MLS statistics, for Marco Island-only property, show a growing sellers’ market.
Active inventory has decreased and pending statistics for single-family homes, condos and lots are way up in the July 2014 to July 2013 comparison.
The number of new single-family homes actively listed on the market in July 2014 vs. July 2013 decreased by 10 percent (45 v. 50). The total number of single-family properties active on the market decreased by 16.52 percent (283 v. 339). The average sale prices increased by 4.81 percent ($845,438 v. $806,622) while the median sale price for closed single-family homes increased by a whopping 69.52 percent ($881,500 v. $520,000). Total sold dollar volume for single-family homes decreased from $30,651,630 in July 2013 to $23,672,274 in July 2014, a 22.77 percent decrease.
Condo activity: the number of new listed condominiums this July v. last July decreased by 27.91 percent (31 v. 43) and total number of condos on the market from last year decreased by a considerable 26.71 percent (310 v. 423). The average sale price for condos was down 26.14 percent ($410,178 vs. $555,344), while the median sale price for condos was down 8.01 percent ($327,500 v. $356,000). Total sold dollar volume for mutli-family decreased 38.45 percent from $26,656,511 in July 2013 to $16,407,100 in July 2014.
• The number of newly listed lots this July 2014 v. July 2013 (20) was unchanged. The total number of lots active on the market is up though to 21.16 percent (292 v. 241) from last year. Their average sale price was up 36.27 percent ($360,300 v. $264,409) while median sale price was up considerably 81.77 percent ($359,000 v. $197,500).
(Average sale price is total sales in dollars divided by the number of sales and median sale price means 50 percent of sales were above and 50 percent of sales were below.)
• The number of pending sales for all property types was up 62.26 percent. Single-family homes were up 59.52 percent (67 v. 42); lots were up 35.71 percent (19 v. 14); and multi-family and condos were up 59.57 percent (75 v. 47).
• The number of single-family homes closed is down 26.32 percent (28 v. 38) in the July-to-July comparison while number of lots closed was down 9.09 percent (10 v. 11) in the same comparison. The number of condos closed in the comparison is down 16.67 percent (40 v. 48).
• For all property types, average sale price was down 12.35 percent ($561,359 v. $640,476) while median sale price was up 10.07 percent ($410,000 v. 372,500).
The value of Marco Island property continues to be on the upswing.
Bette McGilvray is president for the Marco Island Area Association of Realtors. Call 394-5616.