Confidence returns to the Marco market

NEAL Some economists have been suggesting the recession is largely over, and the U.S. economy appears to be breathing new life. A major factor in this resuscitation is the ongoing stabilization and steps toward recovery in the real estate market.

Sales are higher than year-ago levels. Charlie Neal, president of the Marco Island Area Association of Realtors, reports pending sales for single-family homes increased 163.64 percent yearto date October 2008 to October 2009 and increased from last month (September 2009) 81.25 percent. Pending sales for all property types from October to October increased 77.78 percent.

“The standoff over market values between buyers and sellers is definitely ending,” says Mike Boland of Keller Williams Realty Marco. “The successful seller in today’s market understands a new realistic approach has taken over,” he adds.

The median sale price for singlefamily homes on Marco increased from the same time last year by 5.47 percent and from the same time last month by 16.48 percent. The median refers to the middle value in a set of statistical values that are arranged in ascending or descending order, prices at which homes were actually sold. In any given period the median could vary greatly if there is an anomaly, a single sale significantly higher or lower than other properties in the area.

The average sale price for singlefamily homes increased 2.44 percent in the October 2008-October 2009 time frame. From a month ago, the average sale price jumped 23.10 percent.

For all property types, closed sales rose 12.50 percent in year-to-date comparisons.

Assessing months supply is an important consideration when describing market conditions. It succinctly measures activity in the housing market at a given point in time. Inventory levels for all property types is down from year-ago levels by 11.60 percent and down for single-family homes by 16.51 percent.

“Sellers who take a realistic approach to value are being successful in attracting the ready, willing and able buyer,” Mr. Boland says. “Correctly priced properties are going to contract within a short time after the listing hits the market.

“Confidence has returned to the Marco market.” 