Marco Island Real Estate: Great News Across the Board!

By
Real Estate Agent with John R. Wood Realtors

 

 

 

Natalie Header - last revision 

 

"Housing Market Healthiest in Years!" as stated in the recent Health of the Housing Report prepared by Nationwide.  According to the report, the U.S. ended the fourth quarter of 2014 with the highest score for the health of the real estate market in over 15 years.  This is evident locally as Buyers have been able to sell their vacation homes elsewhere or downsize from their primary residences to find a home in paradise.

 

A recent article in the Naples Daily News titled "Vacation Homes are Booming Everywhere"  further emphasizes this point.  According to Lawrence Yun, Chief Economist for the National Association of Realtors, vacation homes sales showed "astonishing growth, nearly doubling the combined total of the previous two years."   Mr. Yun attributed the growth of the vacation market to steady stock market gains and a wave of retirement by the Baby Boomer generation.

 

Locally, many Baby Boomers find appealing the tax and estate advantages provided in Florida,  including no state income taxes, more favorable estate laws, and the "Save Our Homes" Cap on homestead properties. 

 

As shown below, the strength of the vacation home market and the tax advantages of Florida home ownership bodes well for our local island in paradise.  Another positive factor for Marco Island stems from our rating as the #1 island in the U.S. and  #4 island in the world by Trip Advisor in March 2014


ANNUAL OVERVIEW OF MARCO ISLAND REAL ESTATE

When we look at the year-over-year sales reports, the positive gap where sales exceed inventory widened further; therefore, for the past year, Marco Island saw continued sales growth at a slightly increasing rate while inventory continued to decline.  

    http://files.ctctcdn.com/8ab806d8001/5a788210-9555-42b3-a92d-71cd34e7ecbe.jpg 

Below shows that on an annualized basis, the Marco Island Real Estate Market is healthy across the board for the past year.   Consider that 4/1/10-3/31/11 showed  mostly negative factors for real estate on Marco Island; however, 4/1/14-3/31/15 showed the strongest, across the board report. 

  

 

4/1/10 - 3/31/11

4/1/11 - 3/31/12

4/1/12 - 3/31/13

4/1/13 - 3/31/14

4/1/14 - 3/31/15

Sold

779

945

1114

1206

1194

Inventory

1708

1431

1250

1139

1018

Avg. Sale Price

 $ 505,060

 $ 494,268

 $ 496,716

 $ 575,856

$ 602,971

List-to-Sale Price Ratio

89.01%

89.50%

90.87%

92.59%

93.94%

Days on Market

287

276

258

232

203

 

MARCH 2015 YEAR-OVER-YEAR COMPARISON

In February 2015, we saw significant gains with a 32.18% increase in closed sales from February 2014.   In  February 2014, there were only 87 closed sales versus 115 closed sales in February 2015.

 

While sales in March 2015 (124 closed sales) were stronger in volume than February 2015 (only 115 closed sales), closed sales regressed slightly from March 2014 which reported 128 closed sales.

  

As shown below, single family homes saw the largest number of sales for the month of March.

 

Closed Sales

March 2014

March 2015

% Increase

Single Family

50

55

10%

Lots

15

18

20%

Multi-Family/
Condominiums

62

50

-19.35%

Total Sales

128

124

-3.13%

 

The trend of increased annualized sales also correlates with the decrease in inventory. Inventory dropped by 10.54%, from 1,139 properties for sale at end of March 2014 to only 1,018 properties for sale at the end of March 2015.  

 

The theme in most segments of our local market is strong demand, limited inventory, and rising prices.  

 

Natalie - Your Knowledgeable & Experienced Real Estate Source

For a comprehensive market report or real estate questions (from Save Our Homes Cap, homestead exemption process to tax advantages of Florida residency), contact Natalie Kirstein, phone 239-784-0491, e-mail NKirstein@JohnRWood.com.

  

Please feel free to forward this market report to your friends

looking to buy or sell on Marco Island.   

  

Best wishes,

Natalie Kirstein

Luxury Real Estate Advisor, MBA

2014 Emerald Sales Award Excellence - John R. Wood Properties

2015 Presidents Advisory Council - John R. Wood Properties

 

 

   

 

 

 

Disclosure: Based upon sales reports and data provided by the Marco Area Association of Realtors, from April 1, 2010 to March 31, 2015  All data is not deemed reliable or accurate.   

 

 

 

 

 

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