Thursday, October 1, 2020

Marco’s Real Estate Inventory, Prices Rise

 

 

Dick Shanahan 

MIAAOR® President 

MLS statistics have been released by the Marco Island Area Association of Realtors® for Marco Island only properties comparing January-August 2016 to January-August of 2015. According to President Dick Shanahan, total sold volume dollars for all property types was $461,685,149 for the period January-August 2016 v. $569,939,340 for the same time frame in 2015.

Inventory Up

The number of new listings for all property types that came on the market in the January-August comparison 2016 to 2015 increased 7.83% (1,293 v. 1,199). New single family listings coming on the market in the January-August comparison of 2016 vs. 2015 increased 4.87% (452 v. 431). The number of new lots coming on the market in the comparison increased 8.77% (248 v. 228). The number of new condo listings coming on the market increased 10.73% (557 v. 503).

The average days on market for all property types is down 14.48% in the January-August 2016 to 2015 comparison. Total average days on market for single family properties is down 1.89%; for lots down 12.34% and for condos down 20.18%.

Prices Up

In the eight-month year-to-year comparison, median sell price was up 6.38% from $470,000 to $500,000 for all property types, said President Dick Shanahan. Median sell price for single family homes was up 2.08% from $695,500 to $710,000. Median sell price for lots was up 6.92% from $325,000 to $347,500 while median sell price for condos increased 2.19% from $410,000 to $419,000. (Median sale price means 50% of sales were above and 50% of sales were below.)

Closed Down

Total number of closed for all property types was down in the January-August 2016 v. the January-August 2015 comparison (689 v. 863). Single family closed was down from 298 to 247; lots were down 125 to 73, and condos were down 433 to 352.

It is always a great time to buy on beautiful 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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