% (70 v. 66) in the February to February comparison. New listings in the condo market decreased 7.45% from 94 to 87, while new listings for lots that came on the market in February 2016 increased 64.52% from February 2015 (31 to 51).

The year-to-year rolling statistics for new listings was steady with a 1.78% increase.

Prices Up

Median sale price comparison was up 7.04%, from $504,500 to $540,000 for all property types said Dick Shanahan, president, in the February month-to-month comparison.

Specifically, in the February 2015 to February 2016 month-to-month comparison, the median sale price rose for single family homes and condos, but decreased for lots. Single family median sale price increased 30.37% from $675,000 in 2015 to $880,000 in 2016. Condo median sale price rose 1.75%. The median sale price in 2015 was $427,500 compared to the median sale price in 2016 of $435,000. Median sale price for lots decreased 9.89%. Median sale price in 2015 was $455,000 and $410,000 in 2016.

(Median sale price means 50% of sales were above and 50% of sales were below.)

Overall, median sale prices increased 9.19% from $450,000 to $475,000 in the twelve months, February 2015-to-February 2016.

It is always a good time to buy on Marco Island!

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.

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