I haven't posted any Sanibel Island Real Estate Updates in a while because I have been soooo busy! That is a very good thing and a great sign of the health of Sanibel Island real estate.
|After a very busy "season" - we had a good increase in the number of visitors to the island during the winter months, we are having a very busy real estate season. The number of closed transactions thus far in 2011 is up 16.6% over the same period last year.
In raw numbers we have had 176 closed sales thru June 10 of this year on Sanibel as compared to 151 last year. The only down segment of the market is in Vacant Land - we are still seeing little interest in purchasing a lot to build on when the prices of the existing properties is so attractive.
About prices - we have also started to see more interest in the middle and upper market properties. The lower priced properties are being bought up and buyers are being compelled to look at and purchase the higher priced properties. The $1.5+ properties are starting to move.
About inventory - this time last year there were over 300 Sanibel Island homes for sale and over 300 Sanibel Island condos for sale. At this time there are under 250 houses and under 240 Condos. With reduced inventory there will be some pressure on slight price increases and more resistance on the part of sellers to negotiate. It is still a buyers market but the tide may be turning a bit.