- NUMBER1EXPERT™ 
Buying up in a down market: This is the best time to move into that beach front condo or water direct property you’ve always wanted. Even though the value of your property is not what it once was, neither is the price of the property you will purchase. Waiting for prices to recover before you move will actually cost you more as the spread between the two properties widens.
Marco Island Florida Real Estate, 2nd Quarter 2010 Market Update
Unit sales continued to pickup through the quarter with 70 more condos, 16 more homes, and 7 more lots sold in 2010 as compared to the same period last year . Home and condo prices have stabilized for now and I will be looking for follow through in the coming months to see if prices hold.
Marco Island Inventory levels are down 4% from this time last year while pending sales are down 10% compared to last year with 138 properties under contract compared to 153 on July 1, 2009. 84 of these pending sales are either foreclosures or short sales. There were 78 closings on Marco Island properties for June compared to 34 net new pending sales accounting for the reduction in total pending units from 182 on June 1 to 138 currently.Marco Island Inventory levels are down 4% from this time last year while pending sales are down 10% compared to last year with 138 properties under contract compared to 153 on July 1, 2009. 84 of these pending sales are either foreclosures or short sales. There were 78 closings on Marco Island properties for June compared to 34 net new pending sales accounting for the reduction in total pending units from 182 on June 1 to 138 currently.
Sale have dropped off sharply in the off season and the number of foreclosures on the market has doubled to 30 compared to 15 just 3 months ago. It looks like pace of new foreclosure units comming to market is continuing, but the drop in sales has led to the increased number currently on the market.
Part of the sales decline can be attributed to the Deep Water Horizon oil blowout in the gulf, as potential clients are apprehensive about making a commitment to real estate given the uncertainty of the durration and potential long term impact to the Gulf. Fortunately, it has been estimated that there is less than a 1% chance of the oil hitting our beach! See this link for a full report:
http://www.noaanews.noaa.gov/stories2010/PDFs/long_term_oil_outlook_report_july2_2010.pdf
Click the following link to view my 2nd Quarter Analysis: http://www.marcohomeinfo.com/2ndQuarter2010RealEstateMarketAnalysis.pdf
Marco Island Florida Real Estate, 1st Quarter 2010 Market Update
Unit sales continued to pickup through the quarter with 36 more condos, 17 more homes, and 6 more lots sold in 2010 as compared to the same period last year . Marco Island Inventory levels are down 18% from this time last year while pending sales are up 70% from last year with 213 properties under contract compared to 132 on April 1, 2009. Home and condo prices have stabilized for now and I will be looking for follow through in the coming months when season is behind us to see if prices hold.
If sales continue into the off season and the number of new short sales and foreclosure are limited we may have a platform for future price gains. Time will tell.
Click the following link to view my 1st Quarter Analysis:
http://www.marcohomeinfo.com/1stQuarter2010RealEstateMarketAnalysis.pdf
Marco Island Florida Real Estate, 4th Quarter 2009 Market Update
There was a nice surge in the volume of 4th quarter closings that pushed the total units sold to an increase over last year with the largest increase being recorded in the water indirect home category with 28 more units sold in 2009 than in 2008. Home and condo prices have stabilized for now and should remain level through season. Lot prices have experienced the most pressure but may have also found a bottom.
Marco Island Inventory levels decrease slightly this month with over 150 properties comming off the market at the end of the year. I expect many of these to come back on this month with new listings or price adjustments. Pending sales are up 129% from last year with 144 properties under contract compared to 63 in January 2009. Short sales and foreclosures dominate new sales with 71% of homes, 55% of condos, and 58% of lots classified as a “distressed sale”. This trend should continue through 2010 with great buying opportunities available for those ready to jump in.
Click the following link to view my 4th Quarter Analysis: http://www.marcohomeinfo.com/4thQuarter2009RealEstateMarketAnalysis.pdf
Marco Island Florida Real Estate, 3rd Quarter 2009 Market Update
Marco Island Inventory levels are down 11% and pending sales are up 70% from year ago levels . There is steady buyer activity on the foreclosure and short sale front representing 50% of all pending sales. In the water direct homes category (WD), 63% or 19 of the 30 pending sales are short sales. It has been my experience that only 50% of short sales with convert to actual closed sales. The most interesting statistic that has been uncovered in the report is the jump in lots sales. There are currently 14 pending lot sales compared to 10 last month and 5 from a year ago.
While the inventory report from the first of the month showed that pending sales are up 70% from year ago levels, the 3rd quater sales analysis shows there was only 16 more homes closed in 2009 compared to the same period in 2008 representing a 12% increase. Also, there were 29 fewer condos sold in 2009 compared to 2008 representing a 15% decline. This statistic illustrates the vast difference between closed sales and pending sales and then impact pending short sales are having on the numbers.
Click the following link to view my 3rd Quarter Analysis: http://www.marcohomeinfo.com/3rdQuarter2009RealEstateMarketAnalysis.pdf
Marco Island Florida Real Estate, 2nd Quarter 2009 Market Update
The big story from Marco this quarter has to be the continued decline in available inventory and stabilization of water front home prices. Home inventory is down 10% from this time last year while pending sales are up nearly 50%. Looking further at this information I found that 50% of the pending sales are for foreclosures and short sales, while this represented only 25% of the closings. This is caused by 2 things; the first is that a good number of short sales never close and the other is that it takes longer for these types of sales to actually close.
Activity continues at a brisk pace with many first time Marco buyers wanting to take advantage of the 1/2 off sale. There has been a steady flow of foreclosed properties hitting the market, but most of them are getting put under contract in less than a week. If have to be nimble to take advantage of these opportunities and if you have any interest in foreclosure please send me an email and I can put you on my watch list.
Click the following link to view my 2nd Quarter Analysis:
http://www.marcohomeinfo.com/2ndQuarter2009RealEstateMarketAnalysis.pdf
Marco Island Florida Real Estate, 1st Quarter 2009 Market Update
Closings for the 1st quarter 2009 trailed the same period in 2008 by 20 units. January was the big drag on the quarter because of the drop in contracts written in at the end of 2008. March recovered to year ago levels and pending sales are up 81% from last year. Prices appear to be leveling out with a slow down in new foreclosures and short sales hitting the market. Click this link to view my 1st quarter report:
http://www.marcohomeinfo.com/1stQuarter2009RealEstateMarketAnalysis.pdf
