Market Report - Marlene Donaldson

REPORT ON THE FIRST 9 MONTHS OF 2009

The following is my Update Report on the Market for the First Three Quarters. Sanibel Island residential sales are continuing to experience some correction, with the average sales price now being the lowest since prior to 2005. Number of sales for 2009 is hanging on, with 111 closed and 20 under contract.

Captiva is holding fairly strong overall. They are a smaller market, and have seemingly not been as buffeted about as has the Sanibel market by the economic challenges we are experiencing.

The two markets which are having the greatest difficulty with recovery are Sanibel condos and Sanibel vacant land. The number of units closed and under contract is low in both cases and the number of days on the market is very high (625 for Sanibel lots).

Island properties are experiencing some short sales and foreclosures. Banks can be very slow to move along the short sale process, so often frustration ensues.

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Marlene’s Report on the First 3 Quarters of 2009

Sanibel Residential January 1-September 30

2009: Homes Closed: 111 ASP: $774,220 ADM: 266

2008: Homes Closed: 128 ASP: $918,146 ADM: 275

2007: Homes Closed: 121 ASP: $1,012,753 ADM: 208

2006: Homes Closed: 134 ASP: $1,125,726 ADM: 187

2005: Homes Closed: 224 ASP: $1,033,968 ADM: 202

Currently:

20 homes are under contract

244 homes are available for purchase

The ADM is 369

Captiva Residential January 1-September 30

2009: Homes Closed: 14 ASP: $2,417,643 ADM: 203

2008: Homes Closed: 11 ASP: $2,872,727 ADM: 435

2007: Homes Closed: 18 ASP: $2,701,983 ADM: 294

2006: Homes Closed: 7 ASP: $2,551,429 ADM: 276

2005: Homes Closed: 29 ASP: $2,330,431 ADM: 325

Currently:

1 home is under contract

68 are available for purchase

The ADM is 424

Sanibel Condos January 1-September 30

2009: Condos Closed: 63 ASP: $678,143 ADM: 316

2008: Condos Closed: 79 ASP: $727,599 ADM: 306

2007: Condos Closed: 76 ASP: $768,882 ADM: 194

2006: Condos Closed: 123 ASP: $881,981 ADM: 142

2005: Condos Closed: 203 ASP: $759,339 ADM: 186

Currently:

6 condos are under contract

246 are available for purchase

The ADM is 381

Captiva Condos January 1-September 30

2009: Condos Closed: 17 ASP: $826,324 ADM: 318

2008: Condos Closed: 16 ASP: $897,594 ADM: 367

2007: Condos Closed: 10 ASP: $707,250 ADM: 221

2006: Condos Closed: 18 ASP: $1,293,056 ADM: 162

2005: Condos Closed: 39 ASP: $845,318 ADM: 148

Currently:

4 condos are under contract

63 are available for purchase

The ADM is 406

Sanibel Vacant Land January 1-September 30

2009: Lots Closed: 7 ASP: $356,429 ADM: 362

2008: Lots Closed: 10 ASP: $406,056 ADM: 308

2007: Lots Closed: 16 ASP: $889,791 ADM: 281

2006: Lots Closed: 13 ASP: $502,038 ADM: 127

2005: Lots Closed: 62 ASP: $500,418 ADM: 272

Currently:

1 lot is under contract

113 are available for purchase

The ADM is 625

Captiva Vacant Land January 1-September 30

2009: Lots Closed: 3 ASP: $2,241,667 ADM: 630

2008: Lots Closed: 4 ASP: $3,251,250 ADM: 418

2007: Lots Closed: 1 ASP: $3,575,000 ADM: 186

2006: Lots Closed: 3 ASP: $2,658,333 ADM: 495

2005: Lots Closed: 0

Currently:

No lots are under contract

13 are available for purchase

The ADM is 553

*ASP is the Average Selling Price; ADM is Average Days on the Market

*All information has been researched from the Sanibel-Captiva Multiple Listing System