Marco Island Home Owners, don't get too excited -- we are on the list at #5.
Moody’s Economy.com predicts the Punta Gorda area will see the worst declines in the nation, with a 35 percent drop. A drop of 29.6 percent is predicted for the Naples-Marco Island housing market, which ranked No. 5 on Moody ’s predictions of worst declines, while the Cape Coral-Fort Myers market was No. 22 on the list, with a decline of 22.6 percent.
Why did this happen?
The median home price in all three markets more than doubled between 2002 and 2005, based on figures from the National Association of Realtors and Moody’s Economy.com estimates, he said. Those figures show:
- The Punta Gorda market rose from roughly $110,000 to about $230,000.
- The Naples-Marco market rose from approximately $250,000 to $525,000.
- Cape Coral and Fort Myers rose from about $130,000 to $290,000.
Just another thing Marco Islanders need to consider when pricing their homes on the Market.