July 4th Holiday Weekend 2022 on Sunny Sanibel

Best wishes for a safe happy July 4th holiday weekend wherever you are. Here on Sanibel, locals and visitors are looking forward to several special events on Monday.

As usual, SanibelSusan will be in the office which is a great vantage point for parade watching. See schedule below:

Sanibel July 4th Fun

  • 7 to 9:15 a.m. – Pancake breakfast at Sanibel Community Church, SanibelChurch.com
  • 9 a.m. to noon – Periwinkle Way closed from Donax St to Tarpon Bay Rd.
  • 9:30 a.m. – 30th Annual Independence Day Parade down Periwinkle Way (Tarpon Bay Rd to Casa Ybel Rd).

  • 11 a.m. to noon – Ice cream at St Michael & All Angels Episcopal Church
  • 11 a.m. to 2 p.m. – July 4th Celebration at Jerry’s Foods parking lot.
  • Noon – 42nd Annual Road Rally begins at The Timbers parking lot.
  • 3 to 6 p.m. – Marty Stokes Band performing at American Legion Post #123
  • 5:30 to 9:30 p.m. – Dunes Golf & Tennis Club July 4th Celebration (reservations needed, 239-472-3355)
  • Dusk – Fireworks launched from end of Bailey Rd over bay. Bailey Rd will be closed all day.

Sanibel & Captiva Real Estate News

In the world of island real estate, it was another quiet week. Just four sales – total for both islands since last Friday. The SanibelSusan Team is thankful that one of those sales was our buyer.

There was no Realtor® Caravan this week, but the activity posted in the Sanibel & Captiva Islands Multiple Listing Service follows a couple of news items below. Sanibel inventory is inching up slowly.

Our ad from today’s “Island Sun” is below.

Homebuyer Demographics Are Changing

The July 2022 issue of “Florida Realtor®” magazine arrived this week. Under “finances”, it mentions that “Gen Z and Millennials will play a big role in the housing market this year. Some 26% are likely to purchase a new home this year, compared to 12% of Gen X and 8% of Baby Boomers, and 23% would purchase a home without seeing it in person first (compared to 16% of Gen X and 5% of Baby Boomers.”

If you need a reminder of the ages of those generations, today Baby Boomers are 56 to 77; Gen X-ers are 40 to 55; Millennials are 24 to 39; while Gen Z-ers are 10 to 23. Does this mean that more than a quarter of those 39 and younger are expected to buy this year, many without ever visiting the property? Wow!

CROW Clinic Summer Schedule

The CROW (Clinic for Rehabilitation of Wildlife) Connection (www.CROWClinic.org) just posted their new summer schedule. They will have two daily presentations at 11 a.m. and 2 p.m. (except Saturdays) and one Wildlife Walk Guided Hospital Tour each day after the 11 a.m. presentation.

CROW Visitor Education Center will be closed Monday, July 4 as staff will be participating in the Sanibel’s “Red, Wild, & Blue” Parade.

Sanibel & Captiva Islands Multiple Listing Service Activity June 24‑July 1, 2022

Sanibel

CONDOS

3 new listings: Seashells #9 2/2 $650K, Sandalfoot #2A2 2/2 $850K, Sandollar #A302 3/2 $1.9M.

No price changes.

2 new sales: Captains Walk #A5 2/1 listed at $549K (our sale), Sundial H406 2/2 listed at $1.329M.

3 closed sales: Sanibel Arms #G8 2/2 $1.295M, Tarpon Beach #105 2/2 $1.3M, White Pelican #124 2/2 $1.699M.

HOMES
6 new listings: 1283 Par View Dr 2/2 $1.249M, 749 Cardium St 3/2 $1.279M, 4677 Rue Bayou 3/3 $1.495M, 1224 Kittiwake Cir 3/2 $1.625M, 1260 Par View Dr 3/3 $1.799M, 896 Angel Wing Dr 3/2.5 $1.995M.

3 price changes: 760 Cardium 3/2 now $1.172M, 4052 Coquina Dr 3/2 now $1.199M, 1318 Seaspray Ln 5/3.5 now $4.295M.

2 new sales: 1012/14 E Gulf Dr 4/2 listed at $995K, 947 Lindgren Blvd 3/2 listed at $1.456M.

2 closed sales: 600 Boulder Dr 3/2 $970K, 4612 Rue Belle Mer 3/2 $1.495M.

LOTS

1 closed sale: 451 Sawgrass Pl $949K.

Captiva

CONDOS

No new listings, price changes, or new sales.

2 closed sales: Bayside Villas #5110 1/2 $673.5K, Gulf Beach Villas #2001 2/2 $1.15M.

HOMES

No new listings.

1 price change: 1106 Tallow Tree Ct 3/3 now $3.75M.

No new or closed sales.

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.

Enjoy your holiday!

Happy birthday, America!

Susan Andrews,aka SanibelSusan

Summer Starts on Sunny Sanibel

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

 

It’s a Happy Friday Both on The Islands & At Sea

It’s Susan reporting from the Celebrity Equinox en route back from a few days in the Caribbean, docking back in Florida tomorrow. Technology has me working wherever I am.

Teammate Dave has been handling things in the office and says it has been very quiet on the islands – not totally unexpected for early June. Lisa will be in the office tomorrow morning & I bet I’m back there by early afternoon,

Dave’s info on the action posted since last Friday in the Sanibel & Captiva MLS is after a couple of news items below. Also below is our ad from today’s “Island Sun”. This terrific home is getting showings!

Instant Reaction from NAR’s Chief Economist

Posted Wed, June 15 by National Association of Realtors Chief Economist, Lawrence Yun:

“Today’s announcement by the Federal Reserve set a big increase in interest rates and means several more rounds of rate hikes are on the way in upcoming months. So far, the short-term fed funds rate that the Fed directly controls has risen by 175 basis points. But the 30-year fixed rate mortgage has risen even more – by nearly 300 basis points. On the same $300,000 mortgage, the monthly payment has risen from $1265 in December to $1800 today. That’s painful and, consequently, will shrink the buyer pool.

“Home sales have recently been trending down toward 2019 figures. Sales could fall even further with some inventory sitting on the market for more than a month like in pre-pandemic days. Pricing a listed home properly will, therefore, be the key to attracting buyers. In the meantime, rental demand will strengthen along with rents. Only when consumer price inflation tops out and starts to fall will mortgage rates stabilize or even decline a bit. That is why providing additional oil supplies will be critical in containing consumer prices and interest rates.”

This coming Thurs, he also will speak at the islands Association of Realtors monthly membership meeting. Those comments will be shared next week.

Blind Pass Beach Park Closed

The City of Sanibel announced Tues that Blind Pass Beach Park would close the next day, June 15, out of concern for public safety. Since May, the shoreline at the park gradually has eroded and a steep escarpment developed at the end of the beach access paths making public access to the water unsafe.

The escarpment can reach up to 6 feet at times and extends from the Blind Pass Bridge south to near Castaways Cottages. The City said conditions will be monitored and the park will reopen when the public can safely access the beach again.

Sea Turtle Nesting Season Reaching Peak

SCCF’s sea turtle team has documented 411 nests as of June 15. That total is on pace with nest count last year at this time. The impacts of recent rains and wind that became Tropical Storm Alex were minimal, with only five nests lost in that surge.

Mid to late June is peak nesting season on the islands so busy weeks are expected. With nesting turtles coming ashore at night, the public is reminded to turn off lights, fill in beach holes, remove furniture, and to please call the SCCF Sea Turtle Hotline to report any stranded turtles or hatchlings, nests that have been tampered, eggs that are exposed, or nests being washed away. Call 978-SAVE-ONE. Visit sancaplifesavers.org to learn about helping.

Sanibel & Captiva Islands Multiple Listing Service Activity June 10-17, 2022

Sanibel

CONDOS

1 new listing: Pointe Santo #A25 2/2 $1.4M.

2 price changes: Blind Pass #D201 2/2 now $699K, Sanibel Arms West #F2 1/1 now $769K.

2 new sales: Sundial #D405 1/1 listed at $850K, Nutmeg Village #104 2/2 listed at $874.9K.

5 closed sales: Loggerhead Cay #351 2/2 $824K, Nutmeg Village #211 2/2 $1.125M, Sundial #G401 2/2 $1.274M, Sanctuary Golf Villages #5-6 3/3 $1.398M, Pelicans Roost #302 $1.4M.

HOMES

5 new listings: 1046 Sand Castle Rd 2/2 $995K, 1012/1014 E Gulf Dr 4/2 $995K, 3947 Coquina Dr 2/2 $1.249M, 760 Cardium St 3/2 $1.25M, 5690 SanCap Rd 3/3 $1.875M.

4 price changes: 646 Rabbit Rd 3/2 now $799K, 9476 Balsa Ct 3/2 now $1.135M, 2474 Wulfert Rd 3/2.5.5 now $1.995M, 1740 Dixie Beach Blvd 3/2.5 now $2.495M.

