provided by Broker Associate Sarah Ashton, Keller Williams Realty
It is fair to say 2021 was a different kind of year. Starting with the promise of life returning to normal, there was nothing normal about how Island Real Estate responded to the pandemic, social distancing and securities markets hitting all-time highs with interest rates at historic lows. The result was a virtual “feeding frenzy” for Sanibel and Captiva Island properties.
By May of 2021 the outstanding inventory of houses and condos dropped dramatically as buyers came in to find their place in the sun and a place to put funds outside the stock market. New listings continued to come on the market and were snapped up virtually (yes, there were Zoom showings that resulted in purchases) as soon as they appeared and often, over the listing sales price. While sellers rejoiced, the challenge for buyers was real and often disappointing.
As seen by the numbers below – the number of sales and the average sales price are up (except for a small decline in average house prices in Captiva) and the number of days on the market is down (except for an increase in Captiva Lots).
Any thoughts of a “Market Bubble” is more a hope than a likely reality. The lack of inventory and the revised lending provision put in place after the 2008 Mortgage Crisis make any wholesale pullback of Real Estate prices unlikely.
As the inventories increase, likely in the latter part of 2022, the price increases will slow and there may be a return to a more expected real estate market where the buyer and seller actually negotiate. Without a crystal ball we can’t predict how things will go, but it is fair to say 2022 will be different yet again.
Sanibel Island Property Sales 2020 vs 2021| 2020 | Closed | Average Sales Px | Average Days on Market |
| Houses | 273 | $973,000 | 124 |
| Condos | 199 | $733,000 | 119 |
| Lots | 23 | $323,000 | 393 |
| 2021 | |||
| Houses | 348 | $1,347,500 | 49 |
| Condos | 286 | $876,000 | 61 |
| Lots | 68 | $703,830 | 225 |
| Houses | 27% | 38% | -60% |
| Condos | 48% | 20% | -49% |
| Lots | 196% | 118% | -43% |
| 2020 | Closed | Average Sales Px | Average Days on Market |
| Houses | 26 | $2,951,000 | 276 |
| Condos | 47 | $821,700 | 104 |
| Lots | 4 | $2,537,000 | 448 |
| 2021 | |||
| Houses | 40 | $2,705,000 | 220 |
| Condos | 64 | $1,150,370 | 57 |
| Lots | 2 | $2,950,000 | 731 |
| Houses | 54% | -8% | -20% |
| Condos | 36% | 40% | -45% |
| Lots | -50% | 16% | 63% |
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