The Marco Island real estate market has continued to show improvement through the third quarter of 2011. Overall sales volumes have increased for the third consecutive quarter. Marco Island total sales volumes registered over 50% over Q3 of 2010. Inventory has shrunk by over 14% as compared last year and new listings were down by nearly 14%. while overall pending sales were up nearly 39% over Q3 2010. There was good news on the sales prices as well. Overall average sales were up by nearly 15% over the previous Q3.
Condos and lots had strong performances in Q3 2011. Lots lead the way with a 113% increase in volume and an average sale price increase of almost 15%. Pending contracts in these categories were also strong with 104% and 91+% increases, respectively. We are seeing a lot of buyer’s now opting to buy waterfront lots and build new construction. This has taken some of the wind out of the sails of existing home sales. However, homes sales volumes still registered a respectable 4.29% increase. Pending home sales showed a bit of weakness. We believe the weakness is due the depletion of quality properties in the market value range as well as the trend towards new construction.
Distressed properties (aka Foreclosure and short sales) made up about 15% of active homes, 8% of active condos and 11% of the active lots. Overall, Marco Island’s 15% foreclosure rate for homes is below national (17%), Florida(27%) and Collier County(26%) levels, according to RealtyTrac.
With season soon upon us, we have seen a flurry of buyers entering the Marco Island real estate market . We anticipate that we will see good sales volumes through December that will continue as we enter January. However, we should not expect any appreciable difference in sales price at least until mid-to-late Q1 2012.
Click to see all of the Marco Island Real Estate Statistics for Q3 2011