Sandlin Team Marco Island and Naples State of the Real Estate Market Report as of October 1, 2014
We are experiencing a very healthy and strong market but with inconsistent activity across our diverse marketplace with varying price pockets within both the Marco Island and Naples markets. A decrease in inventory in general is not only affecting the active listings but is also impacting the number of pendings and closings as detailed below.
The number of ACTIVE HOMES in Marco Island on the market today (261) as compared with a year ago (323) is down 19%. Likewise, the number of PENDING HOMES today (34) as compared with a year ago (61) is down 44%. New construction is up and that is impacting the resale market. There were 26 CLOSED HOMES in September as compared with 24 a year ago September, up 8%.
The number of ACTIVE CONDOS on the market today (289) in Marco Island as compared with a year ago (381) is down 24%. Similarly, the number of PENDING CONDOS today as compared with a year ago is down 31%. There were 36 CLOSED CONDO sales in September as compared with 45 a year ago September down 20%.
The number of ACTIVE LOTS on the market today (280) on Marco Island as compared with a year ago (245) is up 14%. The number of PENDING LOTS today (9) as compared with a year ago (16) is down 44%. Likewise, the number of CLOSED LOTS is down 38% with 8 closings in September, 2014 and 13 closings in September 2013.
We’ll have to see if the low inventory will continue to be a trend in the coming months. Historically, more new listings come on the market as the new season approaches. The inconsistent activity across all geographic areas makes it difficult to predict whether the low inventory will continue to affect pending and closed sales moving forward. From a buyer activity standpoint, the activity market wide is excellent indicating this will be a very strong season of sales.
Alan & Linda Sandlin
Broker Associate, ABR, CLHMS, CRS, e-PRO, GRI, RSPS
RE/MAX International Circle of Legends