With Lee County Schools back in session this week and other folks finishing up vacations, it has been another quiet few days on the islands. Luckily the Saharan dust has kept seasonal showers away much of the time. The good weather has helped some annual projects, including the summer roadside trimming and paving projects underway.

This time of the year, islanders keep a close watch on the tropics. Hard for us long-timers to forget that 18 years ago in August, on Friday the 13th 2004, Hurricane Charley came to visit.

So far, 2022 has been kind to Florida storm-wise. Before heading out, particularly in the afternoons, I check radar on WinkWeather. As they say in Florida, when a shower is coming/or arrives, wait a few minutes and it will pass.

For forecasts for more serious storms, I follow “Mike’s Weather Page” at www.SpaghettiModels.com. He’s on social media too, has links to the national and international projections, and has a track record of accurate predictions.

Island Real Estate Scoop

No weekly Sanibel & Captiva Islands Association of Realtors® Caravan meeting this week, but office calls at SanibelSusan Realty are picking up. Yesterday, teammate Dave and I viewed a condo that should come on the market soon, while yesterday afternoon I showed a home that soon will be available. All signals that snowbirds and winter are right around the corner. Our “Island Sun” ad from today’s paper (below) zeros in on that.

The activity posted since last Friday in the Sanibel & Captiva Multiple Listing Service follows a couple of news items below.

You will notice that there have been few sales this summer. No new ones on either island this week. That also likely will change soon. Supply and demand continue to dictate sale prices.

Below is a summary of Sanibel residential inventory today (August 12, 2022) by the property type (condos, homes, lots) and locations (bayfront, canal, gulf, inland, and near beach). Data from the Sanibel & Captiva Islands Multiple Listing Service.

SANIBEL CONDOS	Bayfront		Canal		Gulf		Inland		Near Beach		Total
	#	Median $	#	Median $	#	Median $	#	Median $	#	Median $	#	Median $
For sale	0	N/A	0	N/A	16	1,362,000	3	1,198,000	5	685,000	24	1,049,000
Under contract	0	N/A	1	899,000	5	999,000	0	N/A	0	N/A	6	949,000
Sold yr-to-date	6	765,000	9	591,000	73	1,225,000	4	867,000	16	723,000	108	986,111

 

SANIBEL HOMES	Bayfront		Canal		Gulf		Inland		Near Beach		Total
	#	Median $	#	Median $	#	Median $	#	Median $	#	Median $	#	Median $
For sale	2	7,800,000	9	1,995,000	1	4,295,000	13	1,625,000	7	1,179,000	32	1,795,000
Under contract	1	5,195,000	4	1,620,000	0	N/A	2	784,000	12	1,490,500	19	1,365,000
Sold yr-to-date	3	5,500,000	24	1,862,500	4	4,537,500	16	1,272,500	67	1,306,000	138	1,412,500

 

SANIBEL LOTS	Bayfront		Canal		Gulf		Inland		Near Beach		Total
	#	Median $	#	Median $	#	Median $	#	Median $	#	Median $	#	Median $
For sale	0	N/A	1	699,000	1	5,995,000	1	348,000	2	672,500	5	699,000
Under contract	0	N/A	0	N/A	0	N/A	0	N/A	2	570,000	2	570,000
Sold yr-to-date	1	1,850,000	2	887,500	1	2,050,000	9	320,000	9	1,620,000	22	577,500

80% of Metros See Double-Digit Price Gains in 2Q

Posted yesterday, August 11, 2022, on Florida Realtors®:

“NAR: Median home prices in the second quarter were up 14.2%, but Fla. saw bigger gains: Of the top 10 U.S. metros for home-price increases, Fla. had 7 ranking cities.

“CHICAGO – Despite escalating mortgage rates and slumping home sales in the second quarter of 2022, more markets saw double-digit annual price gains compared to the prior quarter, according to the National Association of Realtors®’ (NAR) latest quarterly report.

“Of the 185 metro areas tracked by NAR, 80% posted double-digit price gains, up from 70% in the first quarter.

Nationally, the median single-family existing-home price eclipsed $400,000 for the first time, rising 14.2% from one year ago to $413,500. However, year-over-year price appreciation still eased slightly compared to the previous quarter’s 15.4%.

