MLS statistics, released by the Marco Island Area Association of Realtors for Marco Island only properties compares August 2013 with August 2012 activity. Here is a recap of what happened in the Marco Island Real Estate market.
n Sold single family home down 6 percent (31 vs. 33).
n Sold condominium sales down 2 percent (43 vs. 44).
n Sold single family vacant lots down 67 percent (8 vs. 24).
n Pending single family home sales down 2 percent (46 vs. 47).
n Pending condominium sales up 24 percent (57 vs. 46).
n Pending single family vacant lot sales down 52 percent (10 vs. 21).
n 307 single family homes (up 3 percent from 2012)
n 391 condominiums (down 25 percent from 2012).
n 233 single family lots (down 12 percent form 2012).
A total of $53 million dollars worth of real estate closed on Marco Island in the month of August. ($63 million dollars worth in July 2013 and $48 million in August 2012).
The appetite for Marco Island real estate remains unabated as we move into the fall. The only thing at this time keeping the number of sales from increasing is the inventory. Simply put, the number of properties for sale at this time is probably the lowest in over a decade making it hard to find the property of your dreams.
Oddly enough, the rainy weather we have been having also puts a damper on sales as some buyers cancel showings due to it, or they postpone their visit to Marco until the weather clears. It appears the desire for people to live in our retirement/resort destination is as strong as ever and on a huge upswing.
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 which is now compounded by the fact that interest rates are slowly rising.
As always, please contact a local Realtor if you have any real estate questions.
Next month we will examine the first three quarters of 2013 for a more in depth look into the market.
Stay dry my friends.