Summary of 2011 Real Estate Sales on Pine Island

Good Bye 2011!  Hello 2012!

With the New Year here, before we turn the page completely on 2011, here is a snap shot of real estate sales on Pine Island, Florida in 2011:

Sales are Up/Prices are Down (With Some Exceptions) For the second year in a row, the number of real estate sales on Pine Island exceeded the number of sales in the year 2005, which represented the peak year of the housing bubble.   There were 309 MLS sales of all types of real estate on Pine Island in 2011, which was an increase over sales in 2010 by about 7%.  The total dollar volume of real estate sales on Pine Island, Florida in 2011 was $49,055,785, representing an overall decrease in sold price by about 6.7% comparing 2010 with 2011.

Prices in a few property categories are starting to increase.  For example, the median sold price of an off-water, single family home on Pine Island was $135,000 in 2011, an increase of 15% over 2010.  The median sold price of a Pine Island condominium was $202,500. in 2011, an increase of 6.4% over 2010.  The median sold price of an off-water Pine Island lot was $15,500. in 2011, an increase over 2010 of 3%.

Median sale prices in other housing categories on Pine Island fell in 2011.  The median sold price of a waterfront, single family home on Pine Island was $240,000. in 2011, a decrease of 6% compared to 2010.  The median sold price of a water front lot in 2011 was $130,000, a decrease of 10% compared to 2010.  The median sold price of a duplex in 2011 was $95,313, a decrease of 2.6% compared to 2010.  The median sold price of a commercial property was $205,000 in 2011, a decrease of 12% complared to 2010.  The greatest drop in  median sold price was for manufactured homes, where median sold price of $85,000 was 24% below selling prices in 2010.  Unfortunately, single wide manufactured homes, and all manaufactured homes built before 1977 no longer qualify for conventional financing, so that makes them harder to sell, because a cash buyer or seller financing would be required.  For more information about Pine Island Real Estate, contact me, Erika Foye, at All Island Realty, Inc. at erikafoye@embarqmail.com.  This is the first of a four part blog discussing real estate sales statistics on Pine Island, Florida for 2011.