By Bette McGilvray
MLS statistics, released by the Marco Island Area Association of Realtors for Marco Island only properties compare January 2014 to January 2013. Volume sold in this comparison of the Marco Island real estate market increased in dollars from $32,173,510 in January 2013 to $48,109,000 in January 2014, a 49.53 percent increase.
Marco Island MLS Statistics, for Marco Island only property, show an increase in buying activity.
n Single family property types, closed sales rose by 38.10 percent in the January 2013 to January 2014 comparison. Sold listings by dollar volume rose 47.26 percent, and the average sale price rose by 6.64 percent.
n Closed condo sales for the January 2013 to January 2014 comparison increased 8.57 percent. Volume sold by dollar amount increased 29.93 percent, and the average sale price jumped 19.67 percent.
n Number of closed lots January 2013 to January 2014 was up a whopping 300 percent and total sold dollar volume increased by a huge 191.95 percent, while the average sale price decreased by 27.01 percent.
Prices showed an increase in the January 2013 to January 2014 comparison of closed properties, all types. The average sale price increased 5.35 percent while the median sale price decreased 14.09 percent.
At the same time, total new listings, all property types were up 15.94 percent; however, total active listings all property types was down 8.92%. Assessing months supply is an important consideration when describing market conditions. It succinctly measures activity in the housing market at a given point in time.
After five straight weeks of mortgage rate decline the 30 year fixed- rate mortgage moved up slightly to average 4.28 percent as reported by Freddie Mac. The 15 year fixed-rate mortgage is averaging 3.33 percent which held steady from a week ago. The 30 year fixed rate last year at this time averaged 3.53 percent while the 15 year fixed averaged 2.77 percent one year ago. While the 30 year rate increased .05 points the week ending Feb. 14 rates remain at very low levels.
According to Governor Rick Scott, the number of tourists visiting Florida increased by about 4 million people in 2013. We have seen this same trend here on Marco Island. With all this increased activity it’s still a great time to buy or sell property on Marco Island.
As always, please contact a local Realtor professional if you have any questions.
Bette McGilvray is president for the Marco Island Area Association of Realtors. Call 394-5616.