Sanibel real estate blog: 6 weeks to go in 2013- what happened in the Sanibel real estate market?

Here we go– as we start to wrap up this year, here is how the market looks, stats through November 16th.
The total number of listings is down 40% from January 2012 an down 23% from January 2013.

The most active market segment was single family homes. Since January 2013 we have seen an increase of 16% in the median sales price. Before we get too excited about the price increase we need to remember that last year we “cleaned up” a lot of the inventory and there were some great deals.  Of the 165 homes currently on the market there are only 20 with asking prices below $500,000.

The Sanibel real estate condo market is pretty much unchanged. The number of transactions are the same as this time last year with a slight increase in median price.  The “days on the market” number is lower, so that is encouraging.

The total number of sales compared to this time last year is down 5%. Keep in mind that last year we had the highest number of transactions since 2005, so we could not keep up that pace.

Chuck’s bottom line: The market is getting back to more normal conditions. Buyers are still afraid of over paying so any price increases are and will be a slow process. The good news is that short sales and foreclosures are in our rear-view mirror, our inventories are at an all time low and the buyer attitude is positive. We are encouraged and looking forward to a busy season!

Any personal inquiries about Sanibel real estate can be directed to Chuck Andrews, RE/MAX of the Islands.  Chuck can be reached directly at 239-849-3396. CMN-REMAX-Balloons_w100Check out our website at www.chuckandrews.com for all of the Sanibel real estate listings!

 

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