The Real Estate Report: Strong sales trends continue
During the month of March our market realized a 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 surged ahead of prior year. Properties under contract spiked across all three residential categories (single family homes, home-site/vacant lots and condos). Inventory levels continue to provide an excellent selection for buyers. Well-priced properties on Marco Island are selling at an impressive rate as we continue to build momentum for the year.
Closed sales for March 2017 performed very well relative to March 2016.
Forty-two single family homes sold which is an increase of 75 percent versus prior year same time frame.
Eighteen home-sites (vacant lots) sold which amounts to a 125 percent increase over prior year.
Fifty-nine condos sold, a 37.20 percent increase over last year.
Pending sales, which are properties under contract that have not yet closed, increased dramatically (third month in a row) when compared to March 2016.
Sixty-three single family homes went under contract which is 61.53 percent above last year at this time.
Eighteen home-sites amounted to a 20 percent increase.
Seventy-two condos accounted for a 41.17 percent jump versus March a year ago.
Inventory levels remain solid. Active listings for single family homes totaled 397, a -4.11 percent decrease.
Home-sites totaled 320, a -13.51 percent decrease.
Condos finished the month with four-hundred and four active listings, which is a 7.73 percent increase.
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 outstanding for home sites/vacant lots and condos.
Single family homes had a median sale price of $772,500 which amounted to a -1.90 percent decrease over March 2016.
The median sale price for home-sites sold was $515,000 which increased 55.12 percent versus March 2016.
Condo sales achieved a median sale price of $425,000, which is an increase of 34.92 percent compared to March a year ago.
When we look at the year-to-date performance through March 31, 2017 versus prior year same time frame, the results are very encouraging.
Single family home sales have increased 28.76 percent; home-sites sales increased 57.14 percent and condo sales increased 23.89 percent. The median sell price for single family homes of $842,500 has increased 1.50 percent; home sites/vacant lots of $437,500 has increased 2.94 percent and condos at $432,500 is up 7.58 percent.
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.