Sales for April 2013 at 44 (SF-23, Con-15, Dup-4 & Lot-2) just beat April 2012 at 43 (SF-24, Con-10, Dup-5 & Lot-4).  Sales for April 30, 2013 Y-T-D were 116 (SF-64, Con-38, Dup-6 & Lot-8) compared to April 30, 2012 Y-T-D at 139 (SF-79, Con-42, Dup-9 & Lot-9).  Although still down 17% from 2012 sales, 2013 Y-T-D sales are catching up to last year’s banner year of 430 properties sold.  Sales for the last 12 months at 408 (SF-230, Con-122, Dup-24 & Lot-32) were up 16% over sales for the previous 12 months at 352 (SF-193, Con-114, Dup-19 & Lot-26).  Of sales for the last 12 months the distressed properties (bank owned or short sales) were 41 (SF-19, Con-17, Dup-5 & Lot-0) only 10% of the sales compared to the previous 12 months at 61 (SF-20, Con-33, Dup-5 & Lot-3) or 17% of the sales.  Currently there are only 12 (SF-5, Con-5, Dup-2 & Lot-0) or 3% distressed properties in the inventory.  Pended properties (properties under contract) continue to grow each month and is currently at 73 (SF-40, Con-20, Dup-10 & Lot-3) up from 67 in April, 61 in March and 51 in February.  This continues to bode very well for sales to continue at a record pace.  Inventory on the island continues to shrink and is currently at 321 (SF-157, Con-90, Dup-23 & Lot-51) down from 344 in April, 351 in March and 366 in February. 

             Another one of Frank, Larry & Al’s Great Buys has gone under contract since my last newsletter.  The property at 7314 Gulf Drive (La Casa Costiera Unit 7) went under contract April 24th and is due to close May 31st.  Currently there are 15 single family homes for sale west of gulf drive and 6 of them are direct gulf front homes and of the 9 homes left only 6 are under $1 Million.  West of gulf drive is the best location to maximize rentals and is the location that appreciates the most.  There has been a lot of showings and interest in 2916 Avenue E which continues to be the best investment, buy by the numbers, on the island.  This property is 4 houses from the gulf and does $65K in annual rentals year after year.  For you investors out there you won’t find a better investment property on the island currently for sale.  It pays all operating cost and the mortgage with 20% down.  The second best buy close to the beach under $1 Million is 109 Cedar Ave at $879,000 (3 houses from the beach) a 4 bedroom/2 bath home that could do $65K-$75K in gross annual income.  Third again is 3603 4th Ave listed at $959,000 is 2,376 sq ft, 3 bedroom/3 bath townhouse style home with pool and roof top deck with views of the gulf, inter-coastal and skyway bridge.  Check out the virtual tours on these and other properties.

          To summarize the island market, although 2013 started off slower than 2012, we are starting to catch up and build steam for another banner year of sales.  The year with the highest number of sales in the last 30 years was 2005 with 438 properties sold, then 2004 with 434 properties sold and then, last year, 2012 with 430 properties sold.  To put that in perspective, the average number of properties sold in a year is 250.  You can see that although were a little behind 2012 sales we’re still having another great year.  At the same time the island inventory is at the lowest level since 2005 and sales continue to outpace listings each month which continues to drive the inventory lower.  Distressed properties continue to remain very low and are almost non-existent and I expect this to continue since prices are rising.  I’ve seen a bump up in sales prices since last month and that trend will continue as long as sales remain high and inventory low.  Single family 2013 Y-T-D average and median sale prices were $643,154 & $535,000 compared to 2012 Y-T-D at $580,047 & $515,000 up 11% & 4% in 2013. Average and median condo sales for 2013 Y-T-D were $317,543 & $315,500 compared to 2012 Y-T-D at $275,752 & $285,000 up 15% & 11% in 2013.  In April there were 44 properties sold on the island and that is 88 sides (buyer’s side and listing side).  Island Real Estate had 27 sides of the sales in April or 31% of the sales, well above out average share of 25%.  We were involved in 24 of the 44 properties sold or 55% of the sales for April.  Island Real Estate listed 11 properties in April and put 19 properties under contract.  Island Real Estate currently has about 20% of the listings on the island and I have 55% of the IRE listings.  As you can see the market is good and we are getting more than our fair share of the market.

For detailed charts see the entire newsletter on my web site;
Ask Alan Galletto-THE Realtor for real estate on Anna Maria Island, FL. 941.232.2216