Monthly Archives: February 2014

The Marco Island Market is HEATING up so much it will MELT your snow!

Welcome to our WEEKLY MARKET UPDATE to keep you better informed of the Marco Island market!
Below are the statistics from Marco Island MLS as of last week from 2-10-14 to 2-17-14.

Single Family Homes
20 New Listings ranging from 385,000-2,999,000
6 Pending Listings ranging from 329,900-2,995,000
7 Closed Sales ranging from 315,000-1,360,000

18 New Listings ranging from 75,000-2,495,000
16 Pending Listings ranging from 129,000-2,000,000
13 Closed Sales ranging from 70,500-1,102,500

7 New Listings ranging from 129,500-1,450,000
2 Pending Listings ranging from 220,00-349,000
4 Closed Sales ranging from 89,000-540,000

SINGLE FAMILY HOME inventory continues to dwindle, although the new listings this week did trump the pending and sold inventory. As buyers watch the market, the prices continue to rise. Since we are a seasonal market, this time of year we do have an influx of inventory which is greatly needed. If you are looking at a possible SFH purchase, now is the time since we are selling them almost as soon as they get listed.

CONDOS are the “hot topic” this year as the single family home inventory continues to decrease. As you can see from last week, more condos sold or went pending than new inventory to hit the market. Since many buyers are getting priced out of single family homes, condos become the next best alternative. If you are looking for a condo, my advise is to act fast!

LOTS have been a constant discussion in our office. From 2010-2013 building a house was just slightly more expensive (10{b625ae8fc1ab51a1b4bc3bb9ab54ef8d28b38ca759cb0171c638fe7e178ebb03} +/-) than purchasing existing homes. This changed the focus of may buyers in the market at that time to switch gears and move into building. This then depleted our lot inventory. With the rise of goods, (fuel, concrete) rose the price of building. Again we have seen another shift in focus of may prospective buyers to consider existing homes as an alternative again. It is now less expensive to buy existing due to not only the cost of building but the challenge of finding a lot, especially one with a view which starts around the 600K+. If you are in the market for a lot, it can be challenging to find one that fits all of your criteria within your budget.

Quick Tip of the Week–If you are looking for a Marco Island / Naples property and find something that works, don’t wait to see what will happen with the price. Most of the time well priced properties will sell or will increase their price due to our market and inventory (or lack thereof).

Short Sale and Foreclosure Update–Many of the short sales and foreclosures have slowly left our market place although a few still remain. Banks are holding firmer to their prices. Short sales and foreclosures are not always the best deal and many are yielding multiple offers, driving up the price. Some are even selling over list price by thousands of dollars. Email or call us if you would like a current list of Marco Island / Naples short sales and foreclosures.

REMEMBER–We ALWAYS have time to take a call, return a call or e mail. Never hesitate to contact us if you would like any real estate
information. All of our clients are important to us! Have a great week everyone!

Wishing you MASSIVE success,

Emily and Todd