Is Sanibel Island, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since August 2022
At the same time last year, Sanibel Island was a Seller's Market.
Key Takeaway
Sanibel Island is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices
How much do homes in Sanibel Island, FL cost?
Median Sold Price
$900,000
$520/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2022
Key Takeaway
Homes in Sanibel Island have sold for 25% less than they did a year ago.
Summary: The median home sold price in Sanibel Island was $900,000 in August 2023, down 25% from last year, and the median price per square foot was $520.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $537.5K | $477K | -11.3% |
| 2 Bedrooms | $875K | $750K | -14.3% |
| 3 Bedrooms | $1.3M | $927.5K | -29.9% |
| 4 Bedrooms | $2.0M | $1.6M | -17.8% |
| 5+ Bedrooms | $2.9M | $2.0M | -29.1% |
Summary: Sanibel Island housing prices by bedroom type for August 2023 compared to the previous year: The home price of 1 bedroom homes decreased by 11.3%, 2 bedroom homes decreased by 14.3%, 3 bedroom homes decreased by 29.9%, 4 bedroom homes decreased by 17.8%, and 5+ bedroom homes decreased by 29.1%.
Housing Supply
How many homes are available in Sanibel Island, FL?
Number of Homes For Sale
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 256 | 250 | -2.3% |
Summary: The Sanibel Island real estate market had 250 homes for sale in August 2023, a 2.3% decrease compared to July 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 17 | 18 | +5.9% |
| 2 Bedrooms | 64 | 64 | 0.0% |
| 3 Bedrooms | 115 | 107 | -7.0% |
| 4 Bedrooms | 39 | 38 | -2.6% |
| 5+ Bedrooms | 21 | 23 | +9.5% |
Summary: The Sanibel Island housing inventory by bedroom type for August 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 5.9%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 7%, 4 bedroom homes decreased by 2.6%, and 5+ bedroom homes increased by 9.5%.
Number of Homes Sold
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 27 | 27 | 0.0% |
Asking Price vs. Sold Price
25 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Sanibel Island, you may be able to get a good deal. 92.6% of homes here sold below asking price last month.
Summary: A total of 27 homes were sold or pending in Sanibel Island in August 2023, the same as the previous month. Of the 27 sold homes, 93% were sold under asking, 4% were sold at asking, and 4% were sold over asking.
Days on Market
How long does it take to sell a home in Sanibel Island, FL?
Average Sale Time
| Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|
| 33 Days | 118 Days | +250.2% |
Summary: Homes in Sanibel Island had an average of 118 days on market in Aug 2023, up by 250.2% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
18 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Sanibel Island are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During August 2023, 27 homes were sold in Sanibel Island; 22% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 67% of homes were sold over 90 days.
Listings courtesy of Stellar MLS as distributed by MLS GRID.
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