MLS statistics, released by the Marco Island Area Association of Realtors for Marco Island only properties compare November 2013 to November 2012.
Here is a recap of what happened in the Marco Island Real Estate market.
n Sold single family home sales down 61 percent (11 vs. 28).
n Sold condominium sales down 40 percent (25 vs. 42).
n Sold single family vacant lots no change (14 vs. 14).
n Pending single family home sales up 5 percent (43 vs. 41).
n Pending condominium sales up 11 percent (62 vs. 56).
n Pending single family vacant lot sales up 53 percent (26 vs.17).
n 351 Single family homes (up 6 percent from 2012).
n 401 Condominiums (down 26 percent from 2012).
n 246 Single family lots (down 9 percent form 2012).
A total of $29 million dollars worth of real estate closed on Marco Island in the month of November. ($31 million dollars worth in October 2013 and $44 million in November 2012). While the sales figures seem to have gone down in November, it is important to note this number represents when the property closed, not when it went under contract.
For instance, it may take a property 60 or 90 days to close from when it goes pending due to the time needed to get a mortgage. Closed sales are important statistically because it shows how much a property sold for which gives us an indicator of price movement. The holidays can also have an effect on closed sales as many people put off the closing until we are out of the holiday season.
Meanwhile, pending activity shows how many properties went under contract in a given month, and again, these can close during various months in the future. To have a firm grasp of the market, we need to look at both Closed and Pending sales to make a good assessment. Pendings are up, closed sales are a bit off, but that can be partially attributed to “seasonality” and the fact that the screaming good, quick, cash close deals are diminishing as the market improves.
I would also mention that when compared to last year, the average sale price is up 14 percent and the median sale price is up 22 percent. Next month we will look at the year in review and see how it stacked up to last year.
As always, please contact your local Realtor® professional if you are thinking of selling. It is a great time to do so as the low inventory may result in a fairly quick sale. And for you buyers, you may want to get in sooner rather than later as it looks like prices will continue to slowly rise.
From all the members of the Marco Island Area Association of Realtors, we wish you a Merry Christmas and a Healthy and Happy New Year!
Gerry Rosenblum is public relations liaison for the Marco Island Area Association of Realtors. Call 394-5616.