It’s Susan, reporting another sunny Sanibel Friday. We enjoyed a few low humidity days here this week, with little rain, but that is expected to change beginning later today.
Real estate wise, it was quiet on the island again this week, though we are happy to have another new listing and look forward to perhaps more action with holiday visitors soon arriving for the 4th.
Below are info from our Association of Realtors® meeting yesterday, scoop on Sanibel/Captiva residential real estate inventory today, info about upcoming holiday events, and the activity this week posted in the islands Multiple Listing Service.
Sanibel & Captiva Islands Association of Realtors®
Yesterday was the June Membership Breakfast Meeting at the islands Association of Realtors®. Largest in-person turnout that one of these meetings has had since pre-Covid. Speaker was Chief Economist for the National Association of Realtors®, Dr. Lawrence Yun. Here are a few tidbits from his presentation:
- National Association of Realtors® membership has increased from 1.4 million to 1.55 million with Florida having more Realtors® than any other state.
- Yun is often asked if the housing bubble will pop. His answer is a definite “no”. Today unlike before the recession, people must qualify to get loans and there is no subprime lending.
- Latest data shows that prices in the Cape Coral – Ft Myers area (including Sanibel & Captiva) are up 35% from a year ago.
- With the economy out of control, he concurred that the Feds are not doing their job. He also said that mortgage rates and the Fed Funds Rate are not a one-to-one relationship, they do not mirror each other.
- With prices of so many things up, gas, air travel, food, etc., it noted that one thing not up is mass transit use with crime being the biggest reason people are not using metro systems.
- He likened real estate price increases to West Texas crude oil prices. Explained how the U.S. is not drilling more so an oil price reduction is not likely, while Putin continues to make huge profits selling to China, India, & smugglers.
- Looking at payroll and jobs, nationally jobs are almost back to where they were pre-pandemic. Here in Florida, there are 3.3% more jobs than there were in March 2020. States with the strongest increase in percentage of new jobs are Utah and Idaho.
- Here in the local area, there were 150K jobs in 2000, that number has doubled to more than 300,000.
- Considering those now working remotely, before Covid about 9% of full-time workers worked from home. That number now is closer to 21%. Of course, “working from home” benefits Florida. Who wouldn’t want to work where the weather is nice and there is no income tax?
- Regarding the future, he expects that 4th quarter sales will be down 15% from last year. Cash sales will continue to be king, while lower inventory than 2000, yet sound underwriting standards likely will result in prices remaining where they are or increasing.
Island Sales Stats
To put the Sanibel & Captiva Island sales in perspective. Below are the statistics from the Sanibel & Captiva Islands Multiple Listings Service as of today (June 24, 2022).
|
Status |
SANIBEL | ||||||||
| Condos | Homes | Lots | |||||||
| # | Avg $ | DOM | # | Avg $ | DOM | # | Avg $ | DOM | |
| For sale | 22 | 1,236,495 | 54 | 26 | 1,928,307 | 31 | 10 | 1,523,160 | 267 |
| Under contract | 17 | 1,109,256 | 41 | 20 | 1,648,000 | 15 | 2 | 547,000 | 56 |
| Sold to-date 2022 | 89 | 1,146,181 | 39 | 120 | 1,696,216 | 62 | 20 | 604,687 | 244 |
| Sold 2021 | 287 | 875,127 | 113 | 355 | 1,341,881 | 89 | 69 | 698,862 | 442 |
| Sold 2020 | 193 | 733,136 | 174 | 289 | 950,426 | 161 | 23 | 606,233 | 393 |
|
Status |
CAPTIVA | ||||||||
| Condos | Homes | Lots | |||||||
| # | Avg $ | DOM | # | Avg $ | DOM | # | Avg $ | DOM | |
| For sale | 9 | 1,594,111 | 57 | 9 | 6,091,973 | 76 | 1 | 15,500,000 | 90 |
| Under contract | 2 | 911,750 | 18 | 3 | 4,948,333 | 42 | 0 | N/A | N/A |
| Sold to-date 2022 | 25 | 1,513,121 | 54 | 18 | 5,847,527 | 140 | 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 |
Scoop on July 4th Happenings
30th Annual Sanibel Parade – 30th year for this event which began as the idea of island Realtor® Don Bissell. As always, the parade will form on Island Inn Rd which usually is closed to through vehicular traffic. Periwinkle Way will be closed along the parade route from 9 a.m. until noon (Tarpon Bay Rd to Casa Ybel Rd). Parade begins at 9:30. Get your spot early!
Post Parade Fun at Jerry’s – immediately following the parade, from 11 a.m. until 2 p.m., a celebration at Jerry’s Foods parking lot includes bounce house, water games, snow cones, face painting, & local Boy Scouts fundraiser (handing out hot dogs & water).
42nd Annual Road Rally – Beginning a noon in The Timbers restaurant parking lot, this scavenger hunt is benefitting Community Housing & Resources. The after-party and awards presentations will be at The Sanibel Grill.
Fireworks – begin at 9 p.m. from the beach at the end of Bailey Rd. Best viewing on the causeway. Bailey Rd will be closed to traffic all day.
Sanibel & Captiva Islands Multiple Listing Service Activity June 17‑24, 2022
Sanibel
CONDOS
4 new listings: Seawind #105 2/2.5 $899K, Sundial #D305 1/1 $950K, Sundial #N301 2/2 $1.328M, Sundial #H406 2/2 $1.329M.
No price changes.
4 new sales: Sanibel Arms West #B8 2/2 listed at $875K, Sandalfoot #1A3 2/2 listed at $1.175M, Pointe Santo #C26 2/2 listed at $1.095M, Gulfside Place #210 2/2 listed at $1.499M.
3 closed sales: Seawind #106 2/2.5 $925K, Sanddollar #B301 2/2 $1.699M, Gulfside Place #101 3/3 $2.495M.
HOMES
No new listings.
4 price changes: 446 Lake Murex Cir 2/2 now $920K, 1835 Farm Trl 3/2 now $949K, 1313 Seaspray Ln 3/3 now $1.795M, 931 S Yachtsman Dr 4/3.5 now $1.895M (our listing).
Dock with lift at 931 South Yachtsman Dr
1 new sale: 458 Casa Ybel Rd 3/2.5 $1.25M.
3 closed sales: 496 Lake Murex Cir 3/2 $950K, 1985 Wild Lime Dr 3/2 $1.28M, 5075 Joewood Dr 4/4.5 $4.1M.
LOTS
Looking from 1084 South Yachtsman Dr to marina, bay, causeway
1 new listing: 1084 S Yachtsman Dr $699K (our listing).
No price changes, new sales, or closed sales.
Captiva
CONDOS
1 new listing: Marina Villas #902 2/2 $1.375M.
No price changes or new sales.
2 closed sales: Beach Villas #2635 3/3 $1.5M, Gulf Beach Villas #2027 3/2 $1.55M.
HOMES
Nothing to report.
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, enjoy summer! (Our ad from today’s “Island Sun” below.)
Susan Andrews, aka SanibelSusan
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