Third quarter sales for single family homes on Sanibel continue to depict a downturn in pricing and values across the island. 31 homes sold from July 1, 2008 through September 30, 2008, the same number of homes to sell a year ago during the same period. But although sales volume is steady for the quarter, average sales prices continues to drop. According to the data taken from the Sanibel Captiva Association of Realtors Multiple Listing Service, the average sale price for a single family home was $874,419, compared to $994,044 for the same period in 2007.

What is interesting to note is the average sale price for the 3rd quarter over the span of 6 years back to 2003. The data indicates an almost perfect bell curve reflecting the gain in value leading to the peak in 2006 ($1,150,000) and the subsequent downturn since. The data is graphed here 3rdqtr03-08. One can see the average sale price for the 3rd quarter in 2004 was $848,000, compared to the current (2008) value of $875,000. Although this represents a 24% drop from the peak, homes are still selling 10% above 2004 prices. In other words, unless you purchased a home in the last three years, our single family market on Sanibel is performing just fine. Once again another indication real estate should be considered a long term investment.

The full 3rd quarter statistics data can be found here 3rd08Page.htm . If you have any questions, please do not hesitate to call me or one of the skilled agents on The Bell Team.


Rob Pailes
(239) 691-2265

Labels: quarterly real estate statistics, sanibel Florida real estate, Sanibel homes for sale, sanibel property, Sanibel real estate