The Marco Island Area Association of Realtors has released the Multiple Listing Service statistics for Marco Island comparing July 2013 with July 2012 activity.
“Here’s a recap of the Marco Island real estate market:
* Sold single-family home sales up 41% (38 vs. 27);
* Sold condominium sales up 30% (48 vs. 37);
* Sold single-family vacant lots down 42% (11 vs. 19);
* Pending single-family home sales down 5% (42 vs. 44);
* Pending condominium sales down 8% (47 vs. 51);
* Pending single-family vacant lot sales down 26% (14 vs. 19).
Inventory includes:
* 323 single-family homes (up 6% from 2012);
* 405 Condominiums (down 22% from 2012);
* 236 single-family lots (down 14% from 2012).
Summary:
A total of $63 million worth of real estate closed on Marco Island in the Month of July – compared to $59 million worth in June 2013 and $38 million in July 2012.
There were quite a few sales in July in excess of $1 million, which seems to be a trend. While there is a definite “season” to our real estate market, without question this proves sales don’t stop “after season.”
“The total number of homes, condos and lots for sale is currently 964. That is a very low number and if it continues to shrink we may see a let up in sales as there are just simply not enough properties to meet the demand.”
The great news is that it is currently a great time to both buy or sell property on Marco Island!
Real Estate prices on Marco remain relatively low, so this is a particularly wonderful time for any-one considering becoming a home owner on Marco Island. However, these low prices will most likely not stay as low as they currently are for much longer.
Therefore, it is also a great time for anyone considering selling their property. As inventory decreases and demand increases, real estate prices will also rise. So, if you are thinking of selling, it is a great time to do so as the low inventory creates a sense of urgency in buyers, now compounded by mortgage interest rates rising.
In this changing market, whether you are considering buying or selling real estate on Marco Island it is always a wise choice to utilize the professional services of a Realtor to help guide you through your transaction.
Please feel free to contact us at the Sandlin Team for all of your real estate needs at 239.642.4450 or at info(at)Marcorealtysource(dotted)com. It would be our absolute privilege to serve you.
