Hello everybody! We are now through August, meaning we are closer to the end of off-season than to the beginning. What does this mean for the market? Are we starting to see some trends change? Or is the dip still holding strong? Let's explore the numbers and see how we're doing on beautiful Marco Island!
In terms of collective inventory, we observe yet another slight dip, from 519 to 492, a 5% decrease. We do see one metric of interest: while condos and lots continued to trend down, single-family homes actually trended up slightly. For the condos and lots, as we mentioned last month, inventory decrease could be a mix of sales volume and sellers giving their properties a "break" from the market as listings expire. Next month could go either way; September could see more of the same, or we could finally start seeing these sellers placing their properties on the market in anticipation of the coming season. Stay tuned.
For the most part, metrics for closed sales in August 2024 mimicked that of August 2023, but there was one major exception: we had absolutely no closed sales on lots last month! While this is a puzzling statistic, it's not necessarily a major surprise, as lot volume is always the lowest out of the three. But it still demonstrates that movement on the market certainly dips in the summer. As for next month, while active inventory just might turn the corner next month, odds are we still have some time before we see closed sales start to rise.
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.
