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Real Estate News

October 2022 Market Report for Southwest Florida

SWFL Market Report Oct 2022

Closed Sales
Closed sales for the 12-month period ending October 31, 2022 were down 27.28% from the preceding 12-months, from 40,710 to 29,606.  The 1,454 sales posted for the month of October were down 40.24% when compared to October of 2021, a time when the market was still posting a record-breaking sales pace. Compared with pre-pandemic trends, October sales were down 21%.

Listing Inventory / New Listings
As of October 31, 2022, 5,215 properties were available, up 102.5% from one year prior and down 3% from the prior month. New listings for the 12-month period ending October 31, 2022 were down 6.54% from the preceding 12-months, from 37,318 to 34,876. For the month of October, new listings were down 33.5% from October of 2021.  2.11 months of supply was posted as of October 31, 2022, remaining 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 October 31, 2022 was $766,357, up 23.2% from the preceding 12-month period when the average selling price was $621,936.

Summary
While other parts of the country have posted increases in available inventory in recent months, inventory in Southwest Florida has posted three consecutive months of modest declines. This already-declining listing inventory was exacerbated by October’s particularly slow pace of new listings due to Hurricane Ian, down 33.5% from the same period last year and down 49% from the pre-pandemic pace. After a temporary disruption during the weeks just after Hurricane Ian made landfall, the rate at which listings have been going under contract for purchase has largely recovered and is now in line with the pre-storm pace. Newly pended sales are now trending with the pre-pandemic pace our market has been mirroring for much of the year.  Hard hit areas such as Fort Myers Beach and the Islands will take more time before sales move back to their normal pace; however, sales are starting to pick up in those areas.  Influenced by Hurricane Ian, year-over-year declines in closed sales for September and October were steeper than those for the preceding months, but recent increases in newly pended sales suggest that such steep year-over-year declines may be short-lived. We will continue to follow the various Southwest Florida markets closely and will keep you informed.

Click here for the full market report

Categories
Real Estate News

September 2022 Market Report for Southwest Florida

Sep 2022 Market Report

Our Southwest Florida Market Report for September 2022 includes the latest real estate data, as well as a comprehensive list of market conditions in SWFL. From inventory and sales activity to market trends, it all comes together in this monthly market report. Stay up-to-date and plan ahead with our monthly market reports!

Closed Sales
Closed sales for the 12-month period ending September 30, 2022 were down 26.7% from the preceding 12-months, from 41,559 to 30,480.  The 1,449 sales posted for the month of September were down 44.8% when compared to September of 2021, a time when the market was still posting a record-breaking sales pace. Compared with pre-pandemic trends, September sales were down 14%.

Listing Inventory / New Listings
As of September 30, 2022, 5,375 properties were available, up 108.5% from a year prior but down 1% from the prior month. New listings for the 12-month period ending September 30, 2022 were down 5.4% from the preceding 12-months, from 37,884 to 36,836. For the month of September, new listings were down 26.6% from September of 2021.  2.12 months of supply was posted as of September 30, 2022, remaining 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 September 30, 2022 was $755,403, up 22.6% from the preceding 12-month period when the average selling price was $615,992.

Perspective
Other than some end-of-the-month closings that no doubt were cancelled or postponed due to hurricane Ian, statistics as of our September report show little influence from the storm. In coming months, as more data filters through, we will be better positioned to assess the level of influence the storm has had on our local markets, and we will be certain to report those findings to you. Clearly, new listings and sales in the most impacted areas such as Fort Myers Beach and the Islands will post initial declines and lower than normal activity during the recovery process. If history is any indication, less impacted areas are likely to experience an increase in demand, both from displaced residents seeking housing, as well as from buyers who were targeting the now-impacted areas, and instead may seek alternative locations, at least until the most impacted areas recover.

