As real estate dynamics evolve, understanding the local housing market becomes crucial for potential buyers and sellers. This article addresses the top ten frequently asked questions about the Marco Island housing market, offering insights based on the most recent data to help you navigate this complex landscape.
1. What is the current supply of inventory in Marco Island?
As of March 2024, the Months Supply of Inventory (MSI) in Marco Island stands at 8.8 months. This metric indicates that it would take about 8.8 months to sell all the currently listed homes, assuming no new listings are added, which suggests a shift towards a buyer's market.
2. How have closed sales changed over the past year?
There has been a slight decrease in closed sales, with a 4.5% drop from March 2023 to March 2024. This shift from 44 to 42 homes sold indicates a cooling market where buyer demand may be softening.
3. Are homes selling above or below the listing price?
Currently, homes in Marco Island are generally selling below the listing price, with the median percent of the original list price at 88.1%. This indicates that buyers may have more negotiation power in the current market.
4. What is the median sold price on Marco Island?
As of March 2024, the median sold price for homes on Marco Island is $1,187,500, representing a 6.4% decrease from the previous year. This reflects the market's downward adjustment in property values.
5. How has the median sale price trended over the past year?
The median sale price has shown volatility over the past year, peaking in May 2023 at $1,895,000 and reaching a low in August 2023 at $1,330,000. This fluctuation suggests varying levels of buyer interest and market stability throughout the year.
6. What trends are evident in cash sales?
Cash sales have increased slightly by 3.2% year-over-year, with cash transactions comprising 76.2% of all sales in March 2024. This increase in cash purchases reflects a robust segment of buyers who are possibly looking to capitalize on market conditions without the need for mortgage financing.
7. How long are homes staying on the market?
The median time to contract is currently 73 days, up from 68 days the previous year, indicating that homes are taking slightly longer to go under contract. Additionally, the median time to sale has decreased to 98 days from 114 days, showing that while it takes longer to receive an offer, the closing process is quicker.
8. What is the dollar volume of sales, and what does this indicate about the market?
The total dollar volume of sales in March 2024 was $81.0 million, down 4.7% from $85.0 million in March 2023. This decline in dollar volume can indicate a decrease in the number of transactions, selling prices, or a combination of both, suggesting overall market softening.
9. How have new listings and pending inventory changed?
New listings in March 2024 increased slightly by 4.4% to 71, compared to 68 in the same month the previous year. However, pending inventory, which indicates the number of homes under contract, is down significantly by 19.8% from 101 to 81, indicating fewer homes moving toward sale closure.
10. What does the active inventory look like, and what does this mean for buyers and sellers?
The active inventory at the end of March 2024 was 303 homes, up 31.7% from 230 homes the same time last year. This significant increase in active listings suggests buyers have more options, which could pressure sellers to be more competitive with pricing and terms.
Conclusion:
Understanding the current state of the Marco Island housing market is essential for making informed decisions, whether buying or selling. The insights provided in this FAQ aim to clarify the market dynamics and assist in effectively navigating this fluctuating real estate landscape.
If you are considering buying or selling in Marco Island, staying updated with the latest market trends and data will ensure you make well-informed decisions. Consider consulting with a local real estate expert to discuss how these trends may impact your goals.