Is Sanibel Island, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Sanibel Island was a Neutral 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 in Sanibel Island, FL
How much do homes in Sanibel Island, FL cost?
Median Sold Price
$1,000,000
$568/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Sanibel Island have sold for 5.3% more than they did a year ago.
Summary: The median home sold price in Sanibel Island was $1,000,000 in May 2024, up 5.3% from last year, and the median price per square foot was $568.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $477K | $492.5K | +3.2% |
| 2 Bedrooms | $899K | $772.4K | -14.1% |
| 3 Bedrooms | $1.0M | $1.0M | +4.4% |
| 4 Bedrooms | $1.4M | $2.0M | +42.3% |
| 5+ Bedrooms | $2.5M | $1.7M | -31.0% |
Summary: Sanibel Island housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.2%, 2 bedroom homes decreased by 14.1%, 3 bedroom homes increased by 4.4%, 4 bedroom homes increased by 42.3%, and 5+ bedroom homes decreased by 31%.
Housing Supply in Sanibel Island, FL
How many homes are available in Sanibel Island, FL?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 415 | 390 | -6.0% |
Summary: The Sanibel Island real estate market had 390 homes for sale in May 2024, a 6.0% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 26 | 27 | +3.8% |
| 2 Bedrooms | 113 | 107 | -5.3% |
| 3 Bedrooms | 177 | 159 | -10.2% |
| 4 Bedrooms | 64 | 62 | -3.1% |
| 5+ Bedrooms | 35 | 35 | 0.0% |
Summary: The Sanibel Island housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 3.8%, 2 bedroom homes decreased by 5.3%, 3 bedroom homes decreased by 10.2%, 4 bedroom homes decreased by 3.1%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 50 | 36 | -28.0% |
Asking Price vs. Sold Price
35 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Sanibel Island, you may be able to get a good deal. 97.2% of homes here sold below asking price last month.
Summary: A total of 36 homes were sold or pending in Sanibel Island in May 2024, down by 28.0% month-over-month. Of the 36 sold homes, 97% were sold under asking, 3% were sold at asking, and 0% were sold over asking.
Days on Market for Sanibel Island, FL
How long does it take to sell a home in Sanibel Island, FL?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 41 Days | 102 Days | +150.5% |
Summary: Homes in Sanibel Island had an average of 102 days on market in May 2024, up by 150.5% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
12 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 May 2024, 36 homes were sold in Sanibel Island; 17% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
Listings courtesy of Stellar MLS as distributed by MLS GRID.
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