Recently, I have had conversations with neighbors, clients, and fellow Realtors about the current state of the Real Estate Market in Sanibel. Without fail it comes around to the feeling that there are “so many listings”.
Having been an Island Realtor since 2003, I have seen a lot of ups and downs in our market. My feeling was that we did not have an inordinate number of listings currently and that the market, even in the wake of Ian, was acting like a normal market. Yes, many of the properties currently for sale could hardly be called normal with missing walls, furnishings, and appliances, however, the supply of properties was still a bit low for January.
To validate my feelings, I consulted the Multiple Listing Service, which does a far better job of retaining historical data than I do. Sure enough, the numbers, right now, show that we are still looking at a low inventory of houses, condos, and lots on Sanibel compared to years before 2021. In recent years, during our Covid years, the inventory of properties was unusually low.
The numbers below represent the houses, condos, and lots listed for sale as of January 1 of the given year. I believe that our 286 number as of January 1, 2024, is likely to grow as we get into February and March as more properties are restored and more Condos sort out their insurance and rebuild timeline. The question for us is whether the potential buyers of these properties believe that now is the time to buy. Only time will tell but for now – we are looking pretty normal in the Real Estate Market in Sanibel.
Source: Southwest Florida MLS