5 new sales: 1236 Sand Castle Rd 2/2 listed at 929K, 1827 Middle Gulf Dr 2/2 listed at $950K, 9409 Moonlight Dr 3/2.5 listed at $1.282M, 671 Durion Ct 3/2 $1.395M, 585 Chert Ct 3/3 listed at $1.549M.

6 closed sales: 1202 Sand Castle Rd 4/2.5 $1.265M, 9405 Beverly Ln 3/2 $1.335M, 1178 Harbour Cottage Ct 3/3 $1.395M, 4204 Old Banyan Way 3/2.5 $1.525M, 204 Daniel Dr 3/2 $1.575M, 479 Las Tiendas 4/3 $1.575M.

LOTS

No new listings, price changes, or new sales.

1 closed sale: 1836 Ardsley Way $305K.

Captiva

CONDOS

No new listings, price changes, or new sales.

2 closed sales: Bayside Villas 1/2 $605K, Lands End Village #1628 3/4 $3.9M.

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.

Best wishes to all for a Happy Fathers Day weekend.

Susan Andrews, aka Sanibel Susan

Before Most Storms is a Spectacular Sunset!

June 1 was the official first day of Florida hurricane season. Right on time, the Pacific storm that passed the Yucatan this week, now is into the gulf and forecast to dump heavy rain on SW FL beginning today and continuing into tomorrow. After that, island weather likely will return to typical “rainy season” with off-and-on tropical showers possible most afternoons and evenings.

From now through fall, the islands enjoy many bright sunny days and excellent shelling (particularly after a summer storm), but this time of the year it is especially smart to keep an eye on the weather. It also pays to stock up on hurricane supplies during tax-free time, which is now through Jun 10. Qualifying disaster preparedness supplies include such items as generators, tarps, smoke and carbon monoxide detectors, fire extinguishers, flashlights, lanterns, batteries, weather radios, and for pets, portable kennels, beds, leashes, collars, and muzzles (some price limits apply).

In the world of island real estate, after a couple of news items below is the activity posted in the Sanibel & Captiva Multiple Listing Service since last Friday. On Jun 1, the May renters departed from our new canal-front listing in Sanibel Estates so Jim Anderson, JMA Photography, our long-time photographer was able to do his magic before the storm arrived.

931 South Yachtsman Dr in Sanibel Estates

There was no local Association of Realtors® Caravan meeting this week, but this morning I attended the Professional Development Committee meeting where we were busy finalizing 2022 classes and speaker schedules. I am also putting the finishing touches on the Resort & 2nd-Home Market class that I teach for the Association next week as one of the modules for the SCIS (Sanibel & Captiva Islands Specialist) designation.

Sanibel & Captiva Islands 2022 Real Estate Sales

Not totally unexpected is how quickly island sales have slowed. Even with a holiday weekend, the islands were quiet this week. Traffic was slim to none, with reported real estate sales about the same. It is another story about how busy it was on the causeway beaches, particularly on Sunday. There was no room for even a bird to light. Lots of people appeared to be enjoying the water and weather, but vehicles were parked within inches of each other, and jet skiers were zooming close to shore. Lee County certainly has their hands full monitoring those beaches.

Below is an update of Sanibel/Captiva inventory today, compared to sales year-to-date and last year. (Info from Sanibel & Captiva Islands Multiple Listing Service as of Jun 3, 2022. For sale & under contract average prices are based on asking prices.)

 

 

Status

SANIBEL
Condos Homes Lots
# Avg $ DOM # Avg $ DOM # Avg $ DOM
For sale 20 1,288,307 75 19 2,175,836 37 8 1,792,200 311
Under contract 16 1,207,993 13 25 1,764,920 22 4 579,638 116
Sold to-date 2022 79 1,120,191 41 109 1,714,678 65 18 607,500 245
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 7 1,570,428 48 7 5,922,537 46  1 15,500,000 69
Under contract 9 1,771,944 37 4 6,523,750 42  0 N/A N/A
Sold to-date 2022 19 1,346,343 44 16 5,573,906 152  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

Florida Realtors® 2022 Budget Victories

This week, Florida Governor Ron DeSantis signed the $109.9 billion 2022-23 state budget into law which includes four Realtor® legislative priorities from the 2022 session.

First, it solidifies the $100 million allocated for the new Hometown Heroes Housing Program, meaning that July1, down payment and closing cost assistance will be available for eligible hometown heroes such as nurses, teachers, firefighters, law enforcement offices, and other critical front-line workers.

The budget signing also means that $262 million will be available at the start of the new fiscal year for the State Housing Initiatives Partnership (SHIP) and State Apartment Incentive Loan programs (SAIL). These existing affordable-housing programs have been a long-standing priority for Florida Realtors® as they provide home ownership and rental assistance to low-income Floridians.

On the environmental side, the budget signing locks in more than $1.6 billion for water quality and other related projects including:

  • $500+million for Everglades Restoration
  • $558+million for target water quality improvements
  • $75 million for springs restoration
  • $50 million for Florida beaches
  • $20 million for Biscayne Bay
  • $125 million for the Wastewater Grant Program
  • $500+million for the Resilient Florida Program.

The budget also includes $500K to help the Department of Business and Professional Regulations combat unlicensed real estate activity.

Florida Real Estate Market Shows Signs of Cooling

Below is a transcript of the Market Update video posted May 19 on Florida Realtors® by Chief Economist Dr. Brad O’Connor:

“The red-hot resale market for housing in Florida finally showed some legitimate signs of cooling in April, based on the latest monthly housing statistics from Florida Realtors. Let’s start by looking at closed sales of existing single-family homes, which were down over 15% compared to April of last year. That’s a significantly larger decline than we saw in March, when closings were only down a little over 6% year-over-year. “What happened in April?” you ask? Well, it’s not so much what happened in April so much as what was happening in February and March. Remember, most home sales that close each month, particularly the majority that are purchased with mortgage financing, went under contract one or two months prior to closing. So, the closed sale statistics reported each month are always impacted by market conditions from one or two months prior, as well. And what was going on in February and March when so many of April’s closings were going under contract? The answer, of course, is a rapid rise in mortgage rates.

“At the beginning of every week, Freddie Mac surveys mortgage lenders across the U.S. and reports the average national rate for the 30-year fixed-rate mortgage on Thursday. For most weeks in 2021, they reported an average rate between 2.8 and 3.2%. These consistently low rates were essentially rocket fuel for the housing market and led to one of the best years for home sales of all time. But mortgage rates started rising in earnest in 2022. At the beginning of February, Freddie reported an average rate of about 3.6%–a little higher than the 3.2% rate it reported at the beginning of January. But by the beginning of March, the average rate had reached 3.8%, and by April, it was up almost a full percentage point further, to 4.7%. It was this huge increase during March that really had a significant impact on closings in April.

“Our new pending sales statistic, which is simply a count of how many homes went under contract each month, is typically a good leading indicator of closed sales a month or two down the road. This statistic has been showing double-digit year-over-year percent declines since February, so it’s not just the theory that rising rates dampen housing demand that has led us to expect lower levels of closings this spring, it’s been present in the numbers, as well. New pending sales are not a perfect forecaster of future closed sales, signed contracts do not always guarantee a successful closed sale, but they are one of the better ones. And with mortgage rates now consistently above 5%, it’s not surprising that new pending sales of single-family homes were down almost 14% in April. So, we might expect closings to be weak on a year-over-year basis over the next month or two, as well.

“Weak” is a relative term here, obviously. As I said earlier, 2021 was characterized by near-record low mortgage rates that allowed for a huge surge in homebuying demand. So, it’s simply unreasonable for us to expect that the market will perform just as well this year now that we are in a higher interest rate environment. The mortgage rates on home sales that closed this April are much more akin to what rates were at in 2018. And compared to April 2018, the number of single-family closings in April of this year was up 11%. April closings were also 4% higher than they were in 2019, when rates were on the way down. So, it all depends on your perspective. Closed sales are performing at about the level they were leading up into the pandemic, despite higher mortgage rates, low supply, and much, much higher sale prices.

“The median sale price for closed existing single-family homes finally eclipsed the $400,000 mark in April. It came in at $410,000, which is almost 22% higher than it was one year ago. While that’s bad news for prospective buyers, once again we need to remind ourselves that many home sales that closed in April actually had their prices determined when they went under contract a month or two earlier, just as rates were really starting to take off. In the longer run, price growth should start to moderate in response to these higher rates, so this is an important statistic to keep your eye on over the next few months as an increasing share of sellers will inevitably have to start adjusting their expectations to a degree.

“If you’re in the real estate business, though, the good news is that the lower level of sales in April was mostly offset by this year’s higher sale prices, although not completely. The statewide dollar volume of closed existing single-family home sales in April was down 4.5% compared to a year ago. Year-to-date, however, single-family dollar volume is still up 6.4%.

