Monday, October 19, 2020

Marco Real Estate Update, Post-Irma


 

 

During the month of September the Marco Island real estate market was certainly disrupted by Hurricane Irma. Preparations before the storm and major recovery efforts after the storm essentially cost about ten to fourteen days of business. Since Irma landed in Southwest Florida, our real estate market has rebounded and the activity has been strong. We have seen closings and pending sales across all property types according to the Marco Island Area Association of Realtors® (MIAAOR) Multiple Listing Service. Well-priced properties on Marco Island continue to sell, but inventory declines need to be monitored closely as the supply of properties has declined.

Closed sales post Irma:
Twelve single family homes sold.
Nine home-sites (vacant lots) sold.
Thirteen condos sold.
Pending sales, which are properties
under contract that have not yet closed,
post-Irma:
Nine single family homes went under
contract.
Four home-sites went under contract.
Six condos went under contract.

Inventory levels declined on all property
types during September 2017
compared to September prior year:

Active listings for single family homes
totaled two hundred and ninety, a
-9.09% decrease.
Home-sites totaled two hundred and
eighty-five, a -13.11% decrease.
Condos finished the month with three
hundred and seventeen active listings,
which is a -9.43% decrease.

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 excellent for
condos, flat for single family homes and
down for home sites/vacant lots:

Single family homes had a Median Sale
Price of $780,000 which is flat
compared to same time frame last year.
The Median Sale Price for home- sites
sold was $215,000 which decreased
-47.23%.
Condo sales achieved a Median Sale
Price of $335,000, which increased
28.59% compared to same time
frame a year ago.

On a year to date basis we continue to
experience positive trends for median sale
prices. Sales are particularly strong on
single family homes and home–site/vacant
lots. When you drill down to specific communities and segments, the performance
can vary. In particular the inventory levels in
certain segments have been reduced. That’s
why it’s so important to reach out to a professional with your questions.
For more details on specific segments of
the market please contact your local MIAAOR
Realtor® to help you with further insights. For
more information, call 239-394-5616.

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