Back HomeWaterfront home sales, specifically water indirect homes were the strongest segment of the market with 25 more units sold compared to the same period in 2013. Inland homes sales were also strong with 13 more sales this year compared to last. The average beachfront condo price is up 12% for the past 12 months but off 6% for the quarter. Lot prices continue to rise with the average water indirect lot up 58% over the past 12 months, with water direct lots up 18% and inland lots up 16% over the same period. The increase in lot prices has affected sales volumes with current year units trailing last year by 21. Overall, Inventory levels are down and prices are moving higher as the selection of properties dwindles.
Marco Island Inventory levels are down 6% from this time last year and are now 70% lower than in March 2007 with only 844 properties currently for sale on the island; 263 homes, 294 condos, and 287 lots. Condo inventory is down 18% from this time last year, while the inventory of homes is down 13% and lot inventory is up 21%. The total number of pending units is down 25% compared to last year with 105 properties under contract verses 140 on October 1, 2013. Only 7 of these pending sales are either foreclosures or short sales which is now only 7% of all pending sales. There were 70 closings of Marco Island properties in the last month and 52 net new pending sales accounting for the decrease in total pending units from 123 last month to 105 currently.