What we can report so far for the market-at-large is that since Hurricane Ian passed, after newly pended sales fell sharply in the days following the storm, the rate of newly pended sales has increased steadily and, as of October 7th, daily sales were already back to 73% of their pre-storm pace. That’s for all Collier and Lee areas from Marco up to Cape Coral and the Islands. We are optimistic that overall market recovery will be swift, just as has proved to be the case in the past after other storms have impacted Southwest Florida. And yes, some specific areas will take longer, but those areas, too, will indeed recover and reemerge brighter and stronger when they do.

Hurricanes and Real Estate
Generally speaking, after a period of slower-than-usual sales, real estate markets usually recover at a surprising rate. This proved to be the case with Hurricane Irma which hit Southwest Florida in 2017. Newly pended sales dropped by 90% just following the storm, then were back to their normal pace just five weeks later. Reviewing what history suggests about how storm surge impacted markets recover; after Hurricane Katrina in 2005, sales in the Metro New Orleans market fell noticeably for about a month’s time before they returned to, and then even exceeded, their prior pace. More recently, after Hurricane Harvey in 2017, a similar trend held true for the Houston Metro area. Every storm is different and every market is different, and it remains to be seen exactly how recovery will look for Southwest Florida, but early indicators are favorable.  Historical post-storm trends, a strong resolve by residents to rebuilt, and a continued deep passion for Southwest Florida’s beauty and lifestyle by residents and visitors alike, all bode very well for a strong recovery.

Click here for the full market report

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Island Update

Hurricane Passes Required | Sanibel & Captiva

How to apply for a hurricane re-entry pass.

City of Sanibel Hurricane Passes

The city of Sanibel is strongly advising residents, property owners, business owners, property managers, and essential personnel to make all necessary preparations ahead of the major hurricane expected to approach Southwest Florida on Wednesday, including a Sanibel Hurricane Reentry Pass.

The pass dated 2021 is the current one. You can obtain the applications from the Sanibel Police Department, at 800 Dunlop Road, or can be downloaded from the city website at https://www.mysanibel.com/government/police/useful-links/emergency-management

Instructions for completing the pass application:

  • Select the application you need: Residential or Commercial
  • Complete the entire application, including a valid email address
  • Obtain a current verification document (acceptable documents are listed on the application); legible copies are acceptable

Submit the completed application, with verification document, by:

  • Bringing it to the Sanibel Police Department for immediate issuance
  • Faxing it to Sanibel Emergency Management at 239-472-6555
  • Emailing it to [email protected]
  • Mailing it to Sanibel Police Department, C/O Emergency Management, 800 Dunlop Road, Sanibel, FL 33957
Categories
Real Estate News

August 2022 Market Report for Southwest Florida

SWFL Market Report August 2022

Our Southwest Florida Market Report for August 2022 includes the latest real estate data, as well as a comprehensive list of market conditions in SWFL. From inventory and sales activity to market trends, it all comes together in this monthly market report. Stay up-to-date and plan ahead with our monthly market reports!

Closed Sales
Closed sales for the 12-month period ending August 31, 2022 were down 24.7% from the preceding 12-months, from 41,906 to 31,541.  The 1,876 sales posted for the month of August were down 30.8% when compared to August of 2021, a time when the market was still posting a record-breaking sales pace. Compared with pre-pandemic trends, August sales were down 13%.

Listing Inventory / New Listings
As of August 31, 5,420 properties were available, up 108.8% from a year prior but down 2% from the prior month. New listings for the 12-month period ending August 31, 2022 were down 5.4% from the preceding 12-months, from 38,564 to 36,467. For the month of August, new listings were down 7.5% from August of 2021.  2.06 months of supply was posted as of August 31, 2022, unchanged from the prior month and remaining 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 August 31, 2022 was $745,219, up 22.5% from the preceding 12-month period when the average selling price was $608,210.

