Sales continued strong through February.   Sales for February 2012 were 26 (SF-16, Con-7, Dup-2 & Lot-1) up 20% over February 2011 which were 22 (SF-10, Con-11, Dup-0 & Lot-1).  Sales through February 29, 2012 Y-T-D were 54 (SF-29, Con-18, Dup-4 & Lot-3) up 42% over February 28, 2011 at 38 (SF-18, Con-17, Dup-1 & Lot-2).  Sales for the last 12 months were 356 (SF-185, Con-127, Dup-19 & Lot-25) up 13% compared to the previous 12 months which had sales of 316 (SF-183, Con-97, Dup-21 & Lot-15).  You can see from the charts below that average and median sales prices for the last 12 months are up for single families and condos over the previous 12 months.  Currently there are 12 distressed properties (SF-6, Con-5, Dup-1 & Lot-0) in the inventory of 403 (SF-191, Con-137, Dup-26 & Lot-49).    Of the 12 distressed properties 5 are in Bradenton Beach (1 single family & 4 condos) and 7 are in Holmes Beach (5 single families, 1 condo & 1 duplex).  Of the 5 in Bradenton Beach 3 are short sales and 2 are bank owned.  Of the 7 in Holmes Beach 6 are short sales and 1 is bank owned.  Pended properties (properties under contract) continue to be strong at 60 (SF-36, Con-17, Dup-4 & Lot-3) which is a good sign for continued strong sales.  Inventory on the island has dropped down to 403 down from 412 last month and 427 & 456 the previous two months.  With about 7500 properties on the island that’s only 5.5% of the total inventory for sale.

Another one of Frank, Larry & Al’s Great Buys went under contract since the last newsletter.  The property at 302 67th St listed at $435,000, a single family home on a conforming duplex lot, went under contract.  Don’t worry there are still two more properties like it still available 7001 Holmes Blvd – $427,900 and 5704 Holmes Blvd.- $419,000, each are on a conforming duplex lot.  This leaves many possibilities; live in the home as is, remodel the home, or tear down the home and build two single family land condos. As I mentioned last month, with the inventory so low the number of “good” properties (close to the beach with high rental income potential) are becoming very slim. 

Again for those of you who may have missed out on Palm Isle Village and Starfish Beach Cottages the units at Island Garden Villa’s are a great buy as well as great rentals.  These one and two bedroom units start at $289,000 and are totally remodeled, in excellent condition and have an excellent rental history.  We also have bank financing for these units even though they are a newly formed condo which says a lot for the complex.  Go to the website for more information

To summarize, the island market continues to perform at well above  the average for this market.  To put it in perspective,  February 29, 2012 Y-T-D sales at 54 was the highest sales for those two months since February 28, 2005 at 55 (the year of the highest number of properties sold in the last 30 years).  For the same two months for the years in between sales were 2006-25, 2007-21, 2008-26, 2009-24, 2010-41 & 2011-38.  As you can see from the current inventory level of properties for sale on the island we are continuing down to historic lows and the number of sales transactions are at historic highs. It’s that old “supply & demand” thing, low supply and high demand will push prices up and that’s what we see happening.  You can see from the charts below that single family homes and condo average and median sales prices are up and looks to continue that way for the immediate future.  From a pricing standpoint single family homes on the island range from $199,000 to $4,995,000 but 65% are priced below $700K.  Condo prices range from $96,000 to $2,999,900 but 90% are below $700K. As far as sales are concerned 78% of single family home sales are below $700K and 97% of condo sales are below $700K.  I’ve included again the chart that graphs the 200 year history of interest rates.  Remember with prices rising and interest rates at all time lows if you’re going to buy now is the time.
Check out Alan’s newsletter in full on his website