Hello everyone! It's December now, and that means Marco Island is in full force. Events galore, more vehicles on the road, and cooler weather all signal that season is here! Another indicator? Inventory is continuing to climb, as sellers anticipate a surge in buyers dropping on in to peruse their homes. So far, inventory has been the main impact observed from the proper start of season, but let's dive into the numbers a bit more and see where we stand as 2025 approaches.
Like last month, we bore witness to inventory increases across the board. Single-family homes, condos, and lots all have more on offer than the previous month. This does not surprise us, nor should it surprise you - when season starts up, sellers aim to take advantage. During this time of year, the Island population more than doubles, and much of that population is represented by individuals and families staying at hotels or renting in condos, and a solid number of those folks have an eye on making their Island situation a little more permanent. There's really not that much more to say here - sellers are making their moves, and now it's time to see if the buyers will make theirs!
As for the closed sales in November 2024, we have a bit of a mixed bag with the data. For the actual number of closed sales, homes and lots are down from November 2023, while average price was higher for homes and lower for condos, and in the realm of days on market, homes averaged lower than last year while condos averaged higher. As we mentioned in prior iterations of this article, uncertainty has reigned supreme this year, and the hope is that November is that last month of hesitancy. With the end of November comes the end of the election season and hurricane season, and with new condo budgets coming out, buyers are getting a more exact idea of what to expect. Due to the typical lag of 1-2 months between offer and closing, it may take until reports in 2025 to truly see how the buyers have responded to the increased inventory and reduced uncertainty, but we are all optimistic that a healthy and active market awaits!
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.