“Although we’re seeing fewer sales relative to last year, the number of existing homes being listed for resale this year has remained relatively consistent in 2022 compared to recent years. There were more new listings of single-family homes this April than in April of either 2018, 2019, or 2020, and they were only down by less than 2% compared to April of 2021. Year-to-date, new listings are down only 0.5% compared to a year ago. This has allowed inventory levels to finally start creeping up a little bit. As of the end of April, the statewide inventory of existing single-family homes for sale was up close to 7% year-over-year. That’s a big deal since it represents the first year-over-year increase in Florida’s single-family inventory since June of 2019. Granted, we still have over 60% fewer single-family listings than we did at this time two years ago, but we’ll take any victory on inventory that we can get at this point. It’s still a long road back to a balanced market.

“Now that we’ve covered the resale market for single-family homes, let’s look at the stats for homes in the condo and townhouse category. If you regularly watch our videos here, you know that annual condo and townhouse sales were up significantly in 2021. Single-family sales were up by almost 13%, but that was nothing compared to condos and townhouses’ increase of over 34%. The big reason why that happened is that our single-family inventory was mostly depleted during the second half of 2020. So, when 2021 came around, relative to single-family homes, we had a fairly abundant amount of condo and townhouse inventory. With housing demand as hot as ever and home prices rapidly rising, condo and townhouse sales went through the roof.

“By the beginning of 2022, though, condo and townhouse inventory levels were largely depleted, as well. As of the end of April, we’re at 1.3 months supply of inventory for this property type category, not much more than the 1.1 months supply of single-family inventory. As a result, condo and townhouse sales are constrained this year in a way they were not one year ago, so the decline in sales has been more severe than on the single-family side. Closed sales in April were down almost 21%, while new pending sales were down almost 24%. The levels of closings and new contracts, however, remain above where they were at this time in 2019, the last normal year for our housing market ahead of the pandemic.

“The median sale price for condos and townhouses in April was $310,000, a year-over-year increase of 24%. This year’s higher price point led to a decline in dollar volume of only about 8% relative to a year ago when condo and townhouse sales were at their hottest.

“Many of the factors impacting Florida’s housing market right now are macroeconomic factors, in other words, phenomena that are broadly impacting the housing market nationally, not just here in Florida. Rising interest rates and high inflation are two prime examples. But on a state-specific basis, Florida currently has some great things going for it that continue to make our state an attractive destination for new residents, investors, and second-home buyers. Our lack of income tax, access to beautiful beaches, and warm, sunny weather have always been a great asset, but they’ve become even more attractive in today’s work-from-anywhere world.

“Moreover, Florida’s economy has seen one of the strongest recoveries of any state over the past two years. But just as all states are different, so are all the markets within our state….”

How Did Sanibel Home & Condo Sales Compare in April 2022?

Since it also is important to analyze local market statistics, not just understand what is happening at the state-level, below is the info collected by Florida Realtors® (SunStats) for April sales on Sanibel.

Single-family homes – comparing April 2022 with April 2021, the number of home sales was down 68.1% (from 47 sales to 15). Median sale price, however, was up 32.1%, from $1,050,000 to $1,387,500.

Condos – also comparing April 2022 to 2021, the number of condo sales was down 55% (from 40 to 18), while median sale price was up 103.9%, from $675,000 to $1,376,500.

In April 2022, 73.3% of the single-family home sales and 83.3% of the condo sales were cash.

Sanibel & Captiva Islands Multiple Listing Service Activity May 27 – June 3, 2022

Sanibel

CONDOS

1 new listing: Tarpon Beach #105 2/2 $1,297,555.

1 price change: Gulfside Place #101 3/3 now $2.495M.

1 new sale: Sanibel Arms #G8 2/2 listed at $1.295M.

5 closed sales: Coquina Beach #5A 2/2 $779K, Sanctuary Golf Villages I #5-3 2/2.5 $859K, Island Beach Club #P4E 2/2 $1.749M, Somerset #A301 3/2.5 $3M, Sedgemoor #101 3/3.5 $3.895M.

HOMES

5 new listings: 647 Rabbit Rd 3/2 $819K, 446 Lake Murex Cir 2/2 $949K, 947 Lindgren Blvd 3/2 $1.5459M, 839 Birdie View Pt 3/3 $1.995M, 931 S. Yachtsman Dr 4/3.5 $1.995M (our listing).

931 S Yachtsman Dr

3 price changes: 1012/1014 East Gulf Dr 4/2 duplex now $1.049M, 5802 Sanibel-Captiva Rd 3/3.5 now $1.39M, 2729 Wulfert Rd 4/4.5 now $1.998M.

No new sales.

10 closed sales: 778 Cardium St 3/3 $853K, 1667 Sabal Sands Rd 3/3 $1.05M, 3910 Coquina Dr 3/2 $1.299M, 750 Oliva St 3/2 $1.425M, 788 Birdie View Pt 3/3 $2.1M, 746 Windlass Way 4/3 $2.15M, 489 Sawgrass Pl 5/5 $2.183M, 1679 Hibiscus Dr 3/2 $2.495M, 474 Lagoon Dr 3/3.5 $2.5M, 6176 Henderson Rd 4/3 $2.8M.

LOTS

Nothing to report.

Captiva

CONDOS

No new listings or price changes.

1 new sale: Sunset Beach Villas #2235 4/3 listed at $1.979M.

No closed sales.

HOMES

1 new listing: 16151 Captiva Dr 7/7.5 $13.875M.

No price changes.

1 new sale: 11524 Andy Rosse Ln 5/5.5 listed at $3.995M.

1 closed sale: 16989 Captiva Dr 4/4.5 $5.823M.

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.

Stay dry this weekend & enjoy your week!

Til mext Friday… Susan Andrews, aka SanibelSusan

It’s Graduation Weekend for Lee County High School Seniors!

Another Friday has arrived, again without much rain this week until a front from the Caribbean quickly passed through last night, waking many in the wee hours of this morning. Good thing I did a quick drive by one evening on the way home to see my favorite Apple Blossom Cassia tree (at Sanibel Moorings). Betcha the raindrops damaged its splendor.

Forecasters say this weekend will bring more evidence that the rainy season has begun. We hate to see the sparkling clear waters surrounding the islands get stirred up, but that typically is what happens during summer storm season.

Today, SCCF (Sanibel-Captiva Conservation Foundation) issued its weekly water quality report, which shows good conditions now, probably contributing to great fishing with 54 catches last Saturday at the “Ding” Darling & Doc Ford’s Tarpon Tournament.

SCCF photo of Lighthouse beach

There was no Association of Realtors® meeting yesterday, while here in the office, almost all our listings are sold. One more is scheduled to close early next week. After a couple of news items below is all the action posted in the island Multiple Listing Service since last Friday.

First, this weekend is graduation for Lee County high school seniors.

Best wishes to teammate Elise’s son Ryan who gets his diploma on Saturday… and is heading next to Florida Gulf Coast University (FGCU). Congratulations, Ryan (and family!.

Sanibel City Council Scoop

City Council held its regular meeting on May 3. A couple of their key decisions were:

  • Traditional fourth of July fireworks display was approved. This will be the first since 2019.
  • Road resurfacing project to be completed this summer on Sanibel-Captiva Rd between Tarpon Bay and Rabbit Rd.
  • Share-use path system-wide repairs approved, to be complete by Nov.

Sellers Feel Shame if They Don’t Get Bids

Posted last Friday (May 13, 2022) on FloridaRealtors® and sourced to Realtor.com (May 12): “Some sellers hear about today’s bidding wars and pre-emptively overprice their home, only to feel shame – “What’s wrong with my house?” – if no bids come in.

“CHICAGO – Homes are selling within days or even hours – except for the homes that aren’t. When that happens, those homes’ owners say they often feel embarrassed and angry and wonder what could be wrong with their house.

“In the current seller’s market means, many homes end up in bidding wars. Fierce competition is the talk of the town and the topic of many media stories since 87% of March home sales were listings on the market for less than a month. Half of properties typically stayed on the market for only 17 days, according to the National Association of Realtors® (NAR).

“But home sellers with different experiences say their egos were bruised. Jessica Clark in Lincoln, Neb., says she and her husband were trying to sell their home in late 2020, which initially looked promising for a quick sale. They had constant buyer tours – but they received no offers. “We felt defeated and so worried,” she says. Their house lingered on the market for more than a month, while other homes were selling within days. Finally, they received an offer below the asking price, even though they heard everything else was selling for way above asking price. “It wasn’t the best,” she told realtor.com. “But we felt forced to accept.”

“Sellers whose homes linger on the market may need to have a heart-to-heart talk with their real estate agent about the next steps to renew interest. Could their house be priced too high? More sellers are having to drop their asking prices. Also, discuss what is turning off buyers. Are repairs needed? A real estate agent could suggest home staging, decluttering, or even minor renovation to help boost interest.

