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Real Estate News

July 2022 SWFL Real Estate Market Report

July 2022 Market Report

Closed Sales
Closed sales for the 12-month period ending July 31, 2022 were down 23.2% from the preceding 12-months, from 42,071 to 32,295.  The 1,911 sales posted for the month of July were down 38.7% when compared to July of 2021, a time when the market was still posting a record-breaking sales pace.

Listing Inventory / New Listings
As of July 31, 5,552 properties were available, up 112.9% from a year prior and up 4% from the prior month. New listings for the 12-month period ending July 31, 2022 were down 6.2% from the preceding 12-months, from 39,158 to 36,714. For the month of July, new listings were down 5.3% from July of 2021.  2.06 months of supply was posted as of July 31, 2022, keeping the market well into a sellers’ market territory. In Southwest Florida, 6 to 12 months of supply is generally considered a balanced market.

Average Selling Price
The average selling price for the 12-month period through July 31, 2022 was $730,978, up 21% from the preceding 12-month period when the average selling price was $604,220.

Summary
After two years of unprecedented sales activity, simply returning to a more normal pace can create an illusion that sales are struggling. Although sales have slowed down considerably from the all-time records that were created over the past two years, homes are still going under contract at a steady pace not far from pre-pandemic levels. The market has not suddenly stalled as headlines might lead one to think. Compared to pre-pandemic levels, buyer activity peaked in late 2020 into early 2021. After a generally gradual descent from that peak, newly pending sales have leveled out and they continue at a steady pace not far from pre-pandemic levels. This has allowed listing inventory to grow, providing buyers more options and reducing competition for properties. However, the rate at which listing inventory had been increasing has slowed, with only a 4% month-over-month increase in July. With this in mind, buyers waiting for an inventory surplus to emerge might consider whether waiting for the unknown is worth risking missing out on currently available homes that could be the right fit. With more listings for buyers to choose from, and with less competition between buyers, sellers will have to take this into consideration when pricing their homes and entertaining offers. This is not to say that it’s not a good time to sell; it is a good time to sell, but expectations for a seller are not the same as they were earlier in the year. Properly positioned homes can still sell for a good price in a reasonable amount of time, but a seller who has priced their home well above recent closed sales may have to reduce, and even when priced correctly it may take longer to sell than homes that closed even just a few months ago. Average days on market for closed sales in July was 21 days, up from a low of 15 days in April. The average for currently pending sales is 36 days; still low compared to the pre-pandemic average of 93 days.

Click here for the full report

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Island Update

17 snowy plover chicks hatched to date

The Sanibel-Captiva Conservation Foundation reported that the 2022 snowy plover nesting season started earlier than it has in the last few years, with the first nest initiated in late March. Five nesting pairs have made nine nest attempts so far, and of the nine nests, seven have successfully hatched out chicks.

One nest was lost to depredation by crows, and one was lost to a tropical weather event in early June. Another nest was inundated during the same storm, but the birds returned to incubate the following day and it eventually hatched two chicks that were 1 month old and near fledging as of July 20.

Of the 17 chicks hatched as of July 20, three had survived to fledging age, two were getting close, and another five were recently hatched and still very small and vulnerable.

Click here for entire article

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Island Update

Tickets on sale for 14th annual Love That Dress!

The Pace Center for Girls, Lee will host its Love That Dress! fundraising event on Aug. 24 starting at 6 p.m. at the Embassy Suites by Hilton, at 10450 Corkscrew Commons Drive, Estero.

Described as the ultimate feel-good shopping spree of the year, it will feature shopping, music, silent auctions and cocktails, with all proceeds benefiting Pace programs and services.

In 2021, the fundraiser featured a record-breaking collection of 9,000 high-quality, brand-new boutique and gently used dresses, shoes, handbags and accessories, helping raise $65,000 to support Pace Lee. Pace also brought 15 Pace girls to join the Love That Dress! fun, providing a special shopping session with opportunities for the girls to dress up, shop and honor the female spirit.

