The residential market (houses, condos, lots) on our island paradise is down a bit. Units sold are 14% behind last year (1stQ). Sanibel was down 15% while Captiva was down 7%. The structure of this 1st quarter performance is a bit odd. January was down 9%. February was down 43%. March was up 13%. This February aberration is probably due somewhat to coming off a very strong 4th quarter but mostly to the uncertainty early this year about the Iraqi action that started in March. We expect that the market will be on a positive path as the Iraqi situation and the economy stabilize.
They're up 4% during the 1st quarter(and up 24% without February. Sanibel shows a 7% decline while Captiva shows an astounding 83% growth on a much smaller base. Most of the gain in Captiva is probably due to sales in the Plantation. Three bedroom units continue to surge ahead representing almost all of the category growth. Two bedroom units are still the standard and running even. One
bedroom units are down.
The average sale price for houses is up only 4%, reflecting the lower unit sales for homes on the gulf and bay. The average sale price for condos is up 38%, reflecting the growth in three bedroom units. Average price for lots is up 11%.
Lots Are Still Quiet
Building lots are mostly concentrated on Sanibel with Captiva pretty much
tapped out. Lot sales are down 28% versus last year (1stQ) with not too
many left for sale. Inventory of lots for sale is currently under 100
as we move closer to island buildout.