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Marco Island, 4th Quarter 2018 Real Estate Market Update

Marco Island, 4th Quarter 2018 Real Estate Market Update
There was a 7% decrease in the number of homes sold in 2018 compared to 2017. Average home prices were mixed over the past 12 months with water direct homes off 4% , water indirect up 7% and Inland homes up 3%.  Over the last 12 months the average water direct lot sale price was off 37%, indirect lot average prices were down 4%, and Inland lot prices were up 5% on average.  Total home units sold in 2018 versus the same period in 2017 were down 27, with 2 more water direct, 6 fewer water indirect, and 23 fewer inland homes sold.  Total lot units sold in 2018 versus the same period in 2017 were down 41, with 7 fewer water direct, 11 fewer water indirect, and 23 fewer inland lots sold.  Total condo units sold in 2018 versus the same period in 2017 were up 23, with 17 more beach/gulf, 16 more waterfront, and 10 fewer inland condos sold. Overall, Inventory levels are down 8% from last year, with the number of pending units on January 1,2019 up by 7% compared to January 2018.

Click the following link to view my 4th Quarter 2018 Real Estate Market Update:
http://www.marcohomeinfo.com/4thQuarter2018RealEstateMarketAnalysis.pdf

Marco Island Florida - January 1, 2019 Inventory Analysis
Marco Island Inventory levels are Up 13% from this time last year.  There are 993 properties currently for sale on the island; 311 homes, 384 condos, and 298 lots.  Condo inventory is up 19% from this time last year, while the inventory of homes is up 10% and lot inventory is up 9%.  The number of Pending Home sales is up 29% compared to last year, Pending Condos are down 31% and the number of Pending Lots is down 27%.  The total number of all pending units is down 8% compared to last year with 77 properties now under contract vs. 84 on January 1, 2018. There were 61 closings of Marco Island properties in the last month and 54 net new pending sales accounting for the decrease in total pending units from 84 last month to 77 currently.  

Click the following link to view my January 1, 2019 Inventory Analysis:
http://marcohomeinfo.com/InventoryanalysisJanuary12019.pdf

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