The Real Estate Report: It’s all about momentum
[Editor’s note: MLS statistics released by the Marco Island Area Association of Realtors is for Marco Island only properties.]
During the month of January our market realized a solid 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 and properties under contract spiked across all three residential categories (single family homes, home-site/vacant lots and condos). Inventory levels provide an excellent selection for buyers and the median sale price for single family homes increased.
Well priced properties on Marco Island are selling and momentum is building for the 2017 season.
Closed sales for January 2017 performed very well relative to January 2016; 23 single family homes sold which is an increase of 43.75 percent versus prior year same time frame; 12 home-sites (vacant lots) sold which amounts to a 20 percent increase over prior year and 38 condos sold, an 11.76 percent increase over last year.
Pending sales which are properties under contract (which have not yet closed) increased dramatically when compared to January 2016; 56 single family homes went under contract which is 33.33 percent above last year at this time; 14 home-sites amounted to a 40 percent increase; 64 condos accounted for a 30.61 percent jump versus last January.
Inventory levels remain solid. Active listings for single family homes totaled 383, a 3.23 percent increase.
Home-sites totaled 311, a 3.42 percent decrease. Condos had 400 active listings which is a 14.94 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 mixed.
Single family homes had a median sale price of $1,025,000 which amounted to a 33.90 percent increase over January 2016.
The median sale price for home-sites sold was $323,500 which declined 53.79 percent versus last January. Keep in mind sales are increasing, inventory has decreased and buyers are zeroing in a value opportunities.
Condo sales achieved a median sale price of $495,000, which was down 9.42 percent compared to January 2016. Interestingly the average sale price of condos increased 16.47 percent during this time frame. So you can see how the sale of higher priced properties can really impact the pricing number.
One area people often overlook is the availability of affordable properties on Marco Island. Did you know there are currently six homes for sale on Marco for less than $350,000? How about 18 condos available for less than $150,000? Are you looking to build a home, there are 27 home-sites for $125,000 or less? Contact your local MIAAOR Realtor for more details.
Article written by Michael O’Rourke, president for the Marco Island Area Association of Realtors. Statistics provided by Shirley English, CEO. Call 394-5616.