August was a good month in the Single Family Home (SFH) market on Marco Island. Sales were brisk. Listings are up. Smiles are up.
In August, New listings were up 15% over July and up a whopping 44% over August of last year. Sold listings in August were up 12% over July and up 31% over August of 2011. Pendings are following the same trend.The only cloud on this sunny day are August prices. The August median SFH price is down about 2% when compared to August of last year. Don't worry to much about that, though. The year-to-date median price which is a much better barometer of price trends is up - 3.4%. Not to shabby.
From an anecdotal perspective, our customers these days are not wasting time choosing a property to buy. The general sentiment is that everything is a good deal right now and these deals aren't likely to exist in the future. We are still getting the occasion buyer who is willing to buy sight-unseen. This tells me, we are still over-sold and should see a bounce in prices if only intermittently. Remember, the "shadow" foreclosure inventory is predicted to hold prices down for a few more years. My advice is for sellers to take advantage of the little spikes. If you're a buyer, I would suggest buying a quality house now. It will never be this cheap again.