““A hot market leads people to believe that, because the house down the street had a bidding war and fast sale, they will follow suit,” says Laurie Leinwand, a licensed professional counselor of Three Steps Forward. “When reality falls short, there’s disappointment. Your objective is to sell. Let go of the timeframe. It will happen when it’s supposed to. If it takes a little longer, that’s OK.””

What Locals Are Saying

Here on Sanibel and Captiva, there have been similar discussions – same subject as above. A couple of Realtors® at our Caravan Meeting last week said, “with so little for sale here, if listings aren’t selling, they either are overpriced or in need of help.” That pretty much agrees with the above article.

Below is a quick summary of how long it has been taking island properties to sell (days-on-market). Note DOM (days-on-market) are the number of days from when a listing appears in the MLS until it either goes under contract or closed. Amounts shown are averages. Also, a “pending” contract has no contingencies, is just awaiting (or pending) closing.

Hard to believe there are just nine Sanibel homes for sale today! That’s a new record low and compares to 112 homes already sold/under contract year-to-date.

Status Sanibel Captiva
Condos Homes Lots Condos Homes Lots
# DOM # DOM # DOM # DOM # DOM # DOM
For sale 17 79 9 56 8 297 7 34 8 60 1 55
Under contingent contract 11 18 13 15 4 116 6 43 2 99 0 N/A
Under pending contract 8 20 25 24 0 N/A 2 12 3 141 0 N/A
Sold 2022 thru 5/20 73 42 94 70 18 245 15 44 13 142 0 N/A
Sold 2021 287 113 355 89 69 442 64 145 44 261 2 731
Sold 2020 193 174 289 161 23 393 47 134 27 315 4 448

Islands Night Tickets

Islands Night at Hammond Stadium has been happening since 1993. This year, 30 years after introducing this local celebration, Bailey’s General Store has turned over management and promotion of the event to the Sanibel & Captiva Islands Chamber of Commerce. 2022 Islands Night will be Wed, June 1, when the Fort Myers Mighty Mussels meet the Tampa Tarpons for an evening of baseball, including a pre-game parade, and islander camaraderie. Gates open at 6 p.m., the parade starts at 6:15, and game time is 7 p.m. Free tickets are available at the Chamber visitor center, Huxters Market & Deli, and any retailers at Bailey’s Shopping Center. Sponsorships also are available, find more details under the Calendar of Events at www.Sanibel-Captiva.org.

Shoreline Stabilization Project Begins on Woodring

This week, installation of a living shoreline began on Woodring Rd. This project is scheduled to complete in 90 days, weather permitting. For years, the area has been prone to erosion during storms and high winds. The living shoreline will help reduce erosion while providing habitat benefits for fish and wildlife. These shorelines incorporate the use of structural and organic materials such as wetland plants, oysters and sand, with limited use of rock and concrete. The project funding is by a grant from the Florida Department of Environmental Protection Resilience Implementation Program.

Sanibel & Captiva Islands Multiple Listing Service Activity May 13 – 20, 2022

Sanibel

CONDOS

2 new listings: Seawind #A106 2/2.5 $899K, Sanctuary Golf Villages I #3-5 2/2.5 $1.299M.

1 price change: Sanibel Surfside #116 2/2 now $1.495M.

5 new sales: Pelicans Roost #302 2/2 listed at $1.389M, Sanddollar #B301 2/2 listed at $1.699M, White Pelican #124 2/2 listed at $1.699M, Atrium #301 3/3 listed at $1.949M, Somerset #A301 3/2.5 listed at $3.25M.

2 closed sales: Captains Walk #D5 2/1 $569K, Sanibel Arms West #H7 2/2 $890K.

HOMES

1 new listing: 1270 Par View Dr 3/2 $1.699M.

No price changes.

6 new sales: 1752 Serenity Ln 3/2 listed at $899K, 2010 Wild Lime Dr 3/2 listed at $1.1M, 1985 Wild Lime Dr 3/2 listed at $1.299M, 4202 Old Banyan Way 3/2.5 listed at $1.511M, 4640 Rue Belle Mer 3/3 listed at $2.495M, 1558 San Carlos Bay Dr 3/3.5 listed at $4.35M

4 closed sales: 1072 Blue Heron Dr 3/2 $939K, 1560 Royal Poinciana Dr 3/2 $1.475M, 1311 Sand Castle Rd 3/2 $1.475M, 824 Birdie View Pt 3/3 $1.75M.

LOTS

Nothing to report.

Captiva

CONDOS

1 new listing: Tennis Villas #3113 1/1 $569K.

No price changes, new or closed sales.

HOMES

1 new listing: 11505 Gore Ln 5/5 $3.89M.

1 price change: 11529 Andy Rosse Ln 4/4 now $4,298,765.

1 new sale: 16221 Captiva Dr 5/5.5 listed at $7.25M.

No closed sales.

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!

Susan Andrews, aka SanibelSusan

It’s a Happy Friday 13th at SanibelSusan Realty

Another Friday is here following a week on Sanibel & Captiva Islands with little rain, but plenty of sunshine, breezes, and low humidity. Many locals and visitors have commented about how, compared to last year, May occupancy is down. Those traveling our roadways/shared-use-paths and visiting restaurants/shops appreciate the reprieve. Betcha things pick up again once schools are out and summer vacations begin.

Real Estate Scoop

Sanibel & Captiva Islands Association of Realtors® – Yesterday was the first 2022 bi-weekly Caravan Meeting at the local Association of Realtors®. Attendance was light. No new listings were announced, no price reductions, and just one property was open for Caravan viewing (Blind Pass #D201 for $709K). See the details of the action since last Friday in the island MLS after a couple of news items below.

Sanibel & Captiva Islands Specialist Designation – Tuesday, there was an Association Professional Development Committee meeting. As we finalize the 2022 education events and speakers, it was great to hear that several members already have signed up for this year’s SCIS (Sanibel & Captiva Islands Specialist) classes. Offered each summer (this year, from June 8 to 24), this designation provides training specific to Realtors® working the island market. Well over half of the association membership has completed the classwork (12 modules), earning the designation. Recertification, which requires reattending several new classes, is required every three years. For the 10th year, SanibelSusan will be teaching the Resort & 2nd Home Market module. I am updating the curriculum now and today received my photo props.

2022 NAR Hall of Fame – Last week at the National Association of Realtors Legislative Meetings just outside DC, RPAC major investors were recognized. Those Realtors® have contributed more than $25K to the Realtors® Political Action Committee which since 1969 has helped elect candidates protecting property rights and promoting the industry. New Hall of Fame inductees for their contributions through 2021 were recognized at this event and their names added by plaque on the rooftop of the National Association of Realtors Washington DC building. The 2022 poster below shows Florida’s current Hall of Fame members. When I was initially inducted in 2017 for contributions through 2016, there were only 42 Florida Hall of Famers. Today there are 142. (If you look at the poster, designees are shown by year and alphabetically. My photo (4th row, 4th from left) is so old, I was still a brunette.) To remain on the Hall of Fame, major investors must continue to contribute at least $1K/year to RPAC. I’ve touted before how much RPAC funds, through the years, have helped real estate issues here, from build-back to beach re-nourishment to insurance issues, and more. I’m proud to continue as a Hall of Famer.

At SanibelSusan Realty – We are happy to report that our phones started ringing again and we had a couple of walk-ins this week. Several of the inquiries were from owners thinking of selling, asking for advice on what we think will happen with the market in the weeks/months to come. As often as we share economist projections and try to be smart with recommendations, we honestly don’t know. Today even though the islands have thinned out and snowbirds are heading north, supply still is much lower than demand. Whether buying or selling, if the question is: should we wait? From a business perspective, the answer is no. With world events, the economy, and pandemic changes, who knows what will happen tomorrow, certainly not this Realtor®. Sometimes, it just makes sense to eliminate the emotion and look at real estate for what it really is, often the highest valued item in your portfolio. We look forward to helping more buyers and sellers. We also had a closing today which was both our listing and our sale. Those are special. Thanks to Superior Title for their weeks/months of extra follow-up, needed to get it done.

Hirdie Girdie Gallery Closing for Summer

Tomorrow, Saturday, May 14, is the last day that the Hirdie Girdie Gallery at 2490 Library Way is open for “season” (from 10 a.m. to 5 p.m.). It then closes for the summer and will reopen on October 4. To contact any artists during this down-time, send them a message through the “Contact” tab at www.HirdieGirdieGallery.com.

2022 Florida Sales Tax Exemptions & Holidays

May 14 – Aug 14, 2022– Children’s Books – Tax exemption on children’s books including board books (ages 0-2), picture books (ages 2-7), beginning reader books (4-8), chapter books (ages 5-10), middle-grade books (ages 8-12).

