What’s going on in the Sanibel Island single family home real estate market?

Going back 12 months from July 25th 2017, 190 home sales closed in the Sanibel MLS System.

Lowest sale : $205,000 a small cottage with no expansion possible on Shop Road.
Highest sale: $7,200,000 newer Gulf front home.
Median Price: $799,000
Average Price: $1,008,971

Using the average median price $799,000, consider the option of building a BRAND NEW HOME— what can you get?
My wife and I work as a team and concluded this makes sense if you have the time and patience. In the past two years, we bought two lots, build and sold one new house and are currently constructing the second house.
You can still see both houses.
The big advantages of NEW are better, stronger homes: impact windows, new roof, new kitchen, new bathroom, lower insurance costs, current up-to-date designs. As a potential buyers put a dollar value to $400,000 (on the house).