Comparing January 2014 with January 2013, there are 10% fewer properties actively on the market today than there were a year ago in Marco Island. Breaking that number down, there are 1% fewer lots for sale, 9.4% more homes for sale and most dramatically 27% fewer condos for sale. The new home construction is very strong on the island and that is certainly competing with the resale home market. On the other hand, there are no new condo developments being marketed on the island currently and that is impacting the number of condos for sale.
Sales in January were very strong across the board on the Island with a 38% increase in the number of pendings this January as opposed to a year ago January. Single Family home pendings were up 24%, Lot pendings are up 52%, another reflection of the strong demand for new construction. The number of condo pendings were up 48%.
The number of Homes CLOSED in January was up 29% from a year ago. The number of Lots CLOSED was up 300% from a year ago. The number of Condos CLOSED in January was actually down 3%. However, looking at trends, with the condo Pendings up 48%, closings will no doubt be strong in February.
Prices showed an increase in the year to year comparison of closed properties of all types of 14.88%. However, there is no question that one has to look at the specific pocket of the market. While condos show the biggest decrease in inventory, there are dramatic differences in performance based on location, or from one condo complex to the next. The most dramatic appreciation in prices has been in the big bay view lots.
The total sold volume year to year comparison showed an 18.57% increase from $551 M in 2012 to $653 M in 2013. Year over year, the number of single family home closed sales rose by 2.3% while the volume rose by 14.5% and the average sales price rose by nearly 12%. The number of closed condos sales for the same year to year period increased by 6.1%. The volume sold by dollar amount increase was 14% and the average sales price rose 7.5%. The number of closed lot sales from 2012 to 2013 was actually down 4.3%. However, the dollar volume of sold listings increased 34.6% and the average sales price of lots increased 40.65%. This number is affected by the fact that there were an increasing number of high end lot sales at dramatically appreciated prices. The average canal and inland lots did not appreciate nearly so much. Days on the market decreased 6% year to year for all properties categories overall.
Jack Wert, Executive Director for the Naples, Marco Island & Everglades Convention & Visitors Bureau, reported that for the first time, tourist spending in the County was over $1 billion for 2013. Spending from Canadian visitors was up 11.9% and European revenues rose 5.7%. Without any argument, the Canadians are our strongest international customers both for purchasing real estate and as tourists and the Toronto area tops the list. We continue to gain national and international acclaim. Marco Island was rated in the Top Five Most Beautiful Small Towns in America. Collier County as a whole was named to top Golf Destination of the Year by the International Association of Golf Tour Operators and was also featured in the popular “100 best places to take your children” book. Naples has also been awarded one of the Top Retirement Destinations in the U.S., Top 1- Beach Towns, Top Ten Art Towns. & #2 Place to Live in Florida. Beach remains the number 1 drawing card for the area, followed by dining, shopping and eco-tourism. Since we all live here we know and enjoy these benefits and many more daily. The national and International recognition definitely fuels our marketplace.