May 28 – Jun 10, 2022 – Disaster Preparedness – The following items are exempt from the state sales tax & county discretionary sales surtaxes: portable self-powered light source ($40 or less); portable self-powered radio, two-way radio, or weather-band radio ($50 or less); a tarpaulin or other flexible waterproof sheeting ($100 or less) and supplies necessary for evacuation of household pets including portable kennels or pet carriers ($100 or less); bags of dry pet food weighing 15 or fewer pounds ($30 or less) or pouches of wet pet food ($2 or less per container).

Jul 1 – 7, 2022 – Freedom Week – Event admissions, boat and water activity supplies, camping, fishing, and general outdoor supplies, residential pool supplies, as well as sports equipment if purchased during this week are exempt from the state sales tax and county discretionary sales surtaxes.

Jul 25 – Aug 7, 2022 – Back-to-School – Sales tax exemption on all qualified school supplies, shoes, and uniforms.

Sep 3 – 9, 2022– Tool Time – The following items are exempt from the state sales tax and county discretionary sales surtaxes: hand tools ($50 or less); power tools ($300 or less); power tool batteries ($150 or less); work gloves ($25 or less); safety glasses ($50 or less); protective coveralls ($50 or less); work boots ($175 or less); tool belts ($100 or less); duffle/tote bags ($50 or less); tool boxes ($75 or less); tool boxes for vehicles ($300 or less) industry text books and code books ($125 or less); electrical voltage and testing equipment ($100 or less); LED flashlights ($50 or les); shop lights ($100 or less).

Jul 1, 2022 – Jun 30, 2023 – Energy Star – A one-year sales tax exemption on all certified Energy Star appliances and products.

Jul 1, 2022 – Jun 30, 2023 – Baby & Toddler Clothing; Diapers – A one-year sales tax exemption for the retail sale of children’s diapers, as well as baby & toddler clothing & shoes, primarily intended for children ages 5 or younger. Does not include watches, watchbands, jewelry, umbrellas, or handkerchiefs.

Jul 1, 2022 – Jun 30, 2024 – Impact-Resistant Doors & Windows – A two-year state sales tax exemption on the retail sales of impact-resistant windows, doors, & garage doors.

Sanibel & Captiva Islands Multiple Listing Service Activity

May 6-13, 2022

Sanibel

CONDOS

5 new listings: Blind Pass #D201 2/2 $709.7K, Pointe Santo #E21 2/2/2 $1.325M, Pelicans Roost #302 2/2 $1.389M, Sanddollar #B301 2/2 $1.699M, Gulfside Place #101 3/3 $2.695M.

2 price changes: Pointe Santo #C26 2/2 now $1.095M, Pointe Santo #D41 2/2 now $1.399M.

1 new sale: Sanctuary Golf Villages I #3 2/2.5 listed at $1.198M.

1 closed sale: Sanibel Moorings #1042 2/2 $821K.

HOMES

3 new listings: 2010 Wild Lime 4/4 $1.1M, 1985 Wild Lime Dr 3/2 $1.299M, 4640 Rue Belle Mer 3/3 $2.495M.

1 price change: 9076 Mockingbird Ln 3/2 now $949K.

3 new sales: 6471 Pine Ave 2/2 listed at $949K, 9405 Beverly Ln 3/2 listed at $1.395M, 5075 Joewood Dr 4/4.5 listed at $4.49M.

6 closed sales: 5307 Ladyfinger Lake Rd 3/3 $968.5K, 1105 Skiff Pl 3/2 $1.095M, 661 Anchor Dr 3/2 $1.355M, 247 Daniel Dr 3/2.5 $1.447M, 1243 Sand Castle Rd 4/4 $1.6945M, 836 Angel Wing Dr 3/2 $1.875M.

LOTS

No new listings, price changes, or new sales.

4 closed sales: 2438 Wulfert Rd $339K, 845 Pyrula Ave $550K, 490 Sea Oats Dr $660K, 860 Lindgren Blvd $925K (our listing & sale).

860 Lindgren Blvd

Captiva

CONDOS

1 new listing: Tennis Villas #3117 1/1 $585K.

No price changes, new or closed sales.

HOMES

No new listings.

1 price change: 1106 Tallow Tree Ct 3/3 now $3.9M.

No new or closed sales.

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

It’s Flamboyant May – Colorful for Mothers Day on the Islands

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 20th 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.

View from Lighthouse Point #227

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

Water Looking Good – Sanibel & Captiva Islands

And just like that, SanibelSusan now reports that the timeframe typically referred to as “high season” on the islands is over! This week, sunny breezy days have made for great spring vacations for many visitors while some snowbirds already are packing up to head north for the summer.

Water Around the Islands

Whenever I receive the Sanibel-Captiva Conservation Foundation (SCCF) weekly water quality update, it makes me also want to check out some of my favorite island spots for water watching. This morning SCCF posted the aerial photo below and reported that satellite imagery this week detected no red tide blooms on the SW Florida coast. Their report also said that on Monday, Lee County Environmental Lab reported some blue-green algae filaments up in the Caloosahatchee River and upstream of the Franklin Locks.

Before the summer rainy season begins usually is when gulf and bay waters here are clearest, sometimes in that sparkly blue-green color more often seen in the Caribbean. I did an island drive-around today, taking a few water photos. Here are some favorites.

End of Dixie Beach Blvd overlooking Pine Island Sound

End of Bailey Rd overlooking San Carlos Bay

Road to Lighthouse

From McCarthy’s Marina overlooking Pine Island Sound

From Green Flash to Roosevelt Channel

End of Henderson overlooking Dinkins Bayou

Sanctuary Rd bridge over bayou

Sea Turtle Nesting Season Begins

Posted on-line Wednesday by SCCF: “April 15 marked the first day of the 2022 sea turtle nesting season! Volunteers have been eager to get back on the beaches again after a successful season last year. This season, SCCF has 85 active volunteers who are committed to patrolling the beaches every day from April through October. Volunteers and staff survey the beaches along Sanibel, Captiva, and Causeway Island B at first light have not found any turtle activity.

“The first several patrols have not seen any telltale sea turtle crawls in sand, but that is not unusual this early in the season. The record for the earliest nest laid was by a loggerhead (Caretta caretta) on April 15, 2020. Even without any activity to report, the volunteers were all smiles as they donned their white sea turtle shirts once again.

“Now that nesting season has officially started, please remember that everyone can make a difference by taking little steps to help make our beaches turtle-friendly! Please take your beach equipment and furniture off the beach by 9 p.m., fill in holes your party may have dug, avoid using white lights visible from the beach (including interior lights) and flashlights on the beach, and properly dispose of all trash. For more tips, go to http://www.SanCapLifesavers.org

SanibelSusan Realty Scoop

Here in the office, it was nice to have visits from several clients back in town after long pandemic-related delays. We hope they will be back more often now that some travel restrictions lifted.

As the team and I continue to commiserate about so few properties being available for sale, it has been an interesting twist to work with clients’ children. I guess that’s what happens when you get to be my age. Listings more often come from former buyers now looking to move to retirement communities or closer to families, while their children now are looking to purchase and with parameters different from those their parents had.

More than once recently I have met with that next generation asking for advice – sometimes because they are thinking of selling or buying back in their home state and some wanting to purchase an investment property here. Some want to know why they even need a Realtor® in a hot market. Others simply want to know how to find a good Realtor®. Below are SanibelSusan tips when shopping for real estate help.

After that is the action since last Friday reported in the Sanibel & Captiva Islands Multiple Listing Service. Today, there are 39 residential properties for sale on Sanibel (16 condos, 14 homes, and nine lots). On Captiva, there are 14 (five condos, eight homes, one lot).

Susan’s Tips On Hiring a Realtor®

It really doesn’t matter if you are looking to buy or sell, you always want the best representative working for you. And guess what? That person is not just someone with a real estate license, but one who also is a Realtor®. The best Realtor® may not be the one with the flashy social media, billboard, TV and radio advertising. Here are a couple of tips that I recently shared.

Why hire a Realtor® – All real estate licensees are not the same, only those who are members of the National Association of Realtors® (NAR) are Realtors®. They subscribe to a strict code of ethics and have access to advanced educational opportunities and training in their real estate specialties. Realtors® are committed to fairly treating all parties to a transaction. A full-time Realtor® that also lives in the geographic area they service likely has the best grasp of what is happening in that local marketplace. They will know the prices, terms, and condition of competing properties and recent sales. You want an expert in the local business to guide you through the buying and selling process.

Get recommendations – It doesn’t matter whether you are purchasing or listing, ask for recommendations from family, friends, co-workers, and neighbors IN THE TOWN or AREA where you are buying/selling. Ask if they recently worked with a Realtor® they like. This is not asking for the name of a Realtor® they know – or their family member or friend who also may have a real estate license. You want a recommendation from someone who RECENTLY worked with an agent in that area and had a great experience. Someone who has not bought or sold in decades is not the person to ask. The Realtors® in your area with the best recommendations are the ones you should contact. Try to get three recommendations. If you can’t get recommendations, sleuth them out yourself.

