Due to some improvements to our website, we had to delay our market updates and we greatly apologize for the delay.
So without further adieu, welcome back to our WEEKLY MARKET UPDATE of the Marco Island market!
Below are the statistics from Marco Island MLS as of last week from 2-24/2014-3/2/2014.
Single Family Homes
20 New Listings ranging from 299,900-3,995,000
10 Pending Listings ranging from 230,000-729,900
13 Closed Sales ranging from 307,500-2,285,000
24 New Listings ranging from 180,000-2,295,000
15 Pending Listings ranging from 89,000-1,950,000
20 Closed Sales ranging from 180,000-1,925,000
11 New Listings ranging from 240,000-1,700,000
4 Pending Listings ranging from 350,000-650,000
4 Closed Sales ranging from 240,000-1,700,000
SINGLE FAMILY HOMES–As you can see, more properties left the market this week than came on. Our inventory is SHRINKING, Shrinking, Shrinking fast! And of course with your basic Economics 101, as demand continues to rise and the supply continues to fall, prices will also continue to rise—good for the seller, not so good for the buyer! If you are in the market for a single family home, call or e mail us so we can help you get the right property before it is SOLD!
CONDOS–The single family home inventory also explains the movement in the condos. As single family home shoppers are getting squeezed out of their price point, they shift their search to the condo market. This week, said GOODBYE to 25 condos and HELLO to only 24. To all of the condo shoppers out there, this is THE YEAR OF THE CONDO! If you want to buy a condo at a reasonable price, do it now.
LOTS–As building continues, (remember homes that you see around the Island under construction were sold approximately 3-6 months ago due to our permitting process and maybe even a slight delay due to our friends the BURROWING OWLS and it being mating season… again). It may seem that there is a lot of building going on though, because there is! However, even though we had 11 new lots hit the market and 8 leave, it can be challenging to find the right lot to build your dream home. If you are looking for a lot with a VIEW, plan on spending at least 500K! Yep, that’s 500,000 USD for an 80 x 110 lot. Remember, inland lots are great investments and start around 90K. It is a wonderful way for a real estate investor to get started with minimal costs (taxes and lot mowing).
IN OTHER MARCO ISLAND NEWS—TripAdvisor ranked Marco Island as #1 Island in the US and #4 best Island in the WORLD! Who would have figured? Well, we would have of course because we know how just how amazing this little 4 x 6 mile Island is! ALSO, a very big welcome to The Speaker of the House JOHN BOEHNER who recently closed on his Cape Marco condo! The GOP is gaining a strong presence here on our little Island Paradise!
Remember, we always have time for you! All of our clients matter to us. Call or e mail us at any time and we are more than happy to help with any and all Marco Island / Naples, FL real estate needs!
Wishing You Massive Success,
Emily and Todd