The Real Estate Report: Pending sales increased for July

During the month of July the Marco Island real estate market continued its momentum by achieving an increase in pending sales across all property types 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 achieved mixed results when compared to prior year. Inventory levels declined which may soon begin to effect selection for buyers. Well-priced properties on Marco Island are selling, yet inventory declines need to be monitored closely.

More:The Real Report: Delivering strong first half of 2017

Closed sales for July 2017 performance was mixed relative to July 2016.

• 33 single family homes sold which is flat versus prior year same time frame.
• 15 home-sites (vacant lots) sold which amounts to a 66.66 percent increase over prior year.
• 30 condos sold, a -28.57 percent decrease versus last year.

Pending sales, which are properties under contract that have not yet closed, increased for all property types when compared to July 2016.

• 34 single family homes went under contract which is 6.25 percent above last year at this time.
• 12 home-sites amounted to a 20 percent increase.
• 42 condos accounted for a 2.43 percent increase versus July a year ago.

Inventory levels declined on all property types.

• Active listings for single family homes totaled 310, a -5.20 percent decrease.
• Home-sites totaled 291, a -3.64 percent decrease.
• Condos finished the month with 341 active listings, which is a -6.58 percent decrease.

Median sale price (point at which 50 percent of the properties sell for more and 50 percent of the properties sell for less) performance was excellent for home sites/vacant lots, while down for homes and condos.

• Single family homes had a median sale price of $625,000 which amounted to a 0.79 percent decrease over July 2016.
• The median sale price for home-sites sold was $330,000 which increased 46.67 percent versus last July 2016.
• Condo sales achieved a median sale price of $411,000, which is a decrease of 6.59 percent compared to July a year ago.

On a year-to-date basis, we continue to experience positive trends for sales and prices. When you drill down to specific communities and segments the performance can vary. In particular the inventory levels in certain segments have been reduced. That’s why it’s so important to reach out to a 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.