Marco condo prices rise 24%, single-family homes up 8%
Multiple Listing Service statistics released by the Marco Island Area Association of Realtors for Marco Island-only properties comparing August 2015 to a year ago show an increase in the median prices both for single-family homes and Marco condos.
Inventory decreased 15.60 percent from a year ago for all property types while at the same time the median sale price for all property types jumped 4.94 percent from $405,000 to $425,000.
• The number of new single-family listings that came on the market in August 2015 v. August 2014 decreased 6.25 percent (30 v. 32). The total number of single family properties active on the market in the year-to-year comparison decreased 11.81 percent (239 v. 271). The median sale price for closed single-family homes increased 8.71 percent ($577,500 v. $531,250). Total sold dollar volume for single family homes decreased in August 2015 to $16,533,850 from $24,034,000 in August 2014, a 31.21 percent decrease.
• The number of new listings that came on the market this August v. last August decreased 15 percent (34 v.40). Total number of condos on the market from last year decreased 25.41 percent (226 v. 303). The median sale price for condos was up 24.48 percent ($357,250 v. $287,000). Total sold dollar volume for multi-family increased 28.10 percent from $13,014,559 in August 2014 to $16,671,000 in August 2015.
• Number of new lots coming on the market in August 2015 v. August 2014 increased 20 percent (18 v. 15). Total number of lots active on the market decreased 5.88 percent (272 v. 289) from last year. Median sale price decreased 48.21 percent ($145,000 v. $280,000). Total sold dollar volume decreased 55.21 percent ($1,544,900 v. $3,449,250).
Median sale price means 50 percent of sales were above, 50 percent of sales were below.
• Number of pendings for all property types is down 13.45 percent. Single-family pendings in the comparison down 20.41 percent (39 v. 49); lots up 63.64 percent (18 v. 11); and multi-family down 25.42 percent (44 v. 59).
• Number of condos closed in the comparison decreased 15.79 percent (32 v. 38). Number of single-family homes closed is down 38.10 percent (26 v.42) in the August-to-August comparison while number of lots closed decreased 20 percent (8 v. 10) in the same comparison.
Economic summer set for Oct. 29
The Marco Island Area Association of Realtors is hosting its the Marco Island Economic Summit on Thursday, Oct. 29, from 1-4 p.m. at Rose Auditorium.
Organizers hope it will become an annual event.
Attend the economic summit to hear more about Marco Island real estate statistics and an economic forecast for southwest Florida. Presenters include Christopher Westley, FGCU, professor of economics; Jack Wert, executive director, Collier County Convention and Visitor’s Bureau; Cindy Carroll, SRA, Carroll & Carroll Real Estate Appraisers & Consultants, and Rick Medwedeff, general manager, Marco Island Marriott Beach Resort & Spa.
To register, please send your check for $25 per person payable to Marco Island Area Association of Realtors, 140 Waterway Drive, Marco Island, FL 34145 along with the names of who will be attending. Any questions, please contact the Marco Island Area Association of Realtors at 394-5616.
Susan Ackerson is president of the Marco Island Area Association of Realtors. Call 394-5616.