Typically, buyers are receiving a 5-6% discount from the list price on the purchase of single family homes on Sanibel Island. In fact, 5.8% was the average sales price discount for Sanibel Single Family Homes over the past five years (2014-2018).
What do we mean by discount?
Yes, just like clothes shopping… we’re talking about the difference in sales price vs the asking price of a home. The chart below highlights two different discounts to note in real estate market reports.
Note: The red bar is the percentage difference between the closing price of the home and the price it was listed at when it went under contract. The green bar represents the percentage difference in the original price the home came on the market with, and the final listing price it had before going under contract.
What’s up with 2019?
You’ll notice the sales price discount is a bit higher for 2019, at 7.7%. Keep in mind this only accounts for the first four months in the year, which we believe will average out closer to 6% by the end of the year. But it’s something to keep an eye on if you’re planning on purchasing soon!
What about condos on Sanibel?
Below you’ll see that the average discount for Sanibel condos has hovered closer to 5% over the past five years (red bar), with an overall lower discount from the original listing price, 2.9% as seen by the green bar.
Wondering about Captiva?
Below are the two charts representing the price discounts for Captiva Single Family Homes and Condos. Note that the price of most Single Family Homes on Captiva Island is higher than those on Sanibel Island. Higher prices can sometimes warrant a steeper discount.
As you can see, the average list to sales price discount in the past five years has been about 8.9% for Captiva Single Family Homes, and 5.3% for Captiva Condos, whose prices more closely reflect the condos on Sanibel Island.
To keep an eye on these price discounts throughout the year, visit the “Market Strength” tab on our online Market Report (Click Here). The 2019 bar graph will update at the beginning of each month.
About Jim McCallion
