May continues to prove itself as one of the best months to be on Sanibel & Captiva Islands. Traffic is a breeze. Sunny days usually include a breeze. Occasional evening showers begin, also with a breeze. Funny how when the rainy season starts here, most showers stay inland. That’s when we locals joke that rain can’t afford the bridge toll.

Sanibel got a couple of inches of accumulation earlier in the week which has greened things up and contributed to local color. As typical for May, plenty of springtime flowering vegetation has popped. As I head home from the office each evening, it is fun to admire the Royal Poinciana trees (aka flamboyant) trees busting with orange blooms, occasional purple jacaranda, plus many colorful frangipanis (aka plumeria). My gardenia bushes have been exploding for a couple of weeks and yesterday I spotted a beautiful blooming magnolia on East Gulf Dr.

Real Estate Scoop

Sanibel & Captiva Islands Association of Realtors® – It was with mixed emotions last Friday afternoon when I attended a surprise going-away get-together for our Association of Realtors® Director of Education who has now moved to Jacksonville to be closer to family. Best of luck, Megan Rose. Our loss is Jax’s gain. It was so easy to write her a letter of recommendation.

There is not much new real estate activity to report this week on the islands, though we had another nice closing Monday and I met with a prospective seller this morning. Prices continue to be mind-boggling. Inventory remains soooo low.

With another month in the books, below is a summary of island inventory as of today (May 6, 2022) (info from the islands MLS). Also, after a couple of news items are the details of the action posted in the Sanibel & Captiva Multiple Listing Service (MLS) since last Friday.

Status	SANIBEL
	Condos			Homes			Lots
	#	Avg $	DOM	#	Avg $	DOM	#	Avg $	DOM
For sale	14	1,452,428	87	14	2,370,857	40	9	1,670,733	271
Under contract	16	1,154,243	19	36	1,767,847	20	8	635,194	213
Sold to-date 2022	70	1,072,973	43	86	1,734,720	75	14	604,357	215
Sold 2021	287	875,127	113	355	1,341,881	89	69	698,862	442
Sold 2020	193	733,136	174	189	950,426	161	23	606,233	393

 

Status	CAPTIVA
	Condos			Homes			Lots
	#	Avg $	DOM	#	Avg $	DOM	#	Avg $	DOM
For sale	5	1,967,800	31	7	5,848,428	54	1	15,500,000	41
Under contract	8	1,746,062	35	5	7,639,000	121	0	N/A	N/A
Sold to-date 2022	15	1,355,701	44	13	5.099,038	142	0	N/A	N/A
Sold 2021	64	1,150,373	145	44	2,988,520	261	2	2,950,000	731
Sold 2020	47	821,713	134	27	2,923,148	315	4	2,537,500	448

 

2022 National Association of Realtors® Legislative Meetings

This annual event sponsored by the National Association of Realtors® (NAR) is held each May near Washington DC. This year, the meetings and trade expo were under one roof, at a new location, the Gaylord National Resort & Convention Center in National Harbor, MD. These meetings are where NAR members take an active role to advance the real estate industry, public policy, and the association with Capitol Hill visits, issues forums, committee meetings, legislative activities, and the industry trade show.

NAR is American’s largest trade association with over 1.5 million members advocating and protecting the property rights of buyers and sellers in the U.S. and around the world. NAR began 112 years go and today includes 1,200+local and state/territory associations serving Realtors® and their communities. More than 200,000 members hold subject-matter expertise designations and certifications.

Though I did not personally attend the meetings, I followed several via the internet and was especially touched when on Tuesday I read a Facebook post by Marcia Franks, island client/friend from the Nashville area, where she is a Tennessee Real Estate Commissioner and broker/owner of Franklin Realtors Inc. Marcia also is the most recent Past President (2021) of ARELLO which is the Association of Real Estate License Law Officials. Her post said:

“My National Association of REALTORS Global Business & Alliances Committee meeting was very emotional this morning. The VP and Committee member of the Ukrainian Real Estate Association spoke to us about their country and the need for help. It was so heartbreaking. They drove 4 days from their cities to Poland, 8 hours in immigration, flew to Warsaw then to Chicago and finally Washington to speak to us. They go back in 2 days to their homes and family. The man’s military post in his town is in a trench and the woman and her children are living in a basement of a church because her home was bombed. Our committee is asking NAR to start a Global Relief Foundation. We in AMERICA are so blessed! ”

NAR Chief Economist Lawrence Yun Predicts Uncertainty for the Housing Market

My favorite economist also spoke at the National Association of Realtors® event this week:

“NATIONAL HARBOR, MD (May 4, 2022) – Two years after enduring the devastating financial impacts of COVID-19, the U.S. economy has made an impressive comeback, in large part due to a booming housing market. However, as National Association of Realtors® Chief Economist Lawrence Yun explained today, there are significant questions regarding the sector’s direction over the coming months.

