How BAD was 2010 for Sanibel real estate???
Well, in technical terms, it Stunk – but not as badly as 2009. The good news is that 2011 is looking much better (more on 2011 later).
2010 Sanibel Snapshot – key market indicators
|Average Sell Price||$755,003||$775,805||3%|
|Median Sell Price||$586,250||$625,000||7%|
|Average Sell Price||$670,489||$608,545||-9%|
|Median Sell Price||$575,000||$540,500||-6%|
|Average Sell Price||$333,136||$336,905||1%|
|Median Sell Price||$275,000||$245,000||-11%|
Sanibel home sales were down from 2009 to 2010 by 14% while the median home price and average home price rose 7% and 3%, respectively. Sanibel condo sales are up from 2009 to 2010 by 38% with both median and average prices declining by 6% and 9%, respectively. Sanibel home sites, buildable lots, sales nearly doubled from 2009 to 2010 with the average sale price only fluctuating by 1% and the median sales price dropping by 11%. New home construction permits rose to 16 permits pulled versus 10 pulled in the previous year. On Sanibel, the list to sell ratio for homes and condos in 2010 was about 90%.
Please note: Only closed transactions were used for the analysis above.