What a difference a year makes! Sales for Marco Island area homes, condominiums, and lots are outpacing last year’s figures at this time, and the increased demand is resulting in shorter listings and higher selling prices.
Marco Island Area Association of Realtors® reports low inventory is driving higher prices and shorter listings for homes, condominiums, and property lots.
Sixty-two homes closed this July, up 72% from 36 homes sold last year. The median sale price was $1.2 million, skyrocketing by 63%. And most impressive, homes on the market averaged only 38 days on the market, an 82% drop from July 2020!
Sellers are taking advantage of the market conditions. Marco Island’s statistics show a well-priced home will sell quickly. The property will most likely sell near list price & for cash.
Comparing July 2020 to July 2021, home and condominium inventory and days on the market plummeted, while the number of homes sold, and median selling price increased.
In total, closed sales rose 34%, from 102 in July 2020 to 137 in July 2021. Total dollar volume for July was $130.4 million, up 89% from this time last year. Single family homes drove the most sales, followed by condominiums and lots.
Buyers are realizing the true value of Marco Island. After viewing properties around the state, the buyers realize Marco Island has been an undervalued resort island for years.
While lot sales were down 25% from this time last year, the median sale price increased 26% with significantly shorter days on the market.