Stats become available on the 6th of every month for the prior month and will be posted shortly after.
Market Report for August 2021 – by Jim McGregor, 2021 President of Marco Island Area Association of Realtors and Owner/Broker for Harborview Realty
The “new normal” are the buzz words for the past year & a half. What does that mean to Marco Island real estate? The new normal means low inventory, an increasing median sell price, fewer days on the market and an increase in total dollar volume sold compared to the previous year. Just glance at the last 3 months for homes, condos & lots. In June, July & August the inventory was down 74%, 70% and 69%, respectively. The median sales price rose in all 3 segments of the market. The number of days declined in all 3 areas of the market.
The average days on the market is declining faster than the inventory for single family homes. The average days on the market the last 3 months are 32, 38 & 37 days respectively. The percentage decrease is 78%, 82% and 77%. Talk about a Seller’s market!
According to the Dr Lawrence Yun, NAR Chief Economist,” Price growth in the next year will be 5% nationally. Buyers who missed the opportunity to purchase will get a second chance.” He expects resort areas such as Marco to increase at a higher rate but did not give a specific percentage.
The statistics for August confirm the “new normal.”
Total inventory in August of 2021 was down 69% from August 2020. Total active properties this August was 226 as compared to 727 last year. There were 84 single family homes on the market, 77 condos and 65 lots. The total number of closed sales was down 20% from 124 to 99. Total dollar volume was $96M, up 14% from August 2020.
Broken down by category, 38 homes closed this August – down 31% from 55 homes sold last year. The median sale price was $1.25M, up by 56%. Average days on market for homes was down 77% from 163 to 37.
43 condos sold this August, down 10% from last year. The median sale price was up 64%. Average days on market for a condo went from 153 to 21 for an 86% decrease.
We had 18 lots closing this August, down 14% from last year’s 21. The total sold dollar volume for lots was up 32% from last year. The median sale price for a lot this August was up 92% from last year’s $300K. Average days on market for lots was down 88%.
BONUS STATS: Comparing August 2021 to July 2021
Total inventory was down 7% from 243 in July to 226 in August.
Number of homes sold was down 39% from 97 in July to 84 in August.
Days on market for condos dropped 78% from 87 to 21. DOM for lots was down 65% from 134 to 21.
Data courtesy of Marco Island Area Association of Realtors® Multiple Listing Service (MLS) for the period August 2020 and August 2021. For the purpose of this report, the following property types are measured: single family homes (RE1), condos (RE2), and lots. Decimals rounded to the nearest whole number.
The members of the Marco Island Area Association of Realtors® want to make you feel at home. We are very proud of our piece of paradise and the beaches, boating and lifestyle it offers. Marco Island is the largest and the only inhabited island of the 10,000 island chain in the estuary of the Great Cypress Basin and the Everglades. It is nestled within the 100,000 acre Rookery Bay Estuarine Preserve, one of the largest and most sophisticated marine research preserves in the world. Come visit and stay awhile!
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