by Sarah Ashton, Broker Associate, Re/Max of the Island
Another month has passed and Coronavirus news is still dominating the airwaves and print media. Given this, it is possible to believe that nothing is happening in Real Estate in general and Island Real Estate in particular. This just isn’t the case.
Island real estate has slowed down significantly since mid-March. It has not, however stopped. Looking at the period April 1, 2020 through May 15, 2020, 48 Sanibel houses and condos have closed. Currently there are 30 Sanibel Houses and Condos under contract. This is hardly an indication that Island real estate has stopped.
In a recent interview with Dr. Lawrence Yun, Chief Economist for the National Association of Realtors, he made the point that the economic slowdown was not the result of poor economic fundamentals, but an event induced slowdown that would, over time, correct itself once our way of life started to return to normal. The shock to the system when the shutdown of businesses occurred did not take away the facts that nationwide we have and historically low inventory of housing and that mortgage interest rates extremely low. These factors indicate that once things begin to move forward that there may be a pent up demand for real estate. Listen to the Interview here.
How does play into the future of Sanibel and Captiva Island Real Estate? Once travel resumes, perhaps this Summer or Autumn, our buyers for Island properties will be back. The pause in their lives may spur some buyers to be more committed to getting their Island dream property than before. On the flip side, some island property owners may feel more like making the move to be closer to family so our listing inventory may inflate some as we move into October and November.
We are still a ways out from knowing what the future will hold however it is far from doom and gloom. Our islands will always have a draw for many. We have a special place here in paradise.