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2017 Marco Island Real Estate Post Hurricane Irma Update!

(MLS statistics released by the Marco Island Area Association of Realtors® for Marco Island only properties.)

During the month of September the Marco Island real estate market was certainly disrupted by Hurricane Irma. Preparations before the storm and major recovery efforts after the storm essentially cost about ten to fourteen days of business. Since Irma landed in Southwest Florida, our real estate market has rebounded and the activity has been strong. We have seen closings and pending sales across all property types according to the Marco Island Area Association of Realtors® Multiple Listing Service. Well priced properties on Marco Island will continue to sell, but inventory declines need to be monitored closely as the supply of properties has declined.

Closed sales post Irma:

  • Twelve single family homes sold.
  • Nine home-sites (vacant lots) sold.
  • Thirteen condos sold.

Pending sales, which are properties under contract that have not yet closed, post Irma:

  • Nine single homes went under contract.
  • Four home-sites (vacant lots) went under contract.
  • Six condos went under contract.

Inventory levels declined on all property types during September 2017 compared to September prior year:

  • Active listings for single family homes totaled two hundred and ninety, a -9.09% decrease.
  • Home-sites totaled two-hundred and eighty-five, a -13.11% decrease.
  • Condos finished the month with three-hundred and seventeen active listings, which is a -9.43% decrease.

Median Sale Price (point at which fifty percent of the properties sell for more and fifty percent of the properties sell for less) performance was excellent for condos, flat for single family homes and down for home sites/vacant lots:

  • Single Family Homes had a Median Sale Price of $780,000 which is flat compared to same time frame last year.
  • The Median Sale Price for home-sites sold was $215,000 which decreased -47.23%.
  • Condo sales achieved a Median Sale Price of $335,000, which increased 28.59% compared to same time frame a year ago.

On a year-to-date basis, we continue to experience positive trends for median sale prices. Sales are particularly strong on single family homes and home-sites/vacant lots. When you drill down to specific communities and segments the performance can vary. In particular the inventory levels in certain segments have been reduced. That’s why it’s so important to reach out to a professional with your questions.

For more details on specific segments of the market please contact your local MIAAOR Realtor® to help you with further insights.

Article written by Michael O’Rourke, President for the Marco Island Area Association of Realtors®. Call 394-5616.