Waterfront 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.

Multiple Listing Service statistics released by the Marco Island Area Association of Realtors for Marco Island-only properties comparing January-September to the same period a year ago show dollar volume of Marco Island real estate sold increased 2.02 percent from $533,322,580 (2013) to $544,120,403 (2014).

Single-family

• Home Activity: Fewer new single-family homes were listed on the market January through September versus the same months in 2013 by 3.9 percent (467 vs. 486).

• The number of single-family homes closed since January shows an increase of 11.38 percent (362 vs. 325) from the same period in 2013 while the pending sales of single-family home properties in the comparison increased significantly by 27.09 percent (638 vs. 502).

• The average sale price (total sales in dollars divided by the number of sales) and median sale price (50 percent of sales were above and 50 percent of sales were below) for closed single-family homes was down a slight 3.59 percent ($735,562 vs. $763,014). The median sale price was up 7.63 percent ($613,500 vs. $570,000).

• Total dollar volume sold for single-family homes was $266,273,589 for January-September, up 7.37 percent from the same time last year ($247,979,590).

Condos

• Condominium activity: The number of new condo listings year-to-date for 2014 compared year-to-date 2013 was virtually unchanged, down 0.92 percent (538 vs. 543). The number of pending sales in the condo category increased by 22.92 percent in the same comparison (740 vs. 602). The number of condos closed in the comparison is up 2 percent (457 vs. 448).

• The average sale price is up 4 percent ($486,481 in 2014 vs. $467,751 in 2013) while median sales price is up 11.95 percent ($370,000 in 2014 vs. $330,500 in 2013).

• Total dollar volume sold for condominiums year-to-date for 2014 was $222,321,614 vs. $209,552,410 in 2013, up 6.09 percent.

Lots

• Lot activity: The number of new lots listed in 2014 increased 11.62 percent from 2013 (240 vs. 215). The number of lots pending decreased 11.61 percent (175 vs. 198). The number of closed sales of lots decreased by 16.19 percent (119 vs. 142). The average sale price increased 6.86 percent ($413,504 in 2014 vs. $386,950 in 2013). The median sale price increased 0.4 percent ($251,000 in 2014 vs. $250,000 in 2013).

• Total dollar volume sold decreased 10.44 percent ($49,206,950 in 2014 vs. $54,946,927 in 2013).

For all properties, average sale price is up 0.41 percent ($572,156 in 2014 vs. $569,789 in 2013) and median sale price is up 16.19 percent ($443,000 in 2014 vs. $381,250 in 2013).

We continue to see a strong real estate market on Marco Island and I believe it will continue through season.

Multiple Listing Service statistics released by the Marco Island Area Association of Realtors for Marco Island-only properties comparing January-September to the same period a year ago show dollar volume of Marco Island real estate sold increased 2.02 percent from $533,322,580 (2013) to $544,120,403 (2014).

Single-family

• Home Activity: Fewer new single-family homes were listed on the market January through September versus the same months in 2013 by 3.9 percent (467 vs. 486).

• The number of single-family homes closed since January shows an increase of 11.38 percent (362 vs. 325) from the same period in 2013 while the pending sales of single-family home properties in the comparison increased significantly by 27.09 percent (638 vs. 502).

• The average sale price (total sales in dollars divided by the number of sales) and median sale price (50 percent of sales were above and 50 percent of sales were below) for closed single-family homes was down a slight 3.59 percent ($735,562 vs. $763,014). The median sale price was up 7.63 percent ($613,500 vs. $570,000).

• Total dollar volume sold for single-family homes was $266,273,589 for January-September, up 7.37 percent from the same time last year ($247,979,590).

Condos

• Condominium activity: The number of new condo listings year-to-date for 2014 compared year-to-date 2013 was virtually unchanged, down 0.92 percent (538 vs. 543). The number of pending sales in the condo category increased by 22.92 percent in the same comparison (740 vs. 602). The number of condos closed in the comparison is up 2 percent (457 vs. 448).

• The average sale price is up 4 percent ($486,481 in 2014 vs. $467,751 in 2013) while median sales price is up 11.95 percent ($370,000 in 2014 vs. $330,500 in 2013).

• Total dollar volume sold for condominiums year-to-date for 2014 was $222,321,614 vs. $209,552,410 in 2013, up 6.09 percent.

Lots

• Lot activity: The number of new lots listed in 2014 increased 11.62 percent from 2013 (240 vs. 215). The number of lots pending decreased 11.61 percent (175 vs. 198). The number of closed sales of lots decreased by 16.19 percent (119 vs. 142). The average sale price increased 6.86 percent ($413,504 in 2014 vs. $386,950 in 2013). The median sale price increased 0.4 percent ($251,000 in 2014 vs. $250,000 in 2013).

• Total dollar volume sold decreased 10.44 percent ($49,206,950 in 2014 vs. $54,946,927 in 2013).

For all properties, average sale price is up 0.41 percent ($572,156 in 2014 vs. $569,789 in 2013) and median sale price is up 16.19 percent ($443,000 in 2014 vs. $381,250 in 2013).

We continue to see a strong real estate market on Marco Island and I believe it will continue through season.

A plan to apply more than $11 million in special assessments for vacant lots for improvements to the Marco Island Utility’s infrastructure has been moved to the Oct. 20 Marco Island City Council meeting.

The change in the date for consideration of the issue was dictated by publishing deadlines for advertising of the meeting, city officials said.

The proposed assessment dates back to the original STRP program and the improvements made to both the wastewater treatment plant and upgrading of the water-production facilities on the island.

During a recent utilities rate workshop, the council agreed to move forward to collect those capital improvement costs from vacant lot owners benefiting from the improvements to the system. Prior to this action, owners would not have to pay for those improvements either until the lots were sold or they built on the property.

The total amount of revenue the city would realize if all the money owed were to be paid at once is about $11.22 million, city officials said.

The mechanisms for payment would be similar to those property owners were offered during the STRP program. They include being able to pay up-front and receive a discount or make payments for the next 10 years with interest on the balance.

If the property is sold, the debt would have to be immediately satisfied to clear title of the property.

The funds for the improvements had to be borrowed via the bonding method and any payments by this assessment of the vacant lots would have to be encumbered for paying down that debt, city officials said.

Homeowners and consumers of the utility today are paying for that borrowing in their monthly utility bills, while vacant lot owners are seen to be benefiting in the value associated from the improvements, while deferring payments.

The council was originally scheduled to hold a public hearing and vote on the plan during its Oct. 6 regular meeting. However, due to a problem with scheduling the required legal advertisement of the issue, it has been rescheduled to the Oct. 20 meeting at 5:50 p.m. at the council chambers.

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.