After enduring several years of declining real estate prices on Marco Island, owners can finally feel confident that the bottom of the market is behind us. The information coming in through 2011 and the first half of 2012 was mixed but encouraging. Finally, as the year ends, everything points towards a positive recovery.
Single-family home prices have recovered nicely in 2012. The median selling price is up almost 4% which is music to the ears of many homeowners that have been waiting to sell. The number of homes sold in 2012 is up over 8% from 2011.
Condos have appreciated even faster than homes in 2012. The median price is up over 10%. The number of units sold is up over 18%. While the inventory has certainly shrunk as a result of the hot sales activity, there is still a great selection for buyers and deals can still be found.
The lot sales this year have been amazing. The demand for lots was heavy all year long and new construction is everywhere on this small island right now. While the median selling price for lots is up only about 8% over 2011, the number of lots sold has been incredible. Lots sold are up over 80% when compared to 2011.
Does all of this mean that the bargains have dried up and buying opportunities are gone? Not by a long shot. The market is still hovering around 2003 prices. Yep, the prices are where they were long before the Florida real estate bubble began inflating. The market has been "over-sold" to use stock market lingo. Value-buyers should still be buying on Marco for years to come.
For more info on the Marco Island real estate market, visit our website, BuyMarco.com.