The pace of sales continues to be strong in July with 30 properties sold (SF-13, Con-14, Dup-2 & Lot-1) an 11% increase over July 2011 at 27 (SF-16, Con-7, Dup-0 & Lot-4).   July 31, 2012 Y-T-D sales were 264 (SF-146, Con-81, Dup-22 & Lot-15) up 19% over July 31, 2011 Y-T-D at 221 (SF-105, Con-92, Dup-8 & Lot-16).  Of the July 31, 2012 Y-T-D sales of 264 only 11% or 31 (SF-15, Con-14, Dup-2 & Lot-0) were distressed (bank owned or short sales) compared to July 31, 2011 Y-T-D sales in which 15% or 34 (SF-13, Con-16, Dup-4 & Lot-1) were distressed.  Sales for the last 12 months were 383 (SF-215, Con-115, Dup-30 & Lot-23) with 53 (SF-19, Con-28, Dup-4 & Lot-2) or 14% of them distressed.  Pended properties (properties under contract) are again exceptionally strong at 72 (SF-41, Con-21, Dup-5 & Lot-5) which means a continuation of strong sales in the next 2-3 months.  Inventory on the island is the lowest it’s been since the 3rd quarter of 2005 at 315 (SF-151, Con-109, Dup-19 & Lot-36).  It has continued to drop from August of 2011 when it was at 429.

For those of you who may want to build the house of your dreams I’ve added a couple lots in great locations to Frank, Larry & Al’s Great Buys this month.  306 Spring Avenue in the city of Anna Maria is only two blocks to the beach and plenty of room for a custom house with a pool on its 52×145 lot and in that location it would be a very good rental.  If you want to be even closer to the beach 106 Beach Avenue also in the city of Anna Maria is three houses to the Gulf of Mexico.  It’s the last non-gulf front lot left in Banyan Tree Estates and you can build up to a 5,600 sq ft home with a pool on this 90×106 lot.  If you want something already built and ready to go check out the other 9 and 10 ratio (purchase price/Gross annual rental income) properties in our Great Buys.

Since we’re still in hurricane season I’ve published the map showing the Continental United States Hurricane landfalls from 1950-2011 published by NOAA.  The 2012 season so far has been pretty mild with no significant hurricanes landing or coming close to the west coast of Florida and as you can see from the map, that is not unusual.  If you want to live on the coast of the U.S. the west coast of Florida is about as safe as anywhere.  NOAA also has a map of the major hurricane (category 3,4 & 5) landfalls form 1899-1996.  As you can see the closest landfall to Anna Maria Island area was just north of Tampa in 1921.

To summarize the market as of August 2012, it continues to perform as it has all year at 30 year peak levels but at a steady healthy pace.  The number of sales so far Year to Date in 2012 is running 19% above 2011 at this time and we are on a track to end the year at around 400 properties sold.  That would make it the only year we it 400 in sales except for 2005, the peak year in sales on the island when we had sales of 425.  The distribution of single family sales over the last 12 months were 50% (107) <$500K, 70% (152) <$600K, 80% (173) <$700K, 93% (199) <$1 Million and 7% (16) >$1 Million.  The distribution of condo sales over the last 12 months were 83% (95) <$400K, 90% (104) <$500K, 96% (110) <$700K, 97% (112) <$1 Million and 3% (3) >$1 Million.  These percentages for the previous 12 months haven’t changed since the beginning of 2012.  The number of distressed properties (bank owned or short sales) for sale continues to be extremely low at 8 (SF-5 & Con-3) or 3% of the inventory.  Of the sales over the last 12 months only 14% were distressed.  Of the July 31, 2012 Y-T-D sales of 264 only 11% (31) were distressed properties compared to July 31, 2011 sales of 221 which had 15% (34) distressed properties.  As I mentioned in last month’s newsletter the normal average inventory (properties for sale) on Anna Maria Island are 450-500.  The current inventory is 315 which is the lowest it’s been since 2005.  The outlook for the island market for the rest of the year continues to be very positive with inventory at historical lows and sales at historical highs.  With interest rates at historical lows (see the 200 year interest rate chart) there will never be a better time to buy especially if you plan on financing.

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Ask Alan -THE Realtor for other great real estate on Anna Maria Island, FL.

ALAN GALLETTO  941.232.2216 of Island Real Estate.