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Marco Island, 1st Quarter 2018 Real Estate Market Update

Marco Island, 1st Quarter 2018 Real Estate Market Update
There was a 4% decrease in the number of homes sold in 2018 compared to 2017. Average home prices were mixed over the past 12 months with water direct homes up 7% , water indirect down 16% and Inland homes up 7%.  Lot sales slowed in the 1st quarter, but were up year over year 9%. Over the last 12 months the average water direct lot sale price was down 20% with 12 sales in the quarter, indirect lot average prices were up 4% with 10 sales, and Inland lot prices were up an average of 3% on 7 sales.  Total home units sold in 2018 versus the same period in 2017 were down 5, with 9 fewer water indirect, 2 more water indirect, and 2 more inland homes sold.  Total lot units sold in 2018 versus the same period in 2017 were down 13, with 3 fewer water direct, 0 more water indirect, and 10 less inland lots sold.  Total condo units sold in 2018 versus the same period in 2017 were down 5, with 2 more beach/gulf, 2 more waterfront, and 9 fewer inland condos sold. Overall, Inventory levels are down 11% from last year, with pending units up by 15% in 2018.

Click the following link to view my 1st Quarter 2018 Real Estate Market Update:
http://www.marcohomeinfo.com/1stQuarter2018RealEstateMarketAnalysis.pdf

Marco Island Florida - April 1, 2018 Inventory Analysis
Marco Island Inventory levels are Down 11% from this time last year.  There are 1000 properties currently for sale on the island; 321 homes, 376 condos, and 303 lots.  Condo inventory is down 7% from this time last year, while the inventory of homes is down 19% and lot inventory is down 7%.  The number of Pending Home sales is up 5% compared to last year, Pending Condos are down 3% and the number of Pending Lots is down 6%.  The total number of all pending units is down only 1% compared to last year with 171 properties now under contract vs. 173 on April 1, 2017. There were 100 closings of Marco Island properties in the last month and 116 net new pending sales accounting for the increase in total pending units from 155 last month to 171 currently.  In summary, the pace of sales continue with lower inventory putting further pressure on supply.

Click the following link to view my April 1, 2018 Inventory Analysis:
http://marcohomeinfo.com/InventoryanalysisApril12018.pdf?

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