During the first six months of 2017 through June, the Marco Island real estate market experienced strong levels of activity when compared to prior year same time frame according to the Marco Island Area Association of Realtors® Multiple Listing Service. Closed sales for single family homes, home-sites/vacant lots and condos outpaced prior year. Well-priced properties on Marco Island continue to sell, and we are encouraged by the momentum heading into the second half of the year.
Closed sales for 1st half 2017 performed very well relative to 1st half 2016: Two-hundred twenty-nine single family homes sold which is an increase of 20.52% versus prior year same time frame. Eighty home-sites/vacant lots sold which is a 42.85% increase over prior year. Three-hundred three condos sold, an 8.21% increase over last year. Median Sale Price (point at which fifty percent of the properties sell for more and fifty percent of the properties sell for less) performance exceeded 1st half of 2016 for single family homes, home sites/vacant lots and condos: Single family homes had a Median Sale Price of $785,000 which amounted to a
6.73% increase over 1st half 2016.
The Median Sale Price for home-sites/ vacant lots sold was $422,500, which increased 6.28% versus same timeframe
Condo sales achieved a Median Sale
Price of $435,000, which is an increase of 4.44% compared to last year same timeframe.
During the second quarter time period (April through June 2017) compared to prior year same timeframe, closed sales increased for single family homes (135 or +15.38%) and home-sites/vacant lots (36 or +28.57%), but were off (163 or -2.40%) for condos. While the median sale price increased for all three property types: single family homes (+9.15%), home-sites/vacant lots (+5.96%) and condos (+4.76%). All in all it was a very good quarter for real estate sales on Marco Island.
The month of June 2017 compared to prior year same timeframe had mixed results across property types. The median sale price increased for single family homes (+3.33%) and home-sites/vacant lots (+27.27%), but slipped (-5.88%) for condos. Closed sales rose (+10.00%) for single family homes, but dropped for home sites/vacant lots (-27.27%) and condos (-5.88%). Pending sales (properties under contract) during June increased for home sites/vacant lots (+60.00%), but decreased for single family homes (-7.50%) and condos (-28.26%). Overall active listings also referred to as inventory declined for single family homes (-5.78%) and home sites/vacant lots (-12.21%), but increased on condos (+7.74%) when compared to June 2016. So the month of June did experience some softness relative to a very strong performance for the 1st half and the 2nd quarter in our market.
Overall we are experiencing positive trends compared to last year. When you drill down to specific communities, neighborhoods and segments the trends and performance may vary, which is why it’s so important to reach out to a local based, knowledgeable and licensed professional with your real estate questions.
For more details on specific segments of the market please contact your local MIAAOR Realtor® to help you with further insights. For more information call 239-394-5616.