The Real Estate Report: Marco building momentum
During the month of February our market continued to realize an 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 home-sites 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 and momentum continues to build for 2017.
Closed sales for February 2017 performed very well relative to February 2016: Twenty-nine single family homes sold which is a decrease of 12.12 percent versus prior year same time frame. Fourteen home-sites (vacant lots) sold which is a 40 percent increase over prior year. Forty-three condos sold, a 19.44 percent increase over last year.
Pending sales which are properties under contract (which have not yet closed) increased dramatically (second month in a row) when compared to February 2016: Fifty-one single family homes went under contract which is 24.39 percent above last year at this time. Twelve home-sites amounted to a 200 percent increase. Sixty-four condos accounted for a 16.36 percent jump versus last February.
Inventory levels remain solid
Active listings for single family homes totaled four-hundred and one, a 2.04 percent increase. Home-sites totaled three-hundred and thirty-one, a 7.54 percent decrease. Condos had four-hundred and thirteen active listings which is a 10.43 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 $900,000 which amounted to a 2.27 percent increase over February 2016.
The median sale price for home-sites sold was $357,500 which declined 8.04 percent versus last February. Note that inventory has decreased and many buyers are focusing on value opportunities.
Condo sales achieved a median sale price of $430,000, which was down 1.15 percent compared to February 2016.
When we look at the combined performance for January and February 2017 versus prior year same time frame, the results are very encouraging. Single Family Home sales have increased 18.18 percent, home-sites sales increased 36.84 percent and condo sales increased 17.39 percent.
Contact your local MIAAOR realtor for more details. Michael O’Rourke is president of the Marco Island Area Association of Realtors. Call 394-5616.