““Housing kept the economy afloat as home prices rose and buyer demand intensified,” said Yun to 9,000 Realtors® and industry experts in attendance at the 2022 Realtors® Legislative Meetings during the event’s Residential Economic Issues and Trends Forum. “However, this year has already thrown some curveballs, including record-low inventory and unyielding inflation.”

“While housing supply appears to be on the upswing as builders increasingly construct new homes, Yun says inflation will persist and in turn cause strain for would-be buyers. Additionally, other external economic factors will negatively impact the market, both indirectly and directly, he said. “The Russia-Ukraine war and escalating fuel prices have contributed to further housing unaffordability for buyers.”

“Yun explained that a more immediate impact for home seekers has been the rapid increase of mortgage rates, along with other anti-inflationary actions from the Federal Reserve. “Mortgages now compared to just a few months ago are costing more money for home buyers,” he said. “For a median-priced home, the price difference is $300 to $400 more per month, which is a hefty toll for a working family.”

“NAR calculates purchasing a home is now 55% more expensive than a year ago. These rising mortgage rates and prices hurt affordability, and although wages are improving, Yun says they are “wiped away” due to inflation.

“Wages have risen by 6% from one year ago and that’s good news,” he continued. “But inflation is at 8.5%.”

“He estimates inflation will remain elevated for the next several months and that the market will see further monetary policy tightening through a series of rate hikes. Citing a five-month decline in pending home sales, as well as a drop in newly constructed single-family sales, Yun predicts the higher mortgage rates will slow the housing market.”

Fundraiser to Benefit Sanibel School

The Sanibel School Fund’s 20^th annual Blue Ribbon Classic Golf Tournament will be followed by a dinner party on May 14 at the Community House, 2173 Periwinkle Way. The community is invited to take part in an evening of fun and philanthropy including a cocktail hour starting at 5:30 p.m., dinner at 7 p.m., deejay and dancing, and raffle and live auction at 8 p.m.

Proceeds from the golf tournament and after-party support The Sanibel School’s STEM (Science, Technology, Engineering, and Math) program. Tickets to the event are $100 per person. More info about the event, for tickets, and learn about bidding auction items without attending, go to https://sanibelschoolfund.betterworld.org/

Sanibel & Captiva Islands Multiple Listing Service Activity April 29 – May 6, 2022

Sanibel

CONDOS

No new listings or price changes.

2 new sales: Sundial #G401 2/2 listed at $1.274M, Sanctuary Golf Villages I #6 3/3 listed at $1.398M.

4 closed sales: Sandalfoot #5A2 2/2 $1.05M, Shell Island Beach Club #5C 2/2 $1.279M, Lighthouse Point #227 3/2 listed at $1.395M (our listing), Pine Cove #A 2/2 $1.549M.

HOMES

3 new listings: 1752 Serenity Ln 3/2 $899K, 6471 Pine Ave 2/2 $949K, 1827 Middle Gulf Dr 2/2 $950K.

No price changes.

3 new sales: 750 Oliva St 3/2 listed at $1.495M, 1710 Dixie Beach Blvd 3/2 listed at $2.195M, 1690 Sabal Palm Dr 5/3 listed at $3.177M.

7 closed sales: 430 Lake Murex Cir 2/2 $1.155M, 244 Palm Lake Dr 3/2 $1.255M, 1190 Sand Castle Rd 3/2 $1.34M, 1194 Sand Castle Rd 3/2.5 $1.3875M, 1305 Par View Dr 3/4 $1.7M, 4322 West Gulf Dr 4/3.5 $2.975M, 1349 Bay Dr 4/4 $5.825M.

LOTS

No new listings or price changes.

1 new sale: 3938 West Gulf Dr listed at $899K.

1 closed sale: 2356 Wulfert Rd $260K.

Captiva

CONDOS

1 new listing: Beach Homes #3 3/2 $3.495M.

No price changes.

3 new sales: Bayside Villas #4214 1/2 listed at $605K, Bayside Villas #5110 1/2 listed at $673.5K, Gulf Beach Villas #2001 2/2 listed at $1.15M.

No closed sales.

HOMES

1 new listing: 15160 Captiva Dr 6/6.5 $5.249M.

No price changes.

1 new sale: 1114 Schefflera Ct 4/3.5 listed at $3.6M.

1 closed sale: 15009 Binder Dr 4/5.5 $7.5M.

LOTS

Nothing to report.

This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® Multiple Listing Service. Neither the association nor its MLS guarantees or is in any way responsible for its accuracy.  Data maintained by the association or its MLS may not reflect all real estate activity in the market.  The information provided represents the general real estate activity in the community and does not imply that SanibelSusan Realty Associates is participating or participated in these transactions.

Until next Friday… best wishes to all the Moms… may your May be special.

Susan Andrews, aka SanibelSusan