Multiple Listing Service statistics have been released by the Marco Island Area Association of Realtors for Marco Island only properties comparing the first quarter of 2016 (January – March) to the first quarter of 2015.
Total sold volume dollars for all property types was $141,429,600 in 1st Quarter 2016 v. $219,831,712 in 1st Quarter 2015 as the market stays steady and stabilizes.
•The number of new listings for all property types that came on the market in the 1st Quarter comparison 2016 to 2015 increased 6.62% (644 v. 604). New single family listings coming on the market in the first quarter of 2016 vs. the first quarter of 2015 increased 13.21% (240 v. 212). The number of new lots coming on the market in the comparison increased 11.57% (135 v. 121). The number of new condo listings coming on the market remained steady at 253 v. 255, a slight 0.78% decrease.
• The total number active listings for all property types in the quarterly comparison increased 12.46% (1,173 v. 1,043). Total active single family properties increased 20.91% (399 v. 330). Active lots listings increased 5.49% (365 v. 346) and active condo listings increased 17.25% (367 v. 313) in the quarterly comparison.
• In the quarterly comparison, median sale price was up 5.76% from $477,500 to $505,000 for all property types. Median sale price for single family homes was up 14.48% from $725,000 to $830,000. Median sale price for lots was up 35.18% from $325,500 to $440,000, while median sale price for condos decreased 1.95% from $410,000 to $402,000. (Median sale price means 50% of sales were above and 50% of sales were below.)
• Total number of closed for all property types was down in the 1st Quarter of 2016 v. the 1st Quarter of 2015 as the market stabilizes (320 v. 218). Single family closed was down from 111 to 73; lots were down 56 to 27 and condos were down 151 v. 113.
It is always a good time to buy a piece of paradise!
As always, please contact a local Realtor professional if you have any questions.
Dick Shanahan is president of the Marco Island Area Association of Realtors. Call 394-5616.