MLS statistics, released by the Marco Island Area Association of Realtors for Marco Island only properties compared the first three quarters of 2013 to 2012. Here is a recap of what happened in the Marco Island Real Estate market.
- Sold single family home sales up 10 percent (325 vs. 295).
- Sold condominium sales up 13 percent (448 vs. 398).
- Sold single family vacant lots down 5 percent (142 vs. 150).
- Average sale price single family home up 11 percent ($763k vs. $689k).
- Average sale price condominium up 11 percent (($468k vs. $423k).
- Average sale price single family vacant lot up 32 percent ($387k vs. 293k).
- Total dollar value of all single family homes sold up 22 percent ($248M vs. $203M).
- Total dollar value of all condominiums sold up 25 percent ($210M vs. $168M).
- Total dollar value of all single family vacant lots sold up 25 percent (55M vs. 44M).
- 304 single family homes (down .3 percent from 2012).
- 364 condominiums (down 29 percent from 2012).
- 241 single family lots (down 7 percent form 2012).
Over a half billion dollars of real estate has closed on Marco Island during the first nine months of 2013. Whew! Without question the appetite for Marco Island real estate was as strong as it’s ever been during the past three quarters, average prices were up, dollar value was up, median prices were up.
However, the decrease in inventory has resulted in a bit of a let up over the last couple of months and our break-neck pace is easing. Bank appraisals are keeping prices fairly in check and interest rates are still excellent with the 30 year fixed rate at about 4.5 percent.
Other indicators of note are the average days a property is on the market is down about 10% from 299 to 269 and the list price to sales price ratio is up two percent from 90 percent to 92 percent (this means the average amount “negotiated” is 8 percent.) The market seems healthy and buyers seem ready to get their piece of Paradise.
I keep reiterating that if you are thinking of selling, it is a great time to do so, as the low inventory is creating a sense of urgency in buyers for fairly priced properties. I urge you to contact your local Realtor for specific advice.
Enjoy the fall.