Average condo price: $543,000, up nearly 10% over year ago

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Multiple Listing Service statistics released by the Marco Island Area Association of Realtors for Marco Island-only properties comparing the first half of 2015 (January-June) with a year ago show the average single-family home sale price was more than $948,000, while the average condo sale was more than $543,000.

The MLS stats show total dollars volume sold of the Marco Island real estate market increased 5.75% from $246,628,214 (2014) to $260,815,478 (2015).

• New single family listings coming on the market in the first half of 2015 vs. the first half of 2014 increased by a slight 2.26% (136 v. 133). However, total active single family homes on the market decreased 13.40% (265 v. 306). Pendings of single family properties for the first half comparison decreased 33.18% (149 v. 223). Single family homes closed since January also decreased with the declining inventory by 14.38% (137 v. 160) from the same period in 2014.

• The average sale price (total sales in dollars divided by the number of sales) for closed single family homes was up 24.85% ($948,468 vs. $759,659) while the median sale price (50% of sales were above and 50% of sales were below) was up 15.73% ($710,000 vs. $613,500). Total sold dollar volume for single family homes was $129,940,150 for the first half of 2015 up 6.91% from the same time frame in 2014 ($121,545,414).

• In regard to condo activity, number of new listings on the market the first half of 2015 compared to the first half of 2014 increased 9.32% (176 v. 161). However, total active listings for condos decreased 26.61% (251 v. 342). The number of pendings in the condo category decreased with a declining inventory 20.66% (192 v. 242) in the same comparison.

• Number of condos closed in the comparison is up 3.55% (204 v. 197). Average sale price is up 9.89% ($543,038 in 2015 vs. $494,158 in 2014) while median sales price is also up 10.81% ($410,000 in 2015 vs. $370,000 in 2014). Total sold dollar volume for condos in the first half of 2015 was $110,779,665 vs. $97,349,150 in 2014) up 13.80%.

• Number of new lots coming on the market the first half of 2015 decreased 23.26% (66 v. 86) from the first half of 2014. Total active listings for lots was up slightly in the comparison 1.68% (303 v. 298). The number of lots pending decreased 11.29% (55 v. 62). Number of lots closed increased 8.89% (49 v. 45). Average sale price decreased 25.55% ($399,014 in 2015 vs. $535,931 in 2014). Median sale price increased 29.41% ($330,000 in 2015 vs. $255,000 in 2014). Total dollar volume sold decreased 18.93% ($19,551,663 in 2015 vs. $24,116,900 in 2014).

For all properties, average sale price is up 8.70% ($661,968 in 2015 vs. $608,959 in 2014) and median sale price is up 2.17% ($470,000 in 2015 vs. $460,000 in 2014).

Total active listings for all property types is down 15.24% from 2014 (862 v. 1,017). Now is the time to buy.

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.

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