Analyzing Trends: Sanibel's Real Estate Market in Review Oct 2023
In October 2023, the real estate market on Sanibel Island, Florida, presented a mix of trends. The market was not very competitive, with home prices in September 2023 up 32.5% from the previous year, reaching a median price of $1.3 million. This suggests that while prices had increased significantly, the market competitiveness remained low, indicating that demand may not be at the same level as supply or price increases.
The combined graphic displays the median home price on Sanibel Island for September 2022 and September 2023 alongside the percentage change over the same period. The blue line with markers represents the median home prices for each year, and the orange bar indicates the percentage increase in median home price from September 2022 to September 2023, which was 32.5%. The graph illustrates the significant rise in median home prices despite the low market competitiveness
The performance varied by the type of homes, with one-bedroom homes seeing a significant decrease in price by 81.8%, two-bedroom homes by 32.2%, while three-bedroom homes saw a dramatic increase in price by 92.4%, and four-bedroom homes by 33.4%. This variance indicates a shifting demand towards larger homes, which may be due to changing buyer preferences or demographics in the area.
The graphic represents the percentage change in price for different types of homes in Sanibel Island as of September 2023. The bar chart shows a significant decrease in price for one-bedroom homes (81.8%) and two-bedroom homes (32.2%), whereas three-bedroom homes experienced a substantial increase in price by 92.4%, and four-bedroom homes by 33.4%. The green bars indicate an increase in price, while the red bars represent a decrease, reflecting a shift in demand towards larger homes.
Comparatively, in August 2023, the median listing home price was $1.2 million, which indicated a downward trend of 17.7% year-over-year.
The graphic illustrates the median listing home prices for August 2022 and August 2023. It demonstrates a year-over-year decrease in the median home price, with the price in August 2023 being $1.2 million, representing a 17.7% decrease from the previous year. The grey bar indicates the calculated median price for August 2022, and the skyblue bar represents the median price for August 2023.
The number of listings decreased by 5.4% from August to September 2023, and homes stayed on the market for an average of 86 days, with some listings selling above asking price.
The graphic depicts the indexed number of listings for August and September 2023, showing a 5.4% decrease in the number of listings from August to September. Additionally, it features a horizontal dashed line at the level of 86, which represents the average number of days homes stayed on the market in September 2023. The color differentiation and labels provide clear information on both the reduction in listings and the market duration for homes.
Zillow reported that the typical home value in Sanibel was approximately $1,043,317, noting a decrease of 12.4% over the past year. Realtor.com listed the median home price at $995,000, with 290 homes for sale.
The line graph displays the typical home value in Sanibel as reported by Zillow over the past year, with a noticeable decrease of 12.4%. It also represents the median home price as listed on Realtor.com, which remains consistent at $995,000. The size of the green marker on the current year for Realtor.com's median home price visually indicates the volume of homes for sale, which is 290. The skyblue line signifies Zillow's data, while the light green line and marker represent Realtor.com's data.
These figures point to a complex picture of the Sanibel Island real estate market, with a general trend of high value but with significant fluctuations in price depending on the type and size of the property. It appears to be a buyer's market, with prices for certain types of homes decreasing and a relatively high average time on market for listings.
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Phil Schneider
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