New Construction Boom on Marco Island

The past three years has seen an incredible amount of new construction for single family homes on Marco Island. Between January 1, 2019, thru November 10, 2021, the City of Marco Island issued 455 permits. The permits issued have a total valuation in excess of $390 million! In 2019, the city processed 108 permits with a total valuation of $84,835,180. In 2020, the city has issued 126 new construction permits with a valuation of just under $108 million.

This year has seen the largest increase of the past three years. Through Nov 10, 2021, the city issued a whopping 221 permits. The valuation for the year to date is $198 million.

The trend of low inventory is still here. Days on market for properties continues to decrease significantly. Median sale prices are up in each category.

Total inventory in October of 2021 was down 65% from October 2020. Total active properties were 230 as compared to 661 last year. The total number of closed sales was down 48% from 162 to 85. Total dollar volume was $84 million, down 33% from this time last year.

35 homes closed this October – down 35% from 54 homes sold last year. The median sale price was up by 20% at $1.1 million. Average days on market for homes was down 63% from 112 to 42.

This month, 41 condos were sold, down 47% from last year. The median sale price was up 18%. Average days on market for a condo went from 120 to 40 for a whopping 67% decrease.

We had nine lots closing this month, down 70% from last year’s 30. The total sold dollar volume for lots was down 29% from last year. The median sale price for a lot this month was up 108% from last year’s $432.5K. Average days on market for lots was down 48%.

Data courtesy of Marco Island Area Association of Realtors® Multiple Listing Service (MLS) for the period October 2020 and October 2021. For the purpose of this report, the following property types are measured: single family homes (RE1), condos (RE2), and lots. Decimals rounded to the nearest whole number.