“In Florida, however, prices increased outpaced most of the nation. Of the top 10 metro areas with the largest year-over-year price gains, seven are in Florida:

“Top 10 U.S. metro areas for prices gains in 1Q 2022

• Fayetteville-Springdale-Rogers, Ark.-Mo. (31.9%)
• Lakeland-Winter Haven, Fla. (31.4%)
• Naples-Immokalee-Marco Island, Fla. (28.9%)
• North Port-Sarasota-Bradenton, Fla. (28.8%)
• Myrtle Beach-Conway-North Myrtle Beach, S.C.-N.C. (28.5%)
• Tampa-St. Petersburg-Clearwater, Fla. (28.0%)
• Cape Coral-Fort Myers, Fla. (27.8%)
• Punta Gorda, Fla. (27.4%)
• Ocala, Fla. (26.7%)
• Ogden-Clearfield, Utah (25.5%)

““Home prices have increased at a pace that far exceeds wage gains, especially for low- and middle-income workers,” says NAR Chief Economist Lawrence Yun. “Overall, the national price deceleration inevitably followed the softening sales, providing well-positioned prospective buyers a small measure of welcomed relief.”

Regionally, the South – the section that includes Florida – accounted for 44% of single-family existing-home sales in the second quarter, and it had the largest price appreciation at 18.2%. Prices increased 12.7% in the West, 10.1% in the Northeast, and 9.7% in the Midwest.

“The top 10 most expensive markets in the U.S., half of which were in California, included:

• San Jose-Sunnyvale-Santa Clara, Calif. ($1,900,000; 11.8%)
• San Francisco-Oakland-Hayward, Calif. ($1,550,000; 11.9%)
• Anaheim-Santa Ana-Irvine, Calif. ($1,300,000; 17.2%)
• Urban Honolulu, Hawaii ($1,145,000; 17.3%)
• San Diego-Carlsbad, Calif. ($965,900; 13.6%)
• Boulder, Colo. ($933,400; 11.8%)
• Naples-Immokalee-Marco Island, Fla. ($850,000; 28.9%)
• Los Angeles-Long Beach-Glendale, Calif. ($825,700; 9.2%)
• Seattle-Tacoma-Bellevue, Wash. ($818,900; 14.4%)
• Boston-Cambridge-Newton, Mass, N.H. ($722,200; 8.9%)

““The local job market performance and supply availability are the clear distinguishing factors driving local home price growth,” Yun added. “Job growth is positive and should be applauded, but supply restraints are creating unnecessary barriers to ownership opportunities.”

“Housing affordability pains – Housing affordability dramatically tumbled in the second quarter of 2022, driven by sharply rising mortgage rates and climbing home prices. The monthly mortgage payment on a typical existing single-family home with a 20% down payment jumped to $1,841. That’s an increase of $444 – or 32% – from the first quarter of this year and $612 – or 50% – from one year ago. Families typically spent 24.3% of their income on mortgage payments, up from 18.7% the prior quarter and 16.9% one year ago.

“Growing unaffordability impacted first-time buyers looking to purchase a typical home during the second quarter of 2022: For a typical starter home valued at $351,500 with a 10% down payment loan, the mortgage payment rose to $1,810 – a bounce of $433 (or 31%) from the prior quarter and $597 (or 49%) from one year ago. First-time buyers typically spent 36.8% of their family income on mortgage payments, up from 28.7% in the previous quarter. A mortgage is considered unaffordable if the monthly payment (principal and interest) amounts to over 25% of the family’s income. A family needed at least $100,000 to afford a 10% down payment mortgage in 53 markets, nearly double the 27 markets from the prior quarter. Yet, a family needed less than $50,000 to afford a home in 23 markets, down significantly from 63 markets in the previous quarter.”

Sanibel & Captiva Islands Multiple Listing Service Activity August 6-12, 2022

Sanibel

CONDOS

No new listings, price changes, or new sales.

2 closed sales: Nutmeg Village #104 2/2 $850K, Compass Point #201 2/2 $945K.

HOMES

1 new listing:  683 Emeril Ct 2/2 $1.099M.

4 price changes.: 1046 Sand Castle Rd 2/2 now $925K, 1447 Albatross Rd 3/2 now $970K, 1283 Par View Dr 2/2 now $1.149M, 1270 Par View Dr 3/2 now $1.649M.

No new sales.

3 closed sales: 9409 Moonlight Dr 3/2.5 $1.185M, 458 Casa Ybel Rd 3/2.5 $1.25M, 1324 Seaspray Ln 4/4 $3.295M.

LOTS

Nothing to report.

Captiva

CONDOS, HOMES, 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,

Susan Andrews, aka SanibelSusan