Multiple Listing Service statistics released by the Marco Island Area Association of Realtors for Marco Island-only properties show sales increased from $48.82 million in February 2013 to $53.44 million in February this year, a 9.47 percent increase, according to Bette McGilvray, president.
According to McGilvray, overall buying activity remains high.
“While both average and median sale prices for single-family homes and lots increased significantly, condo market prices were relatively stable,” said McGilvray. “As peak season winds down, the decline in overall inventory should not stop buyers from purchasing a piece of the No. 1 island in the USA and No. 4 in the world, according to TripAdvisor.
“There a still many great properties to choose from on Marco Island,” said McGilvray. “The good news for sellers in this market is that the trend toward increasing values continues at the steady pace we have been expecting for the past few months. Additional good news from Washington recently was the fact that the Senate passed The Homeowner Flood Insurance Affordability Act, and it will sent to the president for his signature.”
The Marco MLS stats also show:
• The number of new single-family listings that came on the market in February versus a year ago has dropped by 10.98 percent. While the total number of single-family properties active on the market is nearly unchanged from last year, the number of pendings has increased significantly by 50 percent, and the average sale price and median sale price for closed single-family homes has increased by 31.4 percent and 44.14 percent respectively.
Total dollar volume for single family homes sold was $22.81 million in February, down 12.4 percent from a year ago.
• In regard to condo activity, the number of new listings that came on the market this February vs. last February decreased by 9.30 percent and the total number of condos on the market from last year has decreased by 28.62 percent – so fewer condos are on the market this year for buyers, and they are selling fast. The number of pendings in the condo category mirrors the percentage of pendings for single-family homes at 50 percent.
• The number of condos closed in the year-to-year comparison is up 43.75 percent. Average sale price is up 4.24 percent while median sales price is down a bit by 5.14 percent.
• The number of new lots coming on the market in February follows the same pattern as single- family homes and condos, down by 10.34 percent. Total number of lots active on the market is essentially unchanged from last year. The number of lots pending has increased by 13.04 percent, showing buying activity. Average sale price and median sale price both jumped significantly, 85.36 percent and 29.58 percent respectively in the February-to-February comparison.
See the article in the Marco Island Sun Times here