Hello to everyone with interest in our beautiful Island! September has ended, and the theme remains consistent - we are witnessing the gap closing on the start of season on Marco Island! So with season going from months away to fast approaching, how did this influence the market? And are there other factors to consider as well? Time to check out the data and make sense of it all!
As the caption states, the trend of inventory dropping seems to have ended. This was already the case for single-family homes and lots, but now condominiums are also remaining steady, and the total drop went from 492 to 487, resulting in a negligible decrease of 1%. So, what's the deal with the change? As previously stated, season is getting closer, so sellers are now less inclined to take their homes off the market for a summer break. Additionally, other factors generating anticipation are also approaching their end; interest rates are finally starting to drop, and the upcoming election is closing in. With less "wait-and-see" factors looming, market hesitation is slated to ease up.
On the other hand, closed sales provided some intriguing statistics. We observed a total decrease in closed sales numbers and a total increase in days on market for September 2024. Average prices varied, however, with increases on homes and lots and a decrease on condos. Put it all together, and September 2024 displayed less action than its 2023 counterpart. As the last paragraph mentioned, a major factor to point the proverbial finger at is anticipation of other events; buyers and sellers alike are looking to see what happens to rates, as well as the balance of power. October's report looks to be quite a curious one, as we will see a month pass since rates were cut, the election concluded, and season in its early stages. Please look forward to it.
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.
