Average Marco condo sale price up 55% to $639K
MLS statistics released by the Marco Island Area Association of Realtors for Marco Island-only properties compare July 2015 to July 2014. While inventory decreased 12.62% from a year ago for all property types, volume sold jumped from $44,762,374 in July 2014 to $51,842,400 in July 2015, a 15.82% increase, according to Susan Ackerson, president.
• The number of new single family listings that came on the market in July 2015 v. July 2014 decreased a slight 2.22% (44 v. 45). However, the total number of single family properties active on the market decreased 10.54% (263 v. 294). The average sale price decreased 2.57% ($809,209 v. $830,596). The median sale price for closed single family homes decreased 25.00% ($660,000 v. $880,000). Total sold dollar volume for single family homes decreased in July 2015 to $18,611,800 from $24,087,274 in July 2014, a 22.73% decrease.
• In regard to condo activity, number of new listings that came on the market this July v. last July increased 16.13% (36 v.31). However, total number of condos on the market from last year decreased 23.58% (243 v. 318). The average sale price for condos was up 55.92% ($639,550 vs. $410,178). The median sale price for condos was also up 34.35% ($440,000 v. $327,500). Total sold dollar volume for multi-family increased a whopping 79.31% from $16,407,100 in July 2014 to $29,419,300 in July 2015.
• Number of new lots coming on the market in July 2015 v. July 2014 was unchanged year-to-year at 20. Total number of lots active on the market increased less than one percent at 0.68% (297 v. 295) from last year. Average sale price was down 11.85% ($317,608 v. $360,300) while median sale price decreased 15.04% ($305,000 v. $359,000). However, total sold dollar volume increased 5.78% ($3,811,300 v. $3,603,000).
(Average sale price is total sales in dollars divided by the number of sales and median sale price means 50% of sales were above and 50% of sales were below.)
• Number of pendings for all property types is down 44.12%. Single family pendings in the comparison down 55.38% (29 v. 65); Lots up 5.26% (20 v. 19); and multi-family down 41.33% (44 v. 75).
• Number of condos closed in the comparison increased 15.00% (46 v. 40). Number of single family homes closed is down 20.69% (23 v.29) in the July-to-July comparison while number of lots closed increased 20.00% (12 v. 10) in the same comparison.
• For all property types, average sale price was up 14.39% ($640,030 v. $559,530) while median sale price was up 15.15% ($475,000 v. $412,500).
As always, please contact a local Realtor professional if you have any questions.
Susan Ackerson is President for the Marco Island Area Association of Realtors®. Call 394-5616.