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Marco Island, 3rd Quarter 2017 Real Estate Market Update

Marco Island, 3rd Quarter 2017 Real Estate Market Update
There was a 15% increase in the number of homes sold in 2017 compared to the first 9 months of 2016. Average home prices were mixed over the past 12 months with water direct homes down 18% , water indirect up 7% and Inland homes up 2%.  The average Lot prices have jumped with the higher end of the market selling better. Over the last 12 months the average water direct lot sale price was up 20%, indirect lot average prices were up 9%, and Inland lot was down 3%.  Total home units sold in 2017 versus the same period in 2016 were up 32, with 12 more water direct, 8 more water indirect, and 12 more inland homes sold.  Total lot units sold in 2017 versus the same period in 2016 were up 44, with 10 more water direct, 15 more water indirect, and 19 more inland lots sold.  Total condo units sold in 2017 versus the same period in 2016 were down 20, with 14 fewer beach/gulf, 12 fewer waterfront, and 6 more inland condos sold. Overall, Inventory levels are down 9% from last year, units sold are up by 56 in 2017 with 20 fewer condos, 32 more homes, and 44 more lots sold this year vs. last year..

Click the following link to view my 3rd Quarter 2017 Real Estate Market Update:
http://www.marcohomeinfo.com/3rdQuarter2017RealEstateMarketAnalysis.pdf

Marco Island Florida - October 1, 2017 Inventory Analysis
*While September is typically a slower month, IRMA has definitely distorted the numbers.  We are back up and running and I expect a rebound in the coming months.
 
Marco Island Inventory levels are Down 9% from this time last year.  There are 886 properties currently for sale on the island; 286 homes, 319 condos, and 281 lots.  Condo inventory is down 7% from this time last year, while the inventory of homes is down 6% and lot inventory is down 15%. Pending Sales of Homes is down 25%,  Pending Condos are up 28% and the number of Pending Lots is down 11%.  The total number of all pending units is down 5% compared to last year with 87 properties now under contract vs. 92 on October 1, 2016. There were 37 closings of Marco Island properties in the last month and 13 net new pending sales accounting for the decrease in total pending units from 111 last month to 87 currently.

Click the following link to view my October 1, 2017 Inventory Analysis:
http://marcohomeinfo.com/InventoryanalysisOctober12017.pdf

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