Marco Real Estate Update, Post-Irma

During the month of September the Marco Island real estate market was certainly disrupted by Hurricane Irma. Preparations before the storm and major recovery efforts after the storm essentially cost about ten to fourteen days of business. Since Irma landed in Southwest Florida, our real estate market has rebounded and the activity has been strong. We have seen closings and pending sales across all property types according to the Marco Island Area Association of Realtors® (MIAAOR) Multiple Listing Service. Well-priced properties on Marco Island continue to sell, but inventory declines need to be monitored closely as the supply of properties has declined.

Closed sales post Irma:

Twelve single family homes sold.

Nine home-sites (vacant lots) sold.

Thirteen condos sold.

Pending sales, which are properties

under contract that have not yet closed,

post-Irma:

Nine single family homes went under

contract.

Four home-sites went under contract.

Six condos went under contract.

Inventory levels declined on all property

types during September 2017

compared to September prior year:

Active listings for single family homes

totaled two hundred and ninety, a

-9.09% decrease.

Home-sites totaled two hundred and

eighty-five, a -13.11% decrease.

Condos finished the month with three

hundred and seventeen active listings,

which is a -9.43% decrease.

Median Sale Price (point at which fifty

percent of the properties sell for more

and fifty percent of the properties sell

for less) performance was excellent for

condos, flat for single family homes and

down for home sites/vacant lots:

Single family homes had a Median Sale

Price of $780,000 which is flat

compared to same time frame last year.

The Median Sale Price for home- sites

sold was $215,000 which decreased

-47.23%.

Condo sales achieved a Median Sale

Price of $335,000, which increased

28.59% compared to same time

frame a year ago.

On a year to date basis we continue to

experience positive trends for median sale

prices. Sales are particularly strong on

single family homes and home–site/vacant

lots. When you drill down to specific communities and segments, the performance

can vary. In particular the inventory levels in

certain segments have been reduced. That’s

why it’s so important to reach out to a professional with your questions.

For more details on specific segments of

the market please contact your local MIAAOR

Realtor® to help you with further insights. For

more information, call 239-394-5616.