2023 Sanibel Real Estate Year-End Sales Report
2023 Median Sales Price Decrease
In 2023, the median sales price of single-family homes sold on Sanibel decreased 28% from the year prior, while the median sales price of condos sold on Sanibel decreased 12% from 2022.
2023 Median Sales Price of Single-Family Homes on Sanibel: $955,000
2023 Median Sales Price of Condos on Sanibel: $832,500
Hurricane Impact on SWFL Real Estate
In September 2022, Hurricane Ian devasted Southwest Florida. More than a year later, we’re still recovering and will be for some time ahead. Initially, sales halted as many unknowns surrounded the recovery process. Then, our somewhat low inventory of homes for sale increased significantly.
As you can see in the right-hand column of the chart below, the total number of Sanibel single-family home listings in 2023 increased by 43% from the year prior. But, so did the number of closed single-family home sales, which indicates properties are still “moving” in our recovering real estate market.
Unfortunately, the same can’t be said for Sanibel condo sales. You’ll notice the number of condos sold is down 20% from last year. Many condos are still active construction zones, and, therefore, are challenging to list, buy and sell. We suspect 2024 will be a better year for condo sales as many complexes are scheduled to finalize construction and reopen.
The statistics included in this blog were taken from the Sanibel & Captiva Islands Association of REALTORS® as of January 10, 2024.
Well, a few weeks ago we shared Expert Quotes on the 2024 Housing Market Forecast. So, this week we thought we’d show you the actual numbers from last year. We knew the devastation from Hurricane Ian would impact our local real estate market for quite some time, therefore, we don’t expect the national real estate trends to have the same effect on our local market. In reality, our market has always experienced variation from national trends due to the uniqueness of our second home/vacation marketplace.
While we still haven’t found the crystal ball for future market prediction, we will continue sharing what we know as the market and new year progress. As always, if you have any questions about our local market, please don’t hesitate to reach out! Email us at firstname.lastname@example.org or call 239-472-1950.