Greetings from Sunny (albeit humid) Sanibel Island, Florida
The Sanibel Real Estate market has continued to be strong through July and year-to-date we have had an 18% increase in closed sales 2011 over 2010. That is quite remarkable! Condos have lead the way with a 23% increase in the number of closed deals and an strong showing in the $1MM+ end of the market. Very encouraging.
Two clients I have worked with in July have experienced something we haven't had in a long time - loosing a property they were interested in to another interested party getting an offer in on the property first! I have also had clients have to deal with competing offers - another situation we haven't seen in a long time! With all this activity - we are seeing the inventory decline. This is due both to the number of sales as well as the time of year. We typically get more folks listing in October in expectation of the seasonal influx of visitors.
|Land sales continue to lag - we actually had more closed land sales year-to-date in 2010 than we have had this year. The values of existing homes is so much greater than the expense of purchasing a vacant lot and building new that the existing homes continue to be a better way to go.
I hope you are having a great Summer and I look forward to hearing from you soon about your plans to come down to Sanibel! Till next time....Sarah