MLS statistics, released by the Marco Island Area Association of Realtors® for Marco Island only properties, show a very active market according to Gerry Rosenblum, President. Here is a recap of what happened in the Marco Island Real Estate market during May 2012.
104 Total properties closed for a total of $53 Million (including Time Shares and Commercial)
33 Single Family Homes for $24.4 Million – Avg. Sale price $738K
59 Condominiums for $24.2 Million – Avg. Sale price $411K
12 Vacant Homesites for $4.8 Million – Avg. Sale price $398K
76 Total properties went under contract in May (including Time Shares and Commercial)
23 Single family homes
19 Vacant homesites
Inventory of what is currently on the market
331 Single family homes
286 Vacant homesites
I am happy to once again report that Real Estate sales activity on Marco Island remains strong. This week the benchmark 30 year fixed rate mortgage dropped to a historic low of 3.67% which is fueling the market. Many smart buyers are taking advantage of this “cheap money” and are jumping in to get their piece of Paradise.
I would also point out that if you drive around the island you will see some home building being done on speculation, another sign of confidence in our market.
If you have been thinking about purchasing property on Marco Island, I implore you to call a local Realtor® and see what is for sale. Years from now you will be glad you did.