A week or so ago, I wrote an article entitled "Marco Single Family Home Sales Are Lagging?" So, today, in an attempt to dig a little deeper, I thought we'd take a look at a few more numbers. We're only looking at single family homes in this. Condos and lots are a little stronger and we'll look at those in upcoming articles.
First, the number of Single Family Home sales on Marco Island this month was 25. This is down from 33 just last month and 45 in July of last year. What do we make of this? Well, inventory has been steadily shrinking as the market has bottomed. There are 282 SFH listings on the market right now compared with 397 this time a year ago. Everyone's confidence in a solid bottom has brought many buyers off the sidelines and everyone from Canadians to Europeans to Illinoisans have been on Marco snapping up bargains. The buyers have been very price conscious and value driven.
All of this looks a little negative until you get to Pending Listings. Currently there are 34 SFHs under contract on Marco. This is up from 23 a year ago and means that we'll make up some ground in August and September.
Even prices are starting to pop. Only two weeks ago, I was reporting negative pricing trends on Single Family Homes in June and the complexion has already changed. The median sales price is up 13% when compared to July of last year. This is reflected in our customers urgency as well. Everyone is aware that the low prices are fleeting.
If you're thinking of buying or selling a home on Marco Island, contact us for a free consultation. We are excited to help you achieve your goals.