Perspective
Over the past 18 months, after the pandemic-driven frenzy peaked in early 2021, the Southwest Florida real estate market has steadily moved back toward a state of normalcy.  The rate of newly pending sales returned to pre-pandemic levels in May, and in June and July trended below pre-pandemic levels resulting in fewer than normal closed sales during the following months. However, after that June and July slowdown, newly pended sales started to strengthen and, by the end of August, were once again in line with pre-pandemic trends. This ebb and flow isn’t unusual, and it may be a good sign considering it’s a shift from a trend which, up until that point, was one of deceleration in newly pending sales. After steady increases from the low in February, listing inventory plateaued in August, posting a modest decrease from July. This is due to steady sales absorbing available inventory, as well as to a somewhat slower than usual pace of new listings entering the market in August. Listing inventory, at 5,420 units as of August 31, has a long way to go before it returns to pre-pandemic levels and, with 2.06 months of supply, we are still firmly in a seller’s market.

Click here for the full market report

Categories
Island Update

Captiva Island Farmers Market Returning in October 2022

Mark your calendars,  the Captiva Island Farmers Market will be opening early this season on October 4th. Located at Chadwick’s Square shopping center parking lot, the market will be open every Tuesday, 9am to 1pm. Open to public, but parking is limited. We encourage shoppers to ride bike, drive golf cart or walk. Parking is across the street in the Doc Ford’s parking lot or next to tennis courts. NO parking along Captiva Drive.

To reduce single use plastic BYOB (bring your own bag) or buy a market bag for shopping. Lots of great vendors to choose from, something for everyone. The last farmers market will be May 30th for the season.

Categories
Island Update

The Dunes announces grand opening of pickleball courts

The Dunes Golf & Tennis Club announced the opening of its new pickleball courts. Members will enjoy open play from 8 to 11 on weekdays from October to April.

Drop-in open play will be available to the public for free during the fall on Mondays, Thursdays and Fridays from 2 to 5 p.m. In addition, non-members can sign up online up to three days in advance for their pickleball needs.

Membership privileges include full club access and unlimited court time for 2022 and 2023.

For more information, visit https://dunestennis.com/ or call 239-472-3522.

The Dunes Golf & Tennis Club is at 949 Sand Castle Road, Sanibel.

Categories
Island Update

F.I.S.H. 10K Race to include Kids Run

F.I.S.H. of Sanibel-Captiva’s 14th Annual 10K Race 4 F.I.S.H. will again feature a Kids Run.

Hosted in conjunction with the Fort Myers Track Club, the annual race will take place on Oct. 22 starting at 7:30 a.m. at The Community House on Sanibel, as well as include a virtual option.

FISH-10K-RACE-KIDS-RUN-1-750x500

Returning this year, the free Kids Run will be held from 9 to 10 a.m. for age 10 and under. A short, untimed fun run around cones set up in the Sanibel Community Park, it is meant to encourage fitness and being active. Participants will receive ribbons upon finishing, plus a treat from Joey’s Custard.

Parental permission and registration is required to take part in the Kids Run. Cost for the 10K race in either format is $40.

To register, visit https://runsignup.com/Race/FL/Sanibel/SanibelIsland10KRace4FISH.

For more information or sponsorship opportunities, contact McHale at [email protected] or Race Committee Co-Chair Diane Cortese at [email protected]

The Community House is at 2173 Periwinkle Way, Sanibel.

Categories
Island Update

Eighth Annual Island Hopper Songwriter Fest

The Annual Island Hopper Songwriter Fest kicks off Sept. 16 and will run through 25, 2022, to fill The Beaches of Fort Myers, Sanibel, and Captiva with music and fun at several tropical venues.

Island Hopper Fest 2022

Island Hopper Songwriter Fest is a 10-day music festival in Southwest Florida featuring performances by the greatest singer-songwriters from Nashville and nationwide. The festival is broken up into three locations with the first weekend kicking off on Captiva Island, then moving to downtown Fort Myers during the week, and ends with a weekend on Fort Myers Beach. Most shows are free with the exception of a few ticketed experiences like our headliner show.

