Suddenly we are into August and able to compare sales data to last summer. What was the market like one year ago?…….”HOT” characterized by multiple offers, inventories were decreasing and sales prices were rising at a rapid rate. During June and July in 2021, 113 condos and homes were reported Closed in our MLS system. Interest rates were in the 3% range.
This summer (same time period) 49 total condo and homes were reported sold, representing a substantial decrease in sales activity. Interest rates this year have increased to 5.5 to 7% also having an effect on the market. In my opinion, if you are serious about selling, you should be very thoughtful about your expectations. Listing inventories have been increasing from a low of 25 Units to a current level of 62 Units. Prior to the recent boom, Sanibel had approximately 350 Units on the market with average price negotiations being in the 5% range.
Buying? I would suggest you view your purchase as a long-term investment and not advise you to purchase if you are thinking about “flipping” the property. If the property you like is priced to today’s market it should sell. Sanibel’s uniqueness and limited inventory is a huge benefit to owning real estate on Sanibel.
Selling? It is not a good time to over price your listing……it may cost you money and time in the long run. Looking to determine a real estate price in today’s market? Call me for a confidential discussion on your home or condo value, I will be very frank with my opinion on price.
I want to take a moment to thank the Associates in our office for doing so well in being effective and honest in their practice. Thank you Bob Hodosky, Michelle Bornhorst, Gene Taylor and Bobbie McGlynn. And thank you for reading my column.