Sales continue to boom on Anna Maria Island with 34 properties sold in March (SF-21, Con-5, Dup-5 & Lot-3) versus 17 (SF-10, Con-5, Dup-1 & Lot-1) in 2009. After lower than normal sales (less than 20 per month) in the first half of 2009, sales went to higher than normal (over 20 per month) in the last half of 2009 and continued right into the first quarter of 2010. As you can see from the charts below sales for the first quarter of 2010 were 74 properties versus 41 for the first quarter of 2009, an 80% increase. Sales continue to look strong over the next couple months as well with pending sales at 63 (SF-33, Con-23, Dup-4 & Lot-3). Island Real Estate continues to show strong sales with 14 new contracts and 14 closings in March. I have sold 12 properties in the last six months totaling $10,391,000 in sales. As you can see from the historical graphs, single family and multi-Family transactions are trending significantly up. Average sale prices for single family, Multi-family & condos also are trending up. In the last 12 months there were 267 properties sold as compared to the previous 12 months of 250 which again reflects very positive sales growth. Based on these trends I feel we will see sales for 2010 of over 250 properties on the island.
Inventory has bumped up about 5% this month to 567 (SF-277, Con-200, Dup-45 & Lot-45). The increase was primarily in single family homes and because of the strong sales over the last 9 months I think the inventory will flatten out to below 500 in the next few months. Still the inventory is at a two year low. Distressed (short sales, foreclosures & bank owned) properties have dropped from 45 last month to 33 this month or 6% of the inventory. Of the 267 properties sold in the last 12 months about 20% of them were distressed properties 56 (SF-22, Con-25, Dup-7 & Lot-2) versus 50% of the sales on the mainland in Manatee County.
Another one of Frank & Al’s Great buy’s from last month went under contract. A cute little island cottage, 2305 Ave B listed at $339,000, is under contract and is due to close by the end of April. For those of you who feel they missed out and are looking for something similar, check out this month’s recommended entry level single family home 5806 Imperiore listed at $389,000 a 2 bedroom/2bath totally remodeled island cottage 2 blocks from the beach. For a great condo buy don’t forget Palm Isle Village, the 11 unit 1 and 2 bedroom condos across the street from the beach. There are 7 units left for sale and the Cost of Ownership on these are the lowest on the island. You can own one of these units for $57/month to $343 per month. The single family home at 4002 6th Ave. listed at $400K that I said was the best buy for single family homes last month went under contract….you have to move fast. The best new condo buy, by far, on the island is 108 36th St Palm Gables listed at $1,490,000. This 3 bedroom/2.5 bath unit is exquisitely decorated and furnished. The quality of this direct gulf front unit is surpassed only by Vista Grande who’s only two units that were for sale closed last month.
If you look at the sales by quarter chart you can see that from the peak (Q2-2005) quarterly sales on the island has only popped up above the average for two quarters until Q2-2009. Since Q2-2009 it has been consistently above the average quarterly sales. This is consistent with the fact that we have had strong sales from mid 2009 right into the first quarter of 2010. I personally have sold 12 properties in the last six months which adds up to $10,391,000 so you can see things are very healthy. The good deals on the island for people willing to do major renovation are becoming fewer and fewer but there are still great buys across the board because of the current market pricing. Of the 267 properties sold in the last 12 months Island Real Estate sold over 20% of them and half of those we had both sides of the sale. Another mile stone was that our website had over 100,000 hits per month in February and March. That means somewhere around 75-80% of the people searching the island are hitting our website. The market is good in Paradise….hurray and get a piece.
Keep in touch, we love to hear from you……….Alan & Frank