Proceeds from the event provide academic programs and counseling services to girls and young women ages 11-18 who are working to overcome risk factors such as poverty, substance abuse, domestic violence, foster home placement, neglect, grief, incarceration of a family member, mental health and physical, emotional or sexual abuse.

Admission is $30 in advance, with a limited number of VIP passes available for $150. VIP shoppers will enjoy early access to the shopping and exclusive access to the VIP Suite Level, which features private dressing areas, express check-out and complimentary beverages, hors d’oeuvres and desserts.

For more information or tickets, visit LoveThatDressLeeCounty.com

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Island Update

Back-to-School Sales Tax Holiday in progress

The state of Florida reported that consumers can purchase qualifying back-to-school supplies exempt from tax during the 2022 Back-to-School Sales Tax Holiday, which will run now through Aug. 7.

Items exempt from sales tax include:

  • Learning aids and jigsaw puzzles selling for $30 or less
  • Most school supplies selling for $50 or less
  • Clothing, footwear and accessories selling for $100 or less
  • Computers and accessories (when purchased for non-commercial and personal use) selling for $1,500 or less

The holiday does not apply to the rental or repair of any of the qualifying items. Additionally, it does not apply to sales in a theme park, entertainment complex, public lodging establishment or airport.

For more information, visit https://floridarevenue.com/backtoschool.

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Island Update

NEW FEMA Flood Insurance Rate Maps (FIRM) Effective Date: November 17, 2022

The City of Sanibel has received hard copies of the new FEMA Flood Insurance Rate Maps that become effective on November 17, 2022.

The following changes have been made to the flood maps:

  • Type of Flood Zone – VE Zone, AE Zone, AO Zone, X Zone
  • Flood Elevation
  • Addition of the Limit of Moderate Wave Action (LiMWA) Line – AE Zones waterward of the LiMWA are now defined as Coastal A Zones (CAZ)
  • The new maps supersede previously issued Letters of Map Revision (LOMR)

These new maps may be viewed in person at City Hall in the Planning Department. Electronic versions of the maps may be viewed and downloaded through the FEMA Flood Map Service Center search by entering the State, County and Community in the drop down menus.

Categories
Island Update

LCEC plans vegetation trimming, maintenance

The city of Sanibel reported that in a continued effort to improve and maintain the reliability of the electric system on Sanibel, Lee County Electric Cooperative will complete vegetation and maintenance trimming on the island beginning in early August. LCEC’s contractor for the work is Asplundh.

LCEC Vegetation Trimming

Crews will work Monday, August 8th through Thursday, August 11th from 7 a.m. to 5:30 p.m.

The city reported that intermittent lane closures are expected, and drivers and pedestrians are asked to please proceed slowly and cautiously through the area when workers are present.

LCEC will provide schedule updates, which will be posted at https://www.mysanibel.com/.

For more information, contact LCEC at 239-656-2300.

Categories
Island Update

Proposed small cell towers along Captiva Drive

Proposed small cell towers along Captiva Drive discussed at Community Panel meeting

In response to increased community complaints about inadequate cell service on Captiva, Verizon has developed a plan to install five small cell towers along Captiva Drive to boost reception and improve service. Your property is one of those selected for such a tower, so the Captiva Community Panel wanted to reach out to inform you of this proposal.

These locations are dictated by the technological needs of the small cell system. The specific locations on each property were selected to minimize visual impact of the cell towers to property owners and to maintain minimum required distance from overhead power lines.

The towers will be 50 feet high and painted black (see photos). Verizon maintains that the towers must be black with no ability to camouflage using other paint colors. It will be possible to landscape up to about a 5-foot radius around the towers. An open pathway to the towers from Captiva Drive must be maintained.

The five locations are:

  • 16990 Captiva Drive. The tower will be installed about 15 feet north of the driveway entrance and be set back about 10 feet from the paved roadway.
  • 16530 Captiva Drive. The tower will be installed on the southern property line and set back about 10 feet from the roadway.
  • 16250 Captiva Drive. The tower will be set about 25 feet south of the driveway and be set back about 10 feet from the roadway.
  • Tween Waters Inn. The tower will be set on the beach side of the roadway across from the southernmost cottages.
  • Community Center. The tower will be placed adjacent to the southern parking area between the parking lot and the beach access walkway.

