Gary & Sandy Elliott
Last week 56 condos were listed as pending on Marco Island, down about 30% from the same period last year. These are condos with a signed contract between buyer and seller but have not yet closed. Closings follow about a month or two after a contract is signed. This drop in pending sales may be due to a combination of higher seller list prices, a softening of confidence in the global economy and a colder and wetter than normal January.
Pending sales provide a good indication of what is currently happening in the real estate market and also what types of condos are selling. The 56 pending condos include two efficiency condos, seven one-bedroom condos, 33 two-bedroom condos, 13 three-bedroom condos and a four-bedroom condo representing a good cross section of condos available on Marco Island.
The pending salesare scattered throughout the island. Nineteen of them are beach condos, five are gulf condos, 22 are inland condos, nine water direct condos and one water indirect condo.
List prices for these pending condos range from a low of $154/square foot for a two-bedroom inland condo to $971/square foot for a two-bedroom on the beach. The lowest pending sale is for an efficiency condo listed at $127,000 and the highest is a $2.15 million, four-bedroom condo at Cape Marco. The median price of these pending condos is $415,000 or $335/square foot and the average price is $525,000 or $391/square foot.
The pending condo sales cover all island construction time periods ranging from one built in 1966 to one built in 2004.
Pending efficiency condos average 470 square feet of air-conditioned space; One-bedroom condos average 718 square feet; Two-bedrooms are 1,130 square feet; Three-bedrooms are1,949 square feet and the Four-bedroom condo is 3,310 square feet.
There appears to be more mortgage activity around these pending contracts than this time last year – perhaps an indication that sellers are more willing to accept a mortgage transaction to sell their condos compared to last year’s preferable cash transaction.
Last year 590 condos sold on the island through the Marco Island MLS. That’s about 49 condos per month. There are 350 condos currently for sale, or about a seven-month supply if no new condos come on the market. The 350 active listings mirror the pending sales with six efficiencies, 38 one-bedroom, 202 two-bedroom, 87 three-bedroom, 14 four-bedroom and two five-bedroom condos. The lowest priced condo on the island last week is a one-bedroom inland condo listed for $89,900 and the highest priced condo is a five-bedroom condo at Cape Marco listed for $7,245,000.