It is always interesting to us to see how “season”, loosely defined as the first quarter of each year, compares to the previous year. In a market that has been leveling for quite some time, we like to see what is selling at different price points.
Here is a quick look at the Marco Island numbers…
Single Family Homes: The number of units sold was up by 23%, 105 units in 2024 compared to 85 units in 2023. The average sales price was $2,052,876, down 6% from 2023. Average days on the market, 87, increased by nearly 40%. Of the homes that sold in Q1 2024, 21 were priced below $1M; 48 were priced between $1M-$2M; 36 were priced over $2M, and 10 were priced over $4M.
Condominiums: The number of units sold was up by 11%, 111 units in 2024 compared to 100 units in 2023. The average sales price was $1,189,123 an increase of 37%. Average days on the market, 75, increased by 39%. Of the condos that sold in Q1 2024, 57 were priced below $750,000; 29 were priced between $750K and $1.5M; and 25 were priced over $1.5M.
Vacant Lot Homesites: The number of units sold was down by 36%, 16 units in 2024 compared to 25 units in 2023. The average sales price was $1,074,688, a decrease of 28%. Days on the market increased by 41%. Of the vacant homesites that sold in Q1 2024, 6 were priced below $500,000; 2 were priced between $500K - $1M; and 8 were priced over $1.5M.
There are 126 Marco properties currently in contract but have not yet closed. 66 are single family homes, of which only 11 were priced under $1M; 53 are condos of which 33 were priced below $1M, and 7 are vacant lot homesites, all priced under $1M. In the past 6 months, the inventory of homes, condos, and vacant lots on Marco Island has increased by 61 percent; it was in the low 400’s in October, and now totals 646 units. We are often asked our opinion of the current market. Our answer is that the market continues to normalize and level; because of this, we stress the importance of proper pricing, especially with increasing inventory (aka competition)!
Please reach out to us if you would like to know the value of your Marco Island property. We pride ourselves on being very thorough with our valuations. For professional, reliable, honest real estate service, call The Waldren Team.
Visit Our Website at www.TheWaldrenTeam.com
With so many buyers looking at listings on generic real estate websites, it is important to shine a spotlight on REAL Realtors and what we do for our buyers. The obvious first thing is to find out what you are looking for; wants, needs, specifics, price range...this is the easy stuff. We search for suitable options, but beyond that, we obtain seller’s disclosures, search permit history, narrow the field, arrange for showings, point out the desirable and the dated features, advise on value, write the sales agreement, negotiate on your behalf, suggest inspection companies, attorneys, insurers, and vendors, follow up on inspection items, supply pertinent information to your closing company to expedite the closing, review closing statements, facilitate the pre-closing walkthrough, and overcome any and all obstacles along the way to getting buyers to closing. While this seems like the complete package, it’s really only a fraction of what we do for our buyers. Most importantly, we are always available to answer questions and make every transaction as smooth as possible. Which leads us to our testimonials…
We appreciate all the kind words our past customers, buyers and sellers alike, have taken the time to put into their testimonials. If you’d like to read what they have to say about us, please visit our website and click on the ‘Reviews’ tab. And if you have been a customer of ours recently and you haven’t written a review, please take a few minutes to do so. And while you are on our website open the Local Info tab and look through our “Native’s Guide to Marco Island”.
Our Social Media has been elevated to a new level with the addition of Farrah and Michael to the team. In addition to extensively promoting our listings and real estate information, we also share fun facts and information about the Island. Our newest series include local wildlife and unique words specific to our area. So, if you haven’t already, like and follow us on Facebook and Instagram @thewaldrenteam. We also have our own YouTube channel.
If you would like an update on the activity in your condo building, a building you have interest in, or a specific neighborhood, we can make that happen. All we need is your email address and new listings, price changes, and closed sales will be automatically sent to you directly from Marco Island MLS as they happen.
*This was conducted at the time of original publishing; since then, Marisol #405 has gone pending and 1895 Sheffield is off the market.
*This was conducted at the time of original publishing; since then, Marco Inn Villas C-21 has closed.
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.
