With the easy access to statistics that the internet provides, buyers and sellers are more informed than ever before. Everybody is familiar with Zillow, Trulia, and KW.com. While these are all good sources of information, their statistics aren't that reliable or timely. For the real information, contact The Boyle Team and we'll give you the true stats, straight from the Marco Island MLS.
Case in point - Have you seen what happened to Marco Island condo prices in the third quarter anywhere on the internet? There was a spike in the price graph that is very interesting. The median selling price for condos shot up over 18% when compared to the same period in 2011. The mean price climbed over 14%.
What caused this and what does this mean going forward? Well, inventory on Marco Island has been steadily shrinking for some time. The climb in prices that one would expect to follow this tightening supply just wasn't happening. We were all scratching our heads. Now, it looks like the law of supply and demand has finally taken notice. Does this signal the start of another insane run-up of the market? I don't think so. The "shadow inventory" of foreclosures still looms large and will put a damper on Florida appreciation rates for a few years. However, there is no denying the fact that we have another indication that the bottom of the market is behind us.