by Sarah Ashton, Broker Associate, Re/Max of the Islands
It has been an unusual year so far.
How often has this been said in the past number of years? Between Irma, Red Tide and now a global Pandemic, the Sanibel & Captiva real estate markets have weathered a number of unusual times – and has shown remarkable resiliency.
As the chart below shows, the 2020 numbers do not vary much from the 2019 numbers in terms of number of sales closed to date. In the past 4 weeks, the islands have seen a surge in interest in island properties. Many have speculated as to the cause of the interest. Speculation on the causes of this interest range from:
* pent up demand from our “season” being shortened
* reaction to having been cooped up in our homes generating a new interest in getting that second home, or primary home, at the beach
* concern about having too much money in securities and wanting to diversify investments.
Whatever the cause, we have seen a lot of activity and a number of “sight unseen” contracts written with buyers choosing to come see the property they have just committed to buy after they have a contract in place.
Year-to-Year Comparison - January through June| 2019 | 2020 | 2019 | 2020 | ||
|---|---|---|---|---|---|
| Sanibel Houses | Captiva Houses | ||||
| Active | 138 | Active | 40 | ||
| Under Contract | 48 | Under Contract | 5 | ||
| Sold | 117 | 102 | Sold | 6 | 11 |
| Sanibel Condos | Captiva Condos | ||||
| Active | 121 | Active | 38 | ||
| Under Contract | 17 | Under Contract | 3 | ||
| Sold | 77 | 77 | Sold | 14 | 14 |
As to the sales prices of these properties. There has been an appreciation in sales prices for well-maintained properties. Buyers are still seeking to not have to embark on a long distance renovation project right after they close on the property. Buyers looking at the lower end of the price scale are being very cost conscious and cautious. Those choosing to finance are particularly concerned about appraisal value so are shy to over-pay.
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