This proposal, which must be approved by Lee County (since they are in the public right-of-way) as well as other regulatory bodies, was discussed in the last Captiva Community Panel meeting held on Tuesday, July 12, beginning at 9 a.m. The meeting was held via Zoom to make it easier for the community to attend and participate. Verizon is expected to request letters of support from the Community Panel and the Captiva Fire District to assist in the governmental approval process.

Categories
Island Update

SWFL Real Estate Market June 2022

Closed Sales
Closed sales for the 12-month period ending June 30, 2022 were down 20.4% from the preceding 12-months, from 41,956 to 33,397.  The 2,656 sales posted for the month of June were down 33.7% when compared to June of 2021, a time when the market was still posting a record-breaking sales pace. However, excluding last year, closed sales for the month were the highest on record for June.

Listing Inventory / New Listings
As of June 30, 5,124 properties were available, up 105.8% from a year prior and up 23% from the prior month. New listings for the 12-month period ending June 30, 2022 were down 6.3% from the preceding 12-months, from 39,361 to 36,865. For the month of June, new listings were up 11.3% from June of 2021.  1.84 months of supply was posted as of June 30, 2022 and, although more than double that of last year, still denotes a sellers’ market. In Southwest Florida, 6 to 12 months of supply is generally considered a balanced market.

Average Selling Price
The average selling price for the 12-month period through June 30, 2022 was $723,540, up 22.2% from the preceding 12-month period when the average selling price was $592,323.

Summary
The market continues to move away from its previous frenzied pace. Newly pending sales for June occurred at a steady rate, trending slightly below pre-pandemic levels which suggests that closed sales in coming weeks may follow a similar pattern. It’s not unusual, when a market is undergoing a shift, that we see an ebb and flow in the pace of sales. One of many encouraging indicators is that the market hasn’t shifted at a dramatic rate and, instead, has been steadily undergoing a correction over the course of the year. Even though the market remains well into sellers’ market territory, sellers whose expectations haven’t yet adjusted with the shift in the market may need some guidance on current market trends and the best strategies to sell their home. Instead of a seller’s home selling in hours with multiples bids, it will likely require more time before offers and possibly even showings begin to materialize. And pricing may have to be more in line with recent relevant closed sales rather than adding the kinds of significant mark-ups that were occurring last year. Although pricing continues to post increases, the rate of increase has subsided and will likely continue to do so until the market finds equilibrium. A slower rate of increase doesn’t necessarily mean pricing will decline, so buyers may want to take this into consideration before potentially passing up a great home due to an expectation that they’ll find another one just like it at a lower price later on. With more listings now on the market, buyers who had put their search on pause may find this to be a good time to reengage the market.

Through June, John R. Wood Properties continues to be the leading brokerage in both closed dollar volume and transaction sides in Southwest Florida!

Click here for the complete report

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Island Update

RSW “new air service” July 2022

New air service at Southwest Florida International Airport (RSW)

  • Breeze Airways: nonstop to Las Vegas (LAS) and Charleston, South Carolina (CHS), twice weekly.
  • Eurowings Discover: Frankfurt, Germany (FRA), weekly, year-round service
  • Alaska Airlines: Seattle (SEA) weekly, year-round service.
Categories
Island Update

CIHS film now available on Amazon Prime

The Captiva Island Historical Society announced that the ninth film in its Captiva Memories documentary series is now available for streaming on Amazon Prime.

A full-length film, “Tight Lines & Big Fish Stories: The History of Angling on Captiva” was the brainchild of the Dave Jensen, a founding CIHS board member who served until his death in 2021.

CIHS Film

With rare footage and photography, award-winning producer and CIHS documentarian Ken Sneeden reels in an enlightening tale of Calusa and Cubans fishing the local waters; of fish camps and commercial fishing; the emergence of sport fishing; the origins of fishing guides and the industry that developed to support the sport; and the famous visitors who came to Captiva to fish.