The Real Report: Delivering strong first half of 2017
During the first six months of 2017 through June, the Marco Island real estate market experienced strong levels of activity when compared to prior year same time.
Closed sales for single family homes, home-sites, vacant lots and condos outpaced prior year. Well-priced properties on Marco Island continue to sell, and we are encouraged by the momentum heading into the second half of the year.
Closed sales for 1st half 2017 performed very well relative to the first half 2016.
Two-hundred twenty-nine single family homes sold, which is an increase of 20.52 percent versus prior year same time frame.
Eighty home-sites/vacant lots sold which is a 42.85 percent increase over prior year.
Three-hundred three condos sold, an 8.21 percent increase over last year.
Median sale price (point at which 50 percent of the properties sell for more and 50 percent of the properties sell for less) performance exceeded the first half of 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 6.73 percent increase over the first half 2016.
The median sale price for home-sites, vacant lots sold was $422,500 which increased 6.28 percent versus same time-frame 2016.
Condo sales achieved a median sale price of $435,000, which is an increase of 4.44 percent compared to last year same time-frame.
During the second quarter time period (April through June 2017) compared to prior year same time-frame, closed sales increased for single family homes (135 or +15.38 percent) and home-sites, vacant lots (36 or +28.57 percent), but were off (163 or -2.40 percent) for condos. While the median sale price increased for all three property types: single family homes (+9.15 percent), home-sites, vacant lots (+5.96 percent) and condos (+4.76 percent). All in all it was a very good quarter for real estate sales on Marco Island.
The month of June 2017 compared to prior year same time-frame had mixed results across property types. The median sale price increased for single family homes (+3.33 percent) and home-sites/vacant lots (+27.27 percent), but slipped (-5.88 percent) for condos. Closed sales rose (+10.00 percent) for single family homes, but dropped for home-sites/vacant lots (-27.27 percent) and condos (-5.88 percent). Pending sales (properties under contract) during June increased for home-sites/vacant lots (+60.00 percent), but decreased for single family homes (-7.50 percent) and condos (-28.26 percent). Overall active listings also referred to as inventory declined for single family homes (-5.78 percent) and home-sites/vacant lots (-12.21 percent), but increased on condos (+7.74 percent) when compared to June 2016. So the month of June did experience some softness relative to a very strong performance for the 1st half and the second quarter in our market.
Overall we are experiencing positive trends compared to last year. When you drill down to specific communities, neighborhood’s and segments the trends and performance may vary which is why it’s so important to reach out to a local based, knowledgeable and licensed professional with your real estate questions.
For more details on specific segments of the market please contact your local MIAAOR Realtor to help you with further insights.
Written by Michael O’Rourke, president for the Marco Island Area Association of Realtors. Call 394-5616.