The Real Estate Report: Marco market post-Irma
During the month of September the Marco Island real estate market was certainly disrupted by Hurricane Irma. Preparations before the storm and major recovery efforts after the storm essentially cost about 10 to 14 days of business.
Since Irma landed in Southwest Florida, our real estate market has rebounded and the activity has been strong. We have seen closings and pending sales across all property types according to the Marco Island Area Association of Realtors multiple-listing service. Well-priced properties on Marco Island continue to sell, but inventory declines need to be monitored closely as the supply of properties has declined.
Closed sales post Irma
- 12 single family homes sold.
- 9 home-sites (vacant lots) sold.
- 13 condos sold.
Pending sales post Irma
- 9 single family homes went under contract.
- 4 home-sites went under contract.
- 6 condos went under contract.
Inventory levels declined on all property types during September 2017 compared to September prior year.
- Active listings for single family homes totaled 290, a -9.09 percent decrease.
- Home-sites totaled 285, a -13.11 percent decrease.
- Condos finished the month with 317 active listings, which is a -9.43 percent decrease.
Median sale price
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 condos, flat for single family homes and down for home sites/vacant lots.
- Single family homes had a median sale price of $780,000 which is flat compared to same time frame last year.
- The median sale price for home-sites sold was $215,000 which decreased-47.23 percent.
- Condo sales achieved a median sale price of $335,000, which increased 28.59 percent compared to same time frame a year ago.
On a year to date basis we continue to experience positive trends for median sale prices. Sales are particularly strong on single family homes and home site/vacant lots.
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.
Article written by Michael O’Rourke, President for the Marco Island Area Association of Realtors. Call 394-5616.