  • Captiva Island: September 16 – 18, 2022
  • Downtown Fort Myers: September 19 – 22, 2022
  • Fort Myers Beach: September 23 – 25, 2022

Island Hopper app

The official Island Hopper mobile app is now available for free download for iOS and Android devices. This new app was designed to enhance your festival experience. Features of the app include:

  • First chance to purchase tickets for select performances
  • Personalized schedule
  • Artist information
  • Performance times and venues
  • Festival coupons
  • Island Hopper hotel deals
  • Festival maps
  • Updates and alerts
  • And more!

To download the app or for more info on the event please visit islandhopperfest.com

Categories
Island Update

Bowman’s Beach Park Video Voyeurism Arrest

The City of Sanibel Police Department has arrested Dana Alan Caruso, a New Hampshire resident, for video voyeurism at the Bowman’s Beach Park since July 28, 2022. As a result of the investigation and coordinated assistance from several other agencies, Caruso was arrested on August 19, 2022 in Chicago, IL, and is awaiting extradition to Lee County.

On July 28, 2022, employees with Sanibel’s Public Works Department noticed a new fire alarm device had been installed on the wall of the family restroom located at Bowman’s Beach Park. After verifying the device had not been installed by staff in the Public Works Department, the Sanibel Police Department was notified.

Sanibel Police Department officers responded to the scene and verified that the device was not an actual fire alarm and suspected it could contain a video recording device. The Sanibel Police Department obtained a search warrant to check the contents of the device and discovered it contained a video camera. Images of the device installed by the suspect are shown in police photos below:

Video Voyeurism

On August 9th, the Sanibel Police Department secured an arrest warrant for the suspect. After further investigation, the Sanibel Police Department was able to identify a suspect who may have installed the unauthorized video recording device. The police notified other law enforcement departments in Southwest Florida so restrooms and changing areas in other jurisdictions could be checked for similar devices.

On Friday, August 19, 2022, law enforcement officers in Chicago’s O’Hare Airport arrested the 58-year-old white male, Dana Alan Caruso for the warrant. The arrest warrant lists several felony and misdemeanor charges for Caruso. The Sanibel Police Department is working with other members of the law enforcement community to facilitate extradition and prosecution in this case.

The information concerning this crime was not released earlier to prevent the police investigation from being compromised. Chief Dalton said, “The suspect was thought to be moving through various communities in Florida, and our Detective was working through the leads quickly with the help of the State Attorney’s Office and the Lee County Sheriff. We had to stay focused on the investigation until he was apprehended.”

Sanibel Police have learned that several beach patrons were recorded while using the family restrooms at Bowman’s Beach Park on July 28th, 2022. The Sanibel Police Chief is asking residents and patrons who may have used the family restrooms on this date to contact his staff. “The person who installed this video camera to capture unsuspecting patrons using the family restroom will be brought to justice,” said Chief Dalton. “I ask that anyone who used the family restroom facilities at Bowman’s Beach Park on July 28th to contact Detective John Eicher by calling 239-472-3111. We would like to identify victims of this crime so additional charges against the suspect can considered.”

Categories
Island Update

National Dog Day 2022 | Sanibel Captiva Pet Friendly Properties

As we celebrate National Dog Day today, a day dedicated to our furry friends. It was first established in 2004 by pet & family lifestyle advocate Colleen Paige. The aim of promoting this day is to raise awareness about adopting these animals who are currently in rescue centers. In addition, on this day promote dog ownership of all breeds, pure and mix. Embrace National Dog Day as an opportunity for all dogs to live a safe, happy and abuse-free life.

Can you believe that our furry friends have been with us for at least 14,000 years? Thank goodness for that because what would we do without man’s best friend?

We believe that dogs are not just a pet, but they are family members and they also deserve the tropical weather, stunning beaches, majestic sunsets,  and lots of other outdoor activities our Islands have to offer.

Therefore we have brought to you a list of all pet-friendly properties listed for sale on Sanibel & Captiva.

 


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