Here’s one for all of our number-loving clients! We’ve broken down the 2015 3rd Quarter stats for Sanibel and Captiva Real Estate. The information below is based on the Sanibel & Captiva MLS data as of September 30, 2015.
So what happened over the last three months?
There were 47 single family homes sold between July and September, and 38 condominium units sold. That brings us to a total of 219 single family homes sold so far this year, and 156 condo units, all together totaling 375 homes sold already in 2015. That’s a 7.1% increase in sales compared to the 350 homes sold by this time last year.
As you suspect, with an increase in sales comes an increase in sales dollar volume! We’ve seen a 15.7% increase in sales volume since this time last year. The Sanibel & Captiva market has reached $348M in sales volume so far, which is already closing in on last year’s TOTAL sales volume of $354M!
Our 3rd quarter stats show an increase in the average sales price of both single family homes and condos compared to last year’s 3rd quarter stats. In July, the average sales price for single family homes was $1.9M and $1M for condos. In August, the average sales price dropped just under $950k, and down to $640k for condos. Continuing into September, the average sales price for single family homes dropped to $684k, and $585k for condos.
Why the steep decrease?
Our market in Southwest Florida, and especially on Sanibel and Captiva Islands is very seasonal. As you can see in the sales per month chart below, February to May are usually the busiest months for sales. These months receive a large increase in the number of homes sold compared to the summer months. We attribute our seasonality of sales to good ol’ Mother Nature. When the temperatures start to drop in the northern states, everyone heads south to get a slice of our little piece of paradise!
Here’s a look at our monthly sales over a 7-year span. Beep, Beep, Beep – does anybody else think this resembles a heart rate monitor? I have to agree with the statistics, the winter months definitely serve as the heart beep for our community’s business.
What else changed this quarter? The average days on market reduced from 255 in Q3 2014, to 248 in Q3 2015. Homes sold nearly 3% faster than they did a year ago, which shows that the market is strengthening. We also see the list to sell price ratio go from 92.1% this time last year, to 93.3% – which tells us that homes are selling closer to asking price than last year.
I know what you’re really looking for…
Here’s a look at our inventory breakdown for the end of Q3.
Anything that has more than 9 months inventory usually reflects a buyer’s market, while any category with 6-9 months of inventory is a balanced market, and 5 months or less is considered a seller’s market. We’ve seen these price categories undergo a major shift in the market over the last few years.
I remember two years ago, in September, 2013, Single Family Homes on Sanibel between the price range of $400k-$799K were still considered a balanced market. There was two months inventory for anything under $400k, and most everything above $800k was a strong buyer’s market. Now – there are 0 months inventory for anything under $400k, and no current active listings in that price range. In fact, any single family home on Sanibel that is below $1M is considered a seller’s market!
As for condos on Sanibel, there were 7 months of inventory for listings under $400k back in September, 2013. Just about every condo over $400k was considered to be in the buyer’s market. Today, there are only 3 months inventory for condos under $400k, and everything between $400k-$1M is in a balanced market.
As you can see, our market is ever-changing. In just a few years, we have seen homes selling quicker and closer to asking price. The average sales price is increasing and the number of homes in the lower price range is decreasing. So, if you looking to buy or sell – the time is now! Please don’t hesitate to call or email me to talk about the current market conditions and what it means for you. I’m happy to help in any way!