85 Total properties closed for a total of $44 Million (including Time Shares and Commercial)
28 Single Family Homes for $19 Million – Avg. Sale price $678K
42 Condominiums for $20 Million – Avg. Sale price $477K
14 Vacant Home Sites for $3 Million – Avg. Sale price $219K
96 Total properties went under contract in November (including Time Shares and Commercial)
33 Single family homes
14 Vacant Home Sites
Inventory of what is currently on the market
317 Single family homes
266 Vacant Home Sites
There is no let up in the strength of the Marco Island Real Estate market. The number of sales is up, the dollar volume of sales is up and for the month of November the average sales price was up. I would point out that some selling before the end of the year may be driven by fear of the “Fiscal Cliff”. Some sellers are concerned over a possible increase in the Long Term Capital Gains Tax and are anxious to close before the end of the year. However, for every seller there must be a buyer and there seems to be a steady influx of folks that are looking to enjoy what Marco Island has to offer.
The inventory of property for sale is staying fairly constant at just over 1,100 properties and the average sale price Year-To-Date is down about 1%. As the strongest part of the selling season approaches, I believe it is safe to say sales will continue to increase, and as the inventory drops, I believe average sales prices will show a modest increase. It is hard for the average price to rise quickly as lender financing requires appraisals that currently are keeping sales prices flat. However, if more and more cash buyers become willing to pay more for what the last comparable property sold for, we may see prices increase a bit faster. With interest rates still below 4% this is a great time to buy.
As always, if you or someone you know is thinking of buying or selling Real Estate, please contact a local Professional Realtor®.
Gerry Rosenblum is President of the Marco Island Area Association of Realtors®. Call 394-5616.