The Marco Island Real Estate market continues to show consistent improvement in September 2011. New Listings were 25% lower than last September and overall inventory was down 14.5%. Overall Closed transactions were up almost 33%. While the month to month average and median prices were positive, all signs of a stabilizing market.
Individually, the single family homes were on pace with last month but below last September's numbers. We believe that due to the strong interest in homes in the past that the inventory has been depleted of quality homes that are well priced. Good properties are leaving the market quickly. The silver lining is that average home sales price was up nearly 18% month to month and near even with last year. Could we be seeing a change in the direction of home prices?
On the flipside, lots and condos had a banner month!
In September, lot sales surges 225% over last year and 44% over last month. Lot are at bargain prices which has caused some of the buyer's to consider new construction vs. existing homes. This has taken some of the momentum away from single family home sales as buyer's are not finding what they want in single families. We are already seeing waterfront lot price going up slightly.
Condos also had a triple digit increase over last September, moving up over 106%. We have seen a renewed interest in condos. There was over a 30% increase in the condo average price index. Most likely attributed to a increase in the higher end condos. However, there are still plenty of condo bargains to be had in the Marco Island real estate market.
Overall, the market is primed for an great season! The values are there but you will need to move quickly as we are seeing the good properties leave the market quickly. If you have been sitting on the fence, now is the time to get off and find your place in paradise.