Get experience – Though the Realtor® designation is national, real estate licenses vary state to state (& country to country). Usually, a sales associate has less education than a broker who can open a real estate office in that state. Sometimes though, a new associate has more time to devote to you than a busy top producer. Find out who has generated the most sales in the community where you are buying or selling.

Get credentials – Go to Realtor.com and click on the tab to “Find a Realtor®”. In addition to specifying your geographic area or town, click “Add Credentials”. The first credential you want to check is C2EX. A C2EX Realtor® has received the commitment to excellence endorsement from NAR. There are over 1.5 million Realtors® in the U.S., only the top 100,000+ have earned this endorsement. C2EX is not a class or designation, but recognition by NAR as committed to practicing real estate at the highest professional standard in the industry. Next consider what type of property you are buying or selling. If it is in a resort or 2nd home market, like Sanibel & Captiva Islands, you may want to work with someone who holds the RSPS (Resort & Second-Home Specialist) designation. If you are listing a property in an area that appeals to foreign buyers, consider someone with the TRC (Transnational Referral Certified) designation. These Realtors® belong to a consortium of real estate organizations in many countries, providing additional exposure to their listings. The Sanibel & Captiva Islands Association of Realtors® also has their own certification that is specific to these islands. Though not on the list of credentials on Realtor.com, you might consider an agent that specializes in your area. Here, those are an SCIS (Sanibel & Captiva Islands Specialist).

Response time – Once you have some names and cell phone numbers, call these Realtors®. If they answer immediately, it is a good sign. I have mixed feelings about leaving a cell phone message as when I am working with a buyer or a seller, I give them my undivided attention and don’t answer my cell phone unless it is an emergency. If you get their voice mail and it’s full, you probably don’t want to work with them. This may be someone too busy to handle the business they already have. If I don’t reach a Realtor® first-try on their cell, I send them a text or an email. Expect them to reply within a few hours. If not, move on.

Meeting – If you are going to list your property, set up an appointment with each Realtor® to come and see the property and tell you why you should work with them. If they are on time or early, that’s likely how they will react to a buyer wanting to view your property. If they also present themselves well and are organized, that is likely how they also will present your property. If you have already prepared a list of the salient features that your property has (or if you are buying, a list of your requirements), your Realtor® will have a better understanding of the job. Having info ready about recent improvements or deficiencies, operating costs, occupancy and showing obligations will help your Realtor®. Find out what the Realtor® knows about the details of any recent sales in the area. A smart Realtor® will have done their homework before meeting with you.

Samples – If you are buying, you want to know what the local sales contract has in it. What is required to make a winning bid in the market in that area. If you are selling, you also want to know about the offers expected, how multiple offers are handled, what your obligations are as the property owners. On either side of the transaction, ask about required disclosures, inspections, closing costs, etc. Hard copy samples of marketing materials, contractual documents, and closing statements, help buyers and sellers determine who will work best with them. Find out what your candidate is willing to do in advance. In today’s hot island market, it is important to have professional photography including aerials and streaming videos done in advance, so that the minute the listing hits the Multiple Listing Services, it is shown “best”. First impressions get properties sold. At SanibelSusan Realty, we already have had five listings sell this year sight-unseen, because of advance professional photography. In addition to the Multiple Listing Services, find out where else on the internet, your property will be posted.

Pay the going rate – As a seller, I’m sure you have heard that real estate commissions are negotiable. Ask what the agency charges, what that pays, and what you likely will net when your property sells. In Florida for example, closing costs vary from county to county. In Lee County, for example, the seller pays for the title insurance and to record to the deed (a total of about 1% of the sale price). In Collier County, it’s the opposite, the buyer pays.

Don’t haggle – Much of the real estate commission a seller pays is used to incentivize other agents to bring buyers, and photography, advertising including online marketing, broker contribution, and taxes. Professional agents that make a living selling real estate typically do not discount their services. During my 30 years selling real estate on Sanibel & Captiva, I have watched average commissions slowly go down from 10% to 6%. Do we occasionally offer a 5% commission for a sale within 30 days or for a high-end property? Yes. But my advice, is don’t haggle. Once you have found the right person to work for you, you will find that they are worth every penny. You certainly don’t want someone negotiating on your behalf that is willing to give away their own income. SanibelSusan Realty has never given up a commission when negotiating a sale. That’s the tough line you want used in negotiating for you too.

Get most exposure – Don’t get caught up in the promise of someone telling you that they already have a buyer for your property, or someone in their office does. That may be true, but if you are looking for top dollar in today’s market, you want the broadest professional exposure fast. Real estate statistics show that sale prices of properties listed with Realtors® far exceed those sold off-market or before hitting the open market.

Sanibel & Captiva Islands Multiple Listing Service Activity April 15-22, 2022

Sanibel

CONDOS

2 new listings: Sanibel Arms West #B8 2/2 $895K, Sanibel Surfside #116 2/2 $1.699M.

No price changes.

3 new sales: Coquina Beach #5A 2/2 listed at $779K, Heron at The Sanctuary III #1B 3/2.5 listed at $875K, Sanibel Arms West #H7 2/2 listed at $889K.

5 closed sales: Tennisplace #D33 1/1 $433K, Loggerhead Cay #201 2/2 $900K, Pelicans Roost #202 2/2 $1.31M, Sundial #Q302 3/2 $1.428M, Kings Crown #117 2/2 $1.8M.

HOMES

5 new listings: 600 Boulder Dr 3/2 listed at $935K, 1382 Tahiti Dr 3/2 $1.15M, 1202 Sand Castle Rd 4/2.5 $1.25M, 3910 Coquina Dr 3/2 $1.299M, 1318 Seaspray Ln 5/3.5 $4.65M.

2 price changes: 9405 Beverly Ln 3/2 now $1.395M, 1558 San Carlos Bay Dr 3/3.5 now $4.35M.

6 new sales: 469 Lake Murex 3/2 listed at $895K, 1667 Sabal Sands Rd 3/3 listed at $1.05M, 1311 Sand Castle Rd 3/2 listed at $1.445M, 479 Las Tiendas Ln 4/3 listed at $1.68M, 746 Windlass Way 4/3 listed at $2.275M, 6176 Henderson Rd 4/3 listed at $2.995M.

2 closed sales: 707 Durion Ct 2/2 $988K, 606 Boulder Dr 3/2 $1.248M.

LOTS

No new listings or price changes.

1 new sale: 451 Sawgrass Pl listed at $949K.

1 closed sale: 2348 Wulfert Rd $325K.

Captiva

CONDOS

No new listings or price changes.

1 new sale: Marina Villas #709 2/2 listed at $1.145M.

No closed sales.

HOMES

1 new listing: 11523 Andy Rosse Ln 5/5.5 $4.995M.

No price changes or new sales.

1 closed sale: 15759 Captiva Dr 1/1 $11M.

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

P.S. One of my favorite island signs below.

Easter Blessings & Springtime 2022

As high season winds down on the islands, it’s great to have another week when the islands are busy with families visiting for the Easter holidays. Some were here this week, some arrive tomorrow, plus local schools are off today and Monday.

Here in the office, it still is quiet. We are thankful for another closing this week, an inspection contingency ending soon on another listing, plus a couple of other listings without contingencies just awaiting closings.

Below are a couple of news items, followed by more details on the island real estate action since last Friday.

We continue to market for new listings. As of today, according to the Sanibel & Capti a Islands Multiple Listing Service, Sanibel has just 41 properties for sale (16 condos, 15 homes, and 10 lots), while Captiva has 14 (6 condos, 7 homes, 1 lot). Many prospective buyers are watching the market carefully, several have us on the lookout for a property that matches their needs. Next is an interesting article geared toward those waiting.

Waiting on the Housing Market to Crash? Don’t, Experts Say

Here’s How Today’s Market Is Different From the Great Recession Housing Bubble

Posted on April 6, 2022 by Jon Reed with NextAdvisor in partnership with TIME:

“Home prices are higher than they’ve ever been, and they show no signs of stopping. The median U.S. home listing price was $405,000 in March 2022, the first time it’s broken the $400,000 price threshold, according to date from Realtor.com. That is an increase of 26.5% over two years.

“Homebuyers might see similarities between what’s happening today and the 2006 housing market where home prices became increasingly unaffordable until the bubble burst, helping trigger the worldwide financial crisis we came to call the Great Recession.

“Stressed-out buyers might be thinking these high prices are a bubble just waiting to pop again. In fact, 77% of homebuyers believe there’s a bubble where they live, according to a recent Redfin survey.

“Today’s market differs significantly from what happened 15 years ago, when high home prices were instead driven by loose lending practices and rampant investor speculation in the market.

“Waiting for the market to crash might not yield the result buyers hope for, experts say. “There’s not really any room there to be a bubble right now. It’s not like people have borrowed too much and it’s not like homes are overvalued,” says Daryl Fairweather, chief economist at Redfin.

