Realtors: Marco market steady – prices up, closed property down

Dick Shanahan
President, Marco Island Area Real Estate Association

Multiple Listing Service statistics have been released by the Marco Island Area Association of Realtors for Marco Island-only properties comparing January-April 2016 to January-April 2015.

Total sold volume dollars for all property types was $207,380,800 for the period January-April 2016 v. $316,678,025 for the same time frame in 2015 as the market stays steady and stabilizes.

Inventory up

• The number of new listings for all property types that came on the market in the January - April comparison 2016 to 2015 increased 5.37% (804 v. 763). New single family listings coming on the market in the January – April comparison of 2016 vs. 2015 increased 13.56% (293 v. 258). The number of new lots coming on the market in the comparison increased 8.27% (157 v. 145). The number of new condo listings coming on the market decreased slightly 328 v. 338, a 2.95% decrease.

• The total number active listings for all property types is currently 1109. Total active single family properties 386; active lot listings 371 and active condo listings 352.

Prices up

• In the four month year-to-year comparison, median sale price was up 10.73% from $475,000 to $526,000 for all property types. Median sale price for single family homes was up 2.73% from $730,000 to $750,000. Median sale price for lots was up 30.76% from $325,000 to $425,000 while median sale price for condos increased 0.60% from $410,000 to $412,500. (Median sale price means 50% of sales were above and 50% of sales were below.)

Closed down

• Total number of closed for all property types was down in the period comparison as the market stabilizes (315 v. 451). Single family closed was down from 153 to 107; lots were down 71 to 36 and condos were down 222 v. 164.

It is always a good time to buy on Marco Island!

As always, please contact a local Realtor professional if you have any questions.

Contact Shanahan at 394-5616.