Despite everything: despite sheltering in place, fear of venturing out, mask wearing, social distancing, closed restaurants, cutbacks, furloughs and economic uncertainty, 2020 turned out to be a very good year for Sanibel real estate.
The number of single family homes sold on Sanibel in the last six months of 2020 doubled over the same period in the previous year. This more than made up for the the virtual close down of the island between March and June; the months when most homes on the islands are usually sold.
Between July 1st and the end of December 172 homes closed. Compare that to the same period in 2019 when just 88 homes sold. The previous summer was even worse when the number dropped to 64 following the red tide summer of 2018.
So what happened to send island real estate rocketing in the last half of 2020?
A number of things: City dwellers cooped up in apartments recognized the value of being in natural surroundings with wide open beaches and bike paths for transportation. Younger professionals discovered they could work from home and didn’t have to delay their dreams of buying a home on Sanibel until retirement. People confined inside for many months realized the virtue of having a home surrounded by natural vegetation and wildlife. Entertainment outside the home took place in our own back yards rather than restaurants, cinemas or bars and islanders know there are few places with better back yards than on Sanibel.
Property values increased too. The average sold price of a Sanibel home went from $765,771 in the third quarter of 2018 to over $1 million in the fourth quarter of 2020.
Added to this, mortgage rates are the lowest they have been for 50 years. As of this writing, those with good credit can get a mortgage at just 2.5% for a 30 year loan and as low as 1.93% for a 15 year adjustable loan.
All of this makes this a good time to buy a home on the islands and an excellent time to sell.
I am a specialist on Sanibel Island with the Sanibel-Captiva Specialist Realtor designation. But my knowledge and experience goes beyond that. I have lived on the island 35 years working as a Realtor for 30 years and a Broker-Owner for six years. I know the island and the real estate market inside out.
If you’re ready to sell, I would be glad to give you a no-obligation estimate of the current value of your Sanibel home. If you would like to buy, I’d be delighted to help you find the home of your dreams. I’m a Sanibel-Captiva specialist. But what I really specialize in is you.
Happy New Year.
Wendy
Wendy Humphrey
Broker – Owner
317 Palm Lake Drive, Sanibel, FL 33957
c 239.851-2301
Wendy.SanibelProperty@gmail.com
Sanibel Captiva Island Specialist
