Many are escaping the frigid winter weather up north to our island paradise. For January 2019, Southwest Florida International Airport saw an increase in travelers by 8.7%. The increase in travelers may stem from our consistent recognition for the following: best beaches, lifestyle, safe city rating, golfing, best for retirement, etc. Also, the JW Marriott Convention facilities are fully operational and attracting prestigious conventions to our island paradise.
To enjoy a real time look at our winter paradise, check out the link to the JW Marriott beach cam: Link to JW Marriott Webcam
SINGLE FAMILY HOMES
A surprisingly, positive part of the real estate report for February is the pending sales, indicator of future sales, for single family homes which reported an increase of 14.58%.
Indicators for single family homes are mixed.
· Annual sales (3/1/18-2/28/19) are equivalent with inventory.
· The Annual Average Sale Price increased by 13.5%. Part of this growth can be attributed to the stronger demand in the luxury market.
· Inventory, or number of homes for sale, increased by 8.28% in a year-over-year comparison. However, while home inventory is rising, the overall inventory still remains at the third lowest levels in the reporting period on the chart (2010-2019).
· Annual sales declined slightly by 5.01%.
February Sales Trends
As you may recall, both closed (+26.67%) and pending sales (+7.32%) were positive in January 2019 for the home market.
For February 2019, those indicators are mixed:
· Pending sales, an indicator of future sales, increased +14.58%.
· Feb 2019: 55; Feb 2018: 48
· Closed sales were down by 5 sales with a decrease of 16.17%.
· Feb 2019: 26; Feb 2018: 31
Condominiums indicators are mixed and very segmented for the condominium market::
· 2018 Annual Sales exceed Year-End Inventory which means that there was more demand than properties for sale.
· Annual sales increased by 3.51%.
· Annual average Sale Price increased by 9.68%.
· While inventory, or number of homes for sale increased by 15.69%, in some segments of the condominium market, we have Buyers that can't find their dream property in paradise.
February 2019 Sales Trends
· Overall condominiums sales dropped by 4 sales in February for a decrease of 12.5%.
· Feb 2019: 28; Feb 2018: 32
· Pending sales also declined by 2 sales with a decrease of 3.29%.
· Feb 2019: 59; Feb 2018: 61
Marco Island is experiencing a very segmented real estate market. However, there are some strong performers in the current market such as the luxury market, parts of the single family home market, and select areas of the condominium market. To find out what is hot in the market today, contact Natalie Kirstein, phone 239-784-0491.