The Real Estate Report: Marco continues its impressive performance
Recently the Southwest Florida International Airport (RSW) reported its best May passenger total in its 34-year history, having served 629,321 fliers for an increase of 3.7 percent over May 2016. Well a good number of those folks must be coming to Marco Island.
During the month of May the Marco Island real estate market continued its momentum by achieving another significant increase in activity when compared to prior year same time frame according to the Marco Island Area Association of Realtors multiple listing service.
Closed sales for single family homes, home-sites/vacant lots and condos outpaced prior year. Inventory levels continue to provide an excellent selection for buyers, but the strong pace of sales compared to new listings will be something to keep an eye on. Well priced properties on Marco Island continue to sell and we are encouraged by the momentum heading into the summer months.
Closed sales for May 2017 performed very well relative to May 2016. Forty-seven single family homes sold which is an increase of 9.30 percent versus prior year same time frame.
Eleven home-sites (vacant lots) sold which amounts to a 266.66 percent increase over May prior year.
Sixty condos sold, a 5.26 percent increase over same month last year.
Pending sales, which are properties under contract that have not yet closed, again increased for home sites/vacant lots (fifth month in a row), while slipping for single family homes and condos when compared to May 2016. Fifty-one single family homes went under contract which is -8.92 percent below last year at this time. Fifteen home-sites amounted to a 25.00 percent increase. Fifty-seven condos accounted for a 10.93 percent decline versus May one year ago.
Inventory levels rose for condos but declined on single family homes and home-site/vacant lots:
Active listings for single family homes totaled three-hundred and forty, a -5.82 percent decrease.
Home-sites totaled three-hundred and four, a -13.64 percent decrease.
Condos finished the month with three-hundred and seventy one active listings, which is a 3.34 percent increase.
Median sale price (the point at which 50 percent of the properties sell for more and 50 percent of the properties sell for less) performance exceeded May 2016 for single family homes, home sites/vacant lots and condos.
Single family homes had a median sale price of $785,000 which amounted to a 3.28 percent increase over May 2016.
The median sale price for home-sites sold was $232,000 which increased 31.82 percent versus last May 2016.
Condo sales achieved a median sale price of $445,000, which is an increase of 1.13 percent compared to May a year ago.
When we look at the year-to-date performance through May 31, 2017 versus prior year same time frame, the results remain very encouraging. Single family home sales have increased 23.33 percent, home-sites sales increased 70.00 percent and condo sales increased 16.28 percent.
The median sell price for single family homes of $820,000 has increased 9.33 percent, home sites/vacant lots of $395,000 has increased 1.60 percent and condos at $440,000 is up 4.76 percent.
Overall our market is experiencing positive trends compared to last year. When you drill down to specific communities, neighborhood’s and segments the trends and performance may vary. Numerous media sources and publications have reported that Zillow is now offering a $1 million prize to the person or team who can most improve their Zestimate algorithm.
All the more reason why it’s so important to reach out to a local based, knowledgeable and licensed professional with your questions.
For more details on specific segments of the market please contact your local MIAAOR realtor to help you with further insights.
Michael O’Rourke is president for the Marco Island Area Association of Realtors. Call 394-5616.