November Real Estate Market in Marco Island Cools Down

The easiest way to determine the activities of the real estate market is to find out the number of properties that have been put under contract.

The number of properties that was put under contract, for the month of November, was less than normal. There are approximately 582 homes in the real estate market. During the month of November, only 13 homes were placed under contract, with the lowest price of US$575,000. Seven of the thirteen homes, which include waterfront areas and inland homes, were priced under US$1 million. The highest priced home, which took 266 to obtain a contract, is priced at US$2,495,000.

At this time, there are precisely 676 condominiums on the market. However, in November, only eight condos were put under contract. The lowest-priced condominium was established at US$309,000 and six were priced under US$1 million, which took 241 days to finish the contract.

On the other hand, 476 lots are currently on the market. All throughout November, only two lots were placed under contract. One was priced at US$589,000 and the other at $789,900, which took 537 and 236 to sell, respectively.

On the average, home sellers usually obtain a contract for at least eight months. The factors that influence the total pricing and time to get hold of a contract rely on pricing, location and property condition.

Although the real estate market in November is one of the slowest times of the year, factors such as the Hurricane Wilma could be argued. The November real estate report should not be taken as a forecast of the upcoming months.

The interruption of Hurricane Wilma kept the homebuyers away. However, the Marco Island has cleaned up well. Visitors of the coming season will be impressed on how minimal impact the hurricane had on the area.

Last season, the sellers were in control of the real estate market. Nevertheless, with a small number of home purchases and few properties on the market, it has now become a “buyer’s market.”

As the real estate in Marco Island cools down, the sellers need professional assistants to get their properties sold for a fair price. In the end, the final price would still depend on the agreement of both the buyer and seller.

Additional information