The Marco Island real estate inventory currently sits at 410 total units. It has remained in the low 400’s for quite some time (which is historically low). We expect this number will grow in the coming months in anticipation of season. As someone who has seen the rise and fall of Marco Island's inventory over the years, it is surprising the inventory hasn’t increased in size since the “COVID Crazy” market calmed down.
Below are the numbers comparing January through September sales for 2022 vs. 2023 for Marco Island.
Overall closed sales for 2023 are down 16% from the previous year. Home sales have remained consistent, while lot and condo sales have decreased. There are many single-family homes under construction on the Island now, which reflect the previous year’s vacant lot sales. The decrease in condo sales is possibly related to several things affecting the condo market right now: the cost of insurance, special assessments and potential special assessments, work currently being done in many buildings, and the matter of the state-mandated building inspection, SB4D…
“Under SB4D, condominium and cooperative association buildings that are three stories or higher in height are now mandated to undergo a "milestone inspection" of their structural integrity and reserve studies when they reach either 30 years of age and every 10 years thereafter.”
We are already starting to see car carriers on the Island, which means our winter visitors aren’t far behind. Please get in touch with us for a market analysis if you are considering selling your Marco Island property. If you haven’t already looked at our marketing on social media… Instagram, Facebook and YouTube, all @ The Waldren Team, please do, and please visit our website www.TheWaldrenTeam.com
The buyers that we encounter often have pets that will be
joining them on their trip south. Pets in general are a
prominent household staple. According to a Forbes
article, 66% of households in the US own a pet. For
Florida, that number is at 56% according to data on
PawlicyAdvisor. If you are among the populace that cares
for a beloved pet, it is important to consider them when
finding your next home (particularly if that home is a
condo). While some homeowner’s associations place no
restrictions on pets, most condo associations establish a
limit with regards to weight and quantity, and some bar
pets outright. Because of this, do be sure to bring up your
critter companions at the start of the buying process; this
will prevent you from falling in love with a new
residence, only to learn about a restrictive pet policy.
The Waldren Team values entering our listings in the
MLS systems, Marco and Naples, as thoroughly and
completely as possible. We aim to answer every
conceivable question a potential buyer could ask. We do
this to limit the potential for issues down the line; the
thought process is… if a deal is going to blow up it’s
better for it blow up sooner rather than later! The more a
buyer knows about the property, the more likely they are
to commit to the transaction with comfort and
confidence. Long story short, the more details we enter,
the better the results, and results matter.
Interest rates have certainly been in the news lately. It is
true rates have climbed from under 3% to just over 7% in
the last few years, but historical data shows it is not
cause for panic. Many of us recall the mid-70’s to mid-
80’s when rates fluctuated between 12 and 20 percent. If
your choice is to pay rent or buy with a 7% mortgage
rate, it makes sense to purchase. Industry experts agree:
once rates start to come down, competition for home
buying will increase which will ultimately make home
prices rise. Many of our recent buyers have been
obtaining mortgages, but on average, 68 percent of
Marco Island property sales are cash.
Hello, we are The Waldren Team (Christine, Michael & Farrah) and we are happy to assist you with all your Marco Island & Naples real estate needs. Whether you're in the research phase at the beginning of your real estate search or know exactly what you're looking for, you'll benefit from having a real estate professional team by your side. We'd be honored to put our real estate experience to work for you. Let Our Knowledge Be Your Guide.
