Leugers Group - Brokered by eXp Realty

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"To raise the bar in our society by rendering life-changing high value service that saves the people we serve time, money and frustration."

Wednesday, August 26, 2015

Sanibel Real Estate Market Update

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Today, we'll discuss where the real estate market is heading for the islands of Sanibel and Captiva. The market has improved year over year from January to July of 2015 versus that same time frame in 2014.
On the national level, the total number of existing home sales in each region of the U.S. is up 10% with the exception of the South. We're in the off-season, but home sales are still up about 9%.

If we look at existing home sales broken down by price, you can see that every price point is up by double digits with the exception of the $0 - $100k price bracket. That particular bracket suffers the most from short sales and foreclosures.
As far as mortgage rates go, Fannie, Freddie, the Mortgage Bankers Association, and the National Association of Realtors all predict that interest rates will hover just below 5% by the third quarter of 2016. That's a slow, steady increase that has a major impact on purchasing power.
In the local market, we saw a slight increase in the average days on market. This is the amount of time it takes to sell a home. In 2014, the average days on market was 256, and in 2015, the average rose to 280 days. However, this should drop in the upcoming season.
The good news is that we have seen a significant increase in sales price. In 2014, the average sales price was $850,000. In 2015, the average sales price has risen to $1.4 million.
If you have any questions on today's video, give me a call or send me an email. I look forward to hearing from you!