“There are a lot of reasons why it seems like we are in a bubble, but at its heart, the issue is simple; supply and demand are driving up prices. “It’s just that there aren’t enough homes for everybody that wants one,” says Fairweather.

Here’s what is different about today’s market, what’s behind the record-high prices, and what buyers can do to navigate the process.

“Things Have Changed Since 2006 – The current market and that of the mid-2000’s share some similarities. Namely, housing prices were up and often unaffordable for buyers. The causes are different, experts say.

“The previous bubble came after a period in which lenders were more lax about writing loans and more people were in the housing market as an investment rather than to buy a home to live in. “Mortgage underwriting was considerably more loose back in 2006,” says Robert Dietz, chief economist at the National Association of Home Builders. “It was easier to get a mortgage to speculate in the housing market. That is not the case today.”

“Different home loans, such as adjustable-rate mortgages with big “balloon payments” due at the end of the term, meant people got into homes thinking they could afford the payments, finding out later that their payments grew dramatically to unaffordable levels, Fairweather says. “There was a lot of financial engineering, there was a lot of predatory lending, there was a lot of bad borrowing on people not having a lot of equity, not having as much of a cushion, that led to the housing bubble,” she said.

“Those types of loans are far less common today, and there is more oversight of home lending in the wake of the crisis of the late 2000’s, experts say. Today most borrowers get 30-year fixed-rate mortgages, which don’t come with the risk of payments suddenly rising dramatically as rates increase, Fairweather said. “If you own a home, you’re still paying what you paid when you got your fixed-rate mortgage.”

“There Aren’t Enough Homes – There are two major ways homes enter the market: Somebody builds a new one or somebody sells an old one. Both of those pipelines are out of whack. “Today it’s really just about lack of supply,” Dietz says.

“Builders Are Struggling to Catch Up – The limited supply of new homes is due to factors both old and new, Dietz says. For the last decade, builders haven’t put up houses at the rate they needed in order to handle today’s demand, which he says has probably created a deficit of a least a million homes. At the same time, costs have gone up since the pandemic. Deitz blames the constraints in the market to what he calls the “five L’s”:

  • Labor: Builders are having a hard time finding skilled workers, particularly in hot markets such as Texas.
  • Lots: There’s about a year’s supply of lots available, when the market needs two to three years.
  • Lending: Homebuilders, especially the smaller companies, face a tighter market for borrowing the money needed to build.
  • Lumber & building materials: Lumber prices were about $350 per thousand board feet in January 2020. That’s about $1,300 now, Dietz says. On top of lumber, there are shortages and delays in things like garage doors and microwaves.
  • Laws & regulations: Issues like zoning can limit how many homes can be built in a certain amount of space.

“The tight housing market means new construction is even more important for buyers trying to get a home. While new homes typically account for less than one in 10 sales, that figure is now about one in three, Deitz says. Supply chain issues also mean new homes take longer to build – from a typical time of about six and aa half months to now about eight months.

“When you add all those together, it’s just gotten a lot harder to build homes,” he says.

“Fewer People Are Selling – Existing homes make up most of the market, but the supply of those is down also. Some of that has to do with the affordability issues affecting buyers. A survey by Discover Home Loans found 79% of homeowners would rather renovate their homes than move.

“High home prices might seem to encourage people to sell their homes and cash in, but most of those people would have to buy another home and pay those high costs. “If they try to buy again, they’ll be facing a really tough market as a buyer,” Fairweather says. “The only people who are really in a good position to sell and buy again are people who are downsizing or moving to a more affordable area.”

“There Are More Buyers – The supply constraints mean there aren’t as many homes for people to compete for, but those open houses are also busier than ever. That’s because more people are deciding homeownership is right for them at the moment.

“There’s a lot of demand for homes right now,” Fairweather says. “A lot of people are looking.” Part of that is that millennials are entering their prime homebuying years, experts say. Many members of this big generation are in their 30’s, often married with children. “We are seeing a big push from millennials to buy a home,” Fairweather says. “That’s been years in the marking.”

“The pandemic has also made remote and hybrid work a possibility for many. That means you don’t have to live close to an office and you might need more space than you can find in an apartment. Remote work means owning a home is a possibility for more people, Fairweather says, adding to demand.

When Will the Housing Market Calm Down? It will likely take a while before the inventory of available homes matches up with demand. Experts surveyed by Zillow predicted it’ll be two years before monthly inventory returns to pre-pandemic norms. They estimated it could be 2024 or 2025 before the portion of first-time buyers again reaches the 45% seen in 2019.

“Rising mortgage rates – they’ve gone from near 3.3% at the start of the year to near 5% in just three months – will likely take some buyers out of the market and slow the rise in home prices. “It should weaken demand, but there’s so much demand it’s hard to say how much it will really impact things like sales and home prices,” Fairweather says.

“Higher mortgage rates might not directly lead to lower prices – supply and demand will still be the big factors – but it could make life a little easier for buyers, Dietz says. “The bidding wars are going to cool off.”

“The factors driving up prices aren’t likely to subside anytime soon, Dietz says. “I don’t think buyers should be betting on any really significant price declines. If anything, as interest rates move higher, the cost of buy a home is going to go up.”

What Can Homebuyers Do In this Market – As Redfin’s survey found, many buyers think the market is in a bubble right now, and they might be tempted to wait for it to burst, some economic cataclysm that suddenly makes a house affordable. Experts caution against hoping for that.

“I think you want to be strategic and you want to be patient,” Dietz says. “Patient is different from waiting for a crash. Buyers will have to look harder and widen their search, he says. There are ways to get creative: if you work is hybrid and you only have to go to an office two or three times a week, reconsider your commute and think about it on a weekly basis rather than as a daily burden. That means you could look farther away from work where housing is sometimes cheaper.

“You can also consider other options, Dietz says. One is to look at new construction if you haven’t already. Keep in mind there is a longer lag time than usual, but it could be easier than competing for scarce existing homes with the mob of other potential buyers (and investors and flippers with cash offers). There are also options other than the single-family home, such as townhouses.

“Any slowdown caused by higher mortgage rates will make the market a little easier for buyers who are patient, Fairweather says. “By the end of summer there should be more homes on the market as not as many buyers will be taking them off the market,” she says.

“The market could be in for a shift this year as it copes with higher mortgage rates, Fairweather says. You may want to slow down and consider your options. “I don’t think it’s wise to try to rush the market now because right now the market is adjusting,” she says.

Should Fourth of July Fireworks Return to Sanibel?

The below article from the latest Santiva Chronicle asks for opinions on this:

“Fireworks on the Fourth of July have been a part of the day’s festivities since nearly as far back as the country’s beginning. But the pandemic canceled that tradition and the return of fireworks this year on Sanibel is up in the air.

“In a hearty discussion among City Council members last week, many of them indicated it might be time to discontinue the 30-minute fireworks show on the Fourth. Fireworks are prohibited on the island, for good reason, with this one traditional exception.

“They are detonated at the end of Bailey Road, near San Carlos Bay. Concern was raised over the heavy metals and chemicals found in fireworks polluting the water. Plus, the loud booms scare wildlife. But our environmental experts have said they support the detonation location and see it as a trade-off for 30 minutes of human enjoyment as we celebrate the freedom of our country.

“Is it time to bring back the fireworks on Sanibel? Now is the time to voice your opinion. Council members will be discussing the fate of the island’s fireworks show in their May 3 meeting. Contact Sanibel City Council….”

Heavy Traffic Advisory

Sanibel Police Chief Bill Dalton issued a “Heavy Traffic Advisory” for this weekend, Saturday and Sunday, April 16 & 17, 2022. Heavy traffic is anticipated along Periwinkle Way to Tarpon Bay Rd due to several island events taking place.

Saturday – 6 to 10 p.m. – SCCF’s 9th Annual Beer in the Bushes Event, 1300 Periwinkle Way.

Sunday – 8 a.m. to 1 p.m. – Sanibel Farmer’s Market at City Hall, 800 Dunlop Rd.

Sunday – 9 a.m. & 11 a.m. – Easter Services at The Sanibel Community Church, 1740 Periwinkle Way. (There also is a 6:30 a.m. sunrise service on Causeway Island A.)

Sanibel & Captiva Islands Multiple Listing Service Activity April 8-15, 2022

Sanibel

CONDOS

3 new listings: Sanibel Arms West #H7 2/2 $889K, Nutmeg Village #211 2/2 $1.15M, Somerset #A301 3/2.5 $3.465M.

3 price changes: Pointe Santo #B44 2/2 now $1.4M, Gulfside Place #117 2/2 now $1.695M, White Pelican #124 2/2 now $1.789M.

1 new sale: Colonnades #10 1/1 listed at $449K.

4 closed sales: Blind Pass #D204 3/2 $815K (our listing), Cyprina Beach #8 2/2.5 $1.43M, Compass Point #192 3/2 $1.81M, Junonia #301 4/2 $2.45M.

