2011 is shaping up to be a much better year than 2010 with respect to Sanibel Island and Captiva Island real estate.
On Sanibel Island there have been a total of 271 houses, condos and lots sold thus far in 2011 versus 219 for the same time in 2010. That is a 23% increase in total volume. The prices of the sold units are up as well. Houses, condos and lots on Sanibel Island have a low prices that are 0 - 15% higher than last year with many more properties over $1 million having been sold.
On Captiva Island there have been a total of 39 properties sold in 2011 versus 26 in 2010. This is a 50% increase in volume. Prices on the top end have increased while some of the smaller properties have sold at a great value.
What is clear is that there will continue to be pressure on Sanibel and Captiva prices to hold or go up in the coming months based upon a greatly reduced inventory from last year. I have had several experiences this summer where my clients had properties sold prior to their being able to get an offer in. Additionally, the number of properties available to view and choose from was greatly reduced.
We will see what Q4 will bring!