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While buyers enjoy the availability of inventory on Marco Island, subtle changes are showing up in the real estate market. Through the end of June 2007, inventory levels dropped again for the second straight month, with a 3.5 percent decrease.

Overall the Marco Island real estate market posted a 4 percent gain in closed sales. Another trend is the change in frequency from “Price Reduced” to an increase in “Pending” and “Closed” on Realtor ads. Lastly, showings and pending sales continue to occur in more frequency than we experienced in the summer of 2006.

Does the condo market continue show a positive trend for growth? Yes, condos posted an 8.7 percent overall increase in closed sales in year over year comparison (updated through July 15, 2007). The largest area of growth is the $500,000 to $999,999 price range. This area experienced an increase in closed sales of 24.6 percent.

The largest number of sales in this price range can be found in the four buildings of South Seas Towers. Closed sales ranged in price from $505,000 to $840,000. South Seas Tower 3 and South Seas Tower 4, which allow for weekly rentals, consist of 71 percent of the sales for the total South Seas Tower buildings.

The next area with the largest growth is the under $500,000 price range. This price range experienced sales growth of 20.3 percent. Anglers Cove offered the largest number of sales with sales prices ranging from $179,900 to $340,000.

Condos priced over $1 million continue to experience sluggish sales with a decrease of 16.7 percent in closed sales. The largest number of sales in this price range can be found at Madeira. This luxury condo conveniently situated within steps of the Marriott’s Spa and located at the center of Marco Island’s beautiful crescent beach offers European elegance with the finest in amenities. The building was completed in the fall of 2006 with significant resale and developer sales activity. Closed sales in Madeira range in price from $1,625,000 to $3,393,750.

Buyers need to be aware of the increased sales activity. Waiting buyers don’t realize they are missing significant opportunities right now as “most desirable” or “best value” properties continue to sell. It’s always wise to carefully consider buying decisions. The obvious questions are how is present sales activity impacting availability, price and value and how long is too long when it comes to “waiting out the market?”

Don’t miss your chance to own your dream home in paradise!

Look for my next article on the real estate market in two weeks.

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Natalie Kirstein, MBA, Realtor, works for Premier Properties of Southwest Florida, Inc., office (239) 642-2222, toll-free (800) 260-9081, e-mail NatalieK@premiermail.net; with offices located in The Esplanade, 760 North Collier Blvd., Ste. 101, Marco Island.