Hurricane Ian struck Sanibel on September 28, 2022.
Both Buyers and Sellers want to know how “Ian” affected real estate values on Sanibel 6 ½ months since “the event.” Let’s start with the inventory levels of single family homes prior to the Hurricane. There were less than 35 single family homes for sale before Ian. Today, April 19th, there are 139 homes for sale.
Now let’s look at closed sales. Last year Jan 1 to March 31 there were 67 Closed home sales. This year during the same time frame there were 93 Closed sales. A majority of this year’s sales are damaged homes requiring major repairs. During those time periods, the median sales price in 2022 was $1,495,000 compared to the median sales price of $845,000 in 2023. Price negotiations in 2022 were 97% off the listing price compared to 92% in 2023. Some older homes were torn down and sold for vacant lot value. Challenges in this year’s market include unknown cost of insurance, time frame to complete construction and delays in obtaining permits.
Condominium resales are a different story. Most of the gulf front complexes have considerable damage and are in the process of being repaired by National Disaster Firms that specialize in this work. In general fewer sales transactions, greater amount of unknown issues, including time frames and assessments.
In our opinion, the Hurricane has affected values, with some exceptions for homes located on canals. If you want to use a “rule of thumb” We estimate loss in value to be in the 10-15% range. In conclusion, we have an active market consisting of optimistic buyers and flexible sellers.
If you’d like more information about buying on Sanibel or listing your Sanibel home, feel free to reach out. I’m happy to chat!