Marco Island Multiple Listing Service statistics for Marco Island-only property show a growing market.
Pendings and closed sales for single-family homes and condos were up in the May 2014 to May 2013 comparison.
Marco Island continues to be a very popular place to purchase property especially while property values are steadily increasing in value.
Single-family homes – The number of newly listed single-family homes in May 2014 vs. May 2013 decreased by 5.88 (32 v 34). The total number of single-family properties active on the market decreased by 8.96 percent (315 v 346).
The average sale price decreased by 1.61 percent while the median sale price for closed single-family homes increased by 9.39 percent. Total sold dollar volume for single-family homes increased from $38.15 million in May 2013 to $42.59 in May 2014, a 11.64 percent increase.
Condominium activity – The number of newly listed condominiums for May 2014 v May 2013 decreased by 11.48 percent (54 v 61) The total number of condos on the market from last year has decreased by a substantial 24.46 percent (352 v 466). The average sale price for condominiums was down by less than 1 percent and the median sale price for condos was down 4 percent. Total sold dollar volume for multi-family increased 2.19 percent from $31.07 million in May 2013 to $31.75 in May this year.
Pending sales – The number of pending sales for all property types was up 37.69 percent. However, the pending sales for single-family homes was up considerably at 107.32 percent (85 v 41); lots up 4.76 percent (22 v 21), and multi-family up 9.09 percent (72 v 66).
Closed Sales – Number of single-family homes closed is up 13.46 percent in the May-to-May comparison (59 v 52). The number of condos closed in the comparison from 2013 to 2014 is up 2.99 percent (69 v 67) while number of lots closed was down 41.38 percent (17 v 29) in the same comparison.
For all property types, average sale price was up 9 percent and median sale price was up 11.54 percent. Total sold dollar volume was up 5.39 percent from $79,164,663 to $83,435,064 in the May 2013 to May 2014 comparison.
Lots: The number of newly listed Lots in May 2014 v May 2013 jumped by 88.89 percent (34 v 18). The total number of actively listed lots is up 16.28 percent (300 v 258) from last year.
Average sale price was up 59.44 percent while median sale price was down 22.58 percent. Please note: 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.
Marco Island Sun Times article here.