Thursday, October 1, 2020

MI Real Estate April 2015 – Average Sale Price Up Nearly 20%

 

 

By Susan Ackerson

A18-CBN-5-15-2MLS statistics, released by the Marco Island Area Association of Realtors® for Marco Island only properties, compare April 2015 to April 2014. According to Susan Ackerson, President, volume sold in this comparison of the Marco Island real estate market remained essentially unchanged in dollars from $96,375,900 in April 2014 to $96,846,313 in April 2015, a 0.49% increase.

The number of new single family listings that came on the market in April 2015 v. April 2014 decreased 25.81% (46 v. 62). The total number of single family properties active on the market decreased 21.12% (295 v. 374). The average sale price increased significantly 62.36% ($1,172,369 v. $722,093). The median sale price for closed single family homes increased 39.63% ($754,000 v. $540,000). Total sold dollar volume for single family homes jumped from $38,993,000 in April 2014 to $49,239,500 in April 2015, a 26.28% increase.

In regard to condo activity, number of new listings that came on the market this April v. last April increased 17.14% (82 v.70), but total number of condos on the market from last year decreased 22.28% (293 v. 377). The average sale price for condos was up 10.85% ($597,594 vs. $539,124). The median sale price for condos was up 5.16% ($410,000 v. $389,900). Total sold dollar volume for mutli-family decreased 11.57% from $47,982,000 in April 2014 to $42,429.150 in April 2015.

Number of new lots coming on the market in April 2015 v. April 2014 decreased 20.00% (24 v. 30). Total number of lots active on the market increased 13.40% (330 v. 291) from last year. Average sale price was down 39.79% ($331,178 v. $550,082) while median sale price was up a whopping 94.76% ($321,163 v. $164,900). Total sold dollar volume decreased 17.90% ($6,050,900 v. $4,967,663).

(Average sale price is total sales in dollars divided by the number of sales and median sale price means 50% of sales were above and 50% of sales were below.)

Number of pendings for all property types is down 24.54%. Single family pendings in the comparison down 40.22% (55 v. 92); Lots down 16.67% (20 v. 24); and multi-family down 14% (86 v. 100).

Number of condos closed in the comparison is down 20.22% (71 v. 89). Number of single family homes closed is down 22.22% (42 v.54) in the April-to-April comparison, while number of lots closed is up 36.36% (15 v. 11) in the same comparison.

For all property types, average sale price was up 19.67% ($739,285 v. $617,794) while median sale price was up 6.90% ($465,000 v. $435,000).

As always, please contact a local Realtor® professional if you have any questions.

Susan Ackerson is President for the Marco Island Area Association of Realtors®. Call 239-394-5616.

 

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