MLS statistics, released by the Marco Island Area Association of Realtors® for Marco Island only properties compare August 2014 to August 2013.

Marco Island ML…S Statistics, for Marco Island only property, continues to be a sellers market, according to Bette McGilvray, 2014 President, Marco Island Area Association of Realtors. Active inventory continues to decrease from a year ago and pending statistics for all property types are up.

• Home Activity: The number of new single family properties listed for sale in August 2014 v. August 2013 was unchanged (31 v. 31). The total number of single family properties active on the market decreased by 18.38% (262 v. 321). The average sale prices decreased by 15.40% ($572,238 v. $676,373) while the median sale price for closed single family homes decreased by 3.23% ($531,250 v. $549,000). Total sold dollar volume for single family homes increased from $20,967,550 in August 2013 to $24,034,000 in August 2014, a 14.62% increase.

• Condominium Activity: The number of new “condo” listings this August v. last August decreased by 7.14% (39 v.42). The total number of condos on the market from last year has decreased by 26.30% (297 v. 403). The average sale price for condos was down 12.03% ($342,488 vs. $389,305), while the median sale price for condos was up 7.29% ($287,000 v. $267,500).

• Total sold dollar volume for mutli-family decreased 24.02% from $17,129,440 in August 2013 to $13,014,559 in August 2014.

• Lot Activity: Newly listed Lots in August 2014 v. August 2013 decreased by 16.67% (15 v. 18). Total number of active Lot listings increased 20.50% (288 v. 239) from last year. Average sale price was up 5.00% ($344,925 v. $328,488) while median sale price was down 21.34% ($280,000 v. $355,950).

(Average sale price is total sales in dollars divided by the number of sales and median sale price means 50% of sales were above and 50% of sales were below.)

• Pending Sales: The number of pendings for all property types was up 3.48%.
Single family pendings in the comparison is up 6.52% (49 v. 46); Lots up 10.00%
(11 v. 10) Multi-family up 3.51% (59 v. 57).

• Closed Sales: The number of Single Family homes closed is up considerably 35.48% (42 v.31) in the August-to-August comparison. The number of condo’s closed in the comparison is down 13.64% (38 v. 44) and the number of lots closed was up 25.00%
(10 v. 8) in the same comparison.

• For all property types, average sale price was down 30.02% ($439,428 v. $627,940) while median sale price was up 1.50% ($405,000 v. 399,000).

We continue to see a strong market with rising values but low inventory.

Active inventory has decreased and pending statistics for single family homes, condos and lots are way up in the July 2014 to July 2013 comparison.

• The number of new single family homes actively listed on the market in July 2014 v. July 2013 decreased by 10.00% (45 v. 50). The total number of single family properties active on the market decreased by 16.52% (283 v. 339). The average sale prices increased by 4.81% ($845,438 v. $806,622) while the median sale price for closed single family homes increased by a whopping 69.52% ($881,500 v. $520,000). Total sold dollar volume for single family homes decreased from $30,651,630 in July 2013 to $23,672,274 in July 2014, a 22.77% decrease.

• In regard to condo activity, the number of new listed condominiums this July v. last July decreased by 27.91% (31 v.43) and total number of condos on the market from last year decreased by a considerable 26.71% (310 v. 423). The average sale price for condos was down 26.14% ($410,178 vs. $555,344), while the median sale price for condos was down 8.01% ($327,500 v. $356,000). Total sold dollar volume for mutli-family decreased 38.45% from $26,656,511 in July 2013 to $16,407,100 in July 2014.

• The number of newly listed Lots this July 2014 v. July 2013 (20) was unchanged. The total number of lots active on the market is up though to 21.16% (292 v. 241) from last year. Their average sale price was up 36.27% ($360,300 v. $264,409) while median sale price was up considerably 81.77% ($359,000 v. $197,500).

(Average sale price is total sales in dollars divided by the number of sales and median sale price means 50% of sales were above and 50% of sales were below.)

• The number of pending sales for all property types was up 62.26%. Single family homes were up 59.52% (67 v. 42); Lots were up 35.71% (19 v. 14); and multi-family & condos were up 59.57% (75 v. 47).

• The number of single family homes closed is down 26.32% (28 v.38) in the July-to-July comparison while number of lots closed was down 9.09% (10 v. 11) in the same comparison. The number of condos closed in the comparison is down 16.67% (40 v. 48).

• For all property types, average sale price was down 12.35% ($561,359 v. $640,476) while median sale price was up 10.07% ($410,000 v. 372,500).

The value of Marco Island property continues to be on the “up-swing”. This is wonderful for Sellers of property on Marco but also a great reason for a Buyer to purchase a piece of our
# 1 rated Island paradise.