Blind Pass condos

HOMES

3 new listings: 778 Cardium St 3/3 $849K, 1667 Sabal Sands Rd 3/3 $1.05M, 5075 Joewood Dr 4/4.5 $4.49M.

2 price changes: 1311 Sand Castle Rd 3/2 now $1.445M, 660 Anchor Dr 6/4 now $2.895M.

No new sales.

4 closed sales: 320 Palm Lake Dr 2/2 $900K, 3015 Singing Wind Dr 2/2 $975K, 3822 Coquina Dr 4/3.5 $1.6M, 2451 Blind Pass Ct 4/4.5 $2.901M.

LOTS

No new listings.

2 price changes: 5642 Baltusrol Ct now $399.9K, 5648 Baltusrol Ct now $399.9K.

No new sales.

1 closed sale: 544 Lake Murex Cir $650K.

Captiva

CONDOS

No new listings, price changes, or new sales.

2 closed sales: Tennis Villas #3128 1/1 $549K, Beach Villas #2633 2/2 $1.399M.

HOMES

2 new listings: 1114 Schefflera Ct 4/3.5 $3.6M, 11529 Andy Rosse Ln 4/4 $4.495M.

No price changes.

2 new sales: 17201 Captiva Dr 5/4.5 listed at $5.65M, 15009 Binder Dr 4/5.5 listed at $7.5M.

No closed sales.

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.

Happy Easter,

Susan Andrews, aka SanibelSusan

Springtime on Sanibel & Captiva

It is Susan with another Friday update. Teammates often think I report too much about weather and traffic. In my defense, that is easy to do in the winter when the island is packed with visitors because the weather is so much better here than in some chilly areas. This week, I am changing things up. There will be no confirmation that since it still is high “season”, island weather is wonderful and traffic heavy.

Below are a couple of news items, followed by the first quarter sales statistics for both islands, then the action since last Friday posted in the Sanibel & Captiva Islands Multiple Listing Service. Supply and demand, like always, continue to control the market.

First a couple of photos from the spring flower explosion at my house. The gardenia bushes are popping and smell wonderful, while the bougainvillea and beach roses always make me smile. I hope you enjoy them too! Sorry I can’t include the aroma.

Island Ecology for New Residents

The Sanibel-Captiva Conservation Foundation is offering their last “welcome walkabout” for this season on Wednesday, April 13 at 10 a.m. If you are a new property owner on the islands – or would simply like to learn about what makes the islands special, join this walking tour to learn about the unique plants and animals, the islands’ steeped conservation history, and current challenges in keeping the islands a sanctuary. Register here; a $5 donation is suggested.

Prices Tripled in 13 U.S. Cities Since 2000 – Two in Florida

Posted Wednesday, April 6, online at FloridaRealtors®, the below article is sourced to Alix Martichoux, WCBD, Nexstar Broadcasting, Inc.

“In two Fla. cities, Miami and Tampa, prices rose more than 200% in a little over 20 years – No. 8 and No. 9 in the U.S. for price increase percentages.

“SAN FRANCISCO – The cost of housing – much like everything else – has gone way up over the past year. Low inventory and low interest rates have thrust the median price of a home in the U.S. up by nearly 20% in a single year.

“But the latest jump is just an acceleration of what’s been happening for 20 years. Most major cities have seen home prices increase substantially since 2000, with many seeing home values double or even triple.

“In some cities, the typical home value has more than tripled. San Francisco, for example, had a typical home value of $356,800 in 2000, according to data analyzed by real estate brokerage Clever; in 2022, the typical home value is nearly $1.4 million – a 290% increase, or nearly quadruple the value 22 years ago.

“San Francisco is often held up as the most extreme example of a housing market gone wild, but it’s not the only city where home values rose astronomically, even with falling home prices during the Great Recession around 2010.

“Clever analyzed the median sale price of homes in the 50 largest metro areas around the country and found 13 cities saw home values more than triple since 2000. The 13 cities where home values have gone up by more than 200% – i.e. tripled – since 2000 are:

  1. San Francisco (290% increase)
  2. Los Angeles (280% increase)
  3. Riverside, Calif. (278% increase)
  4. San Diego (275% increase)
  5. San Jose, Calif. (261% increase)
  6. Sacramento, Calif. (237% increase)
  7. Seattle (235% increase)
  8. Tampa, Fla. (223% increase)
  9. Miami(220% increase)
  10. Austin, Texas (209% increase)
  11. Portland, Ore. (207% increase)
  12. Phoenix (206% increase)
  13. Denver (204% increase)

“Several cities saw slower growth in home values, according to Clever:

  1. Cleveland (60% increase)
  2. Detroit (62% increase)
  3. Memphis, Tenn. (72% increase)
  4. Chicago (73% increase)
  5. Hartford, Conn. (87% increase)
  6. Cincinnati (88% increase)
  7. Birmingham, Ala. (90% increase)
  8. Louis (98% increase)

“Over the same time period, the national average increased 156% – or roughly 2.5 times – from $127,215 to $325,677, according to Clever’s full report.”

Sanibel & Captiva Home Price Increases

If you are wondering what home values have done on Sanibel and Captiva Islands during the same period, in 2000, the average Sanibel home sale price was $650,868. Today the average home sale price is $1,715,784, an increase of 164%. On Captiva, in 2000, the average home sale price was $2,134,459. Today, it is $3,678,750, an increase of 72%.

For condos, Sanibel average sale price in 2000 was $555,689. Today, it is $1,000,078, an increase of 80%. On Captiva, average condo sale price in 2000 was $644,113. Today, it is $1,413,323, an increase of 119%.

See more details below (info from Sanibel & Captiva Islands Multiple Listing Service on 4/8/2022).

 

 

 

Status

SANIBEL
Condos Homes Lots
# Avg $ DOM # Avg $ DOM # Avg $ DOM
For sale 13 1,245,923 68 14 2,425,821 38 10 1,635,700 263
Under contract 24 1,309,074 22 34 1,913,085 44 9 504,617 206
Sold to-date 2022 53 1,000,078 45 72 1,715,784 67 11 656,909 206
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   6 1,460,666 29   6 7,183,333 67  1 15,500,000 13
Under contract   4 2,337,250 27   3 9,798,333 236  0 N/A N/A
Sold to-date 2022  14 1,413,323 46   10 3,678,750 148  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

Sanibel & Captiva Islands Association of Realtor Thursday Caravan Meeting

There was light turnout again yesterday at the Association of Realtors® weekly caravan meeting. Two new listings were signed up for caravan viewing, but one was canceled because it already went under contract.

Just one new sale was announced, no new listings, no price reductions, but plenty of Realtors® with buyers looking to purchase.

Sanibel & Captiva Islands Multiple Listing Service Activity April 1-8, 2022

Sanibel

CONDOS

4 new listings: Loggerhead Cay #271 2/2 $925K, Gulf Beach #107 2/2 $1.049M, Pointe Santo #D44 2/2 $1.399M, White Pelican #124 2/2 $1.849M.

1 price change: Pointe Santo #D41 2/2 now $1.429M.

3 new sales: Sanibel Moorings #1042 2/2 listed at $869K, Sandalfoot #5A2 2/2 listed at $1.175M, Pine Cove #201 3/2 listed at $1.899M.

4 closed sales: Mariner Pointe #323 2/2.5 $649K, Breakers West #C1 2/2 $850K, Compass Point #162 2/2 $1.85M, Cyprina Beach #7 3/3 $1.927M.

HOMES

1 new listing: 1012/1014 East Gulf Dr 4/2 duplex $1.179M.

3 price changes: 1560 Royal Poinciana Dr 3/2 now $1.499M, 746 Windlass Way 4/3 now $2.275M, 2885 Wulfert Rd 6/5.5 now $2.295M.

4 new sales: 3822 Coquina Dr 4/3.5 listed at $1.595M, 733 Durion Ct 3/2 listed $1.695M, 788 Birdie View Pt 3/3 listed at $1.995M, 2915 Wulfert Rd 5/5.5 listed at $3.495M.

5 closed sales: 1398 Jamaica Dr 2/2 $850K, 1053 Seahawk Ln 3/2 $1.325M, 1405 Causey Ct 3/2 $1.5M, 500 Kinzie Island Ct 3/3 $2.295M, 2444 Harbour Ln 4/3.5 $2.711M.

LOTS

No new listings.

2 price changes: 5642 Baltusrol Ct now $379K, 5648 Baltusrol Ct now $379K.

1 new sale: 2348 Wulfert Rd listed at $329K.

No closed sales.

Captiva

CONDOS

No new listings or price changes.

1 new sale: Lands End #1610 3/3 listed at $3.7M.

1 closed sale: Beach Villas #2633 2/2 $1.399M.

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.

Enjoy your weekend. I’ll be back next Friday,

Susan Andrews, aka SanibelSusan