Let’s call it! We had a ROBUST July on Marco Island with 30% more inventory than the prior year, 18% more homes closed and a 60% increase in the $96,000,000 of total volume sold. As will happen, the summer months of August, September and into October saw a decrease in total volume sold with increased inventory over the 2022. This made for a stable Marco Island market, in that we continue to have robust sales, closings and increased volume over 2022.
Let’s break it down by category. For Single Family homes, July saw a 25% increase in sales price and an increase in # of properties sold while October saw a 4% decrease in median sale price with an increase for days on market, yet a 22% increase in volume for the 22 homes sold.
Condominiums held their median sale price value and only decreased by 1% this October, where lots have sold slowly, then quickly and so on, with a definitive increase in sales price.
Overall, property is staying on the market longer which is ostensibly a return to a normal market. Buyers are discerning, comparing and taking their time in purchasing, so sellers have been made to adjust their expectations for how quickly their homes will sell. While sellers are still prepared to market their homes to the eager Marco Island destination buyers, the days of negotiation have returned.
This is great news for buyers and important information for sellers who understand that pandemic pricing is a thing of the past. Market analysis when making a purchase and sale is more important than ever now as we return to pre-pandemic pricing, yet continue with our busy Marco Island real estate market.
With HIGH SEASON just ahead of us, it will be interesting to see how quickly and for how much property transfers. Stay tuned.
For specific statistical analysis for the marketing of your home, or comparative market analysis, please reach out to me first.
Patrick Wilkins is a Broker at RE/MAX Affinity Plus on Marco Island, with over 40+ years of experience representing buyers and sellers of luxury residential, homes, condos, lots, land and investment real estate in Marco Island and Naples, FL | 239-290-8593 | patwilkins@marcoexpert.com
