Yes, 2016 is continuing on where 2015 left off.  Three of the last four years sales have been over 400 and we haven’t seen that since 2004 & 2005.  We’ve also seen continuous appreciation in prices at an average of 6% since 2010.

Luxury Gulf Front Condo

Luxury Gulf Front Condo Anna MAria Island for sale

Sales in January 2016 started the year off strong again among all property types and showed average and median sales prices up again from 2015.  January 2016 sales were 27 (SF-15, Con-8, Dup-3 & Lot-1) down slightly from January 2015 at 30 (SF-15, Con-9, Dup-3 & Lot-3) but still the third best January sales since 2006.  The last 12 months sales (Feb1, 2015 to Jan 31, 2016) were 404 (SF-228, Con-127, Dup-27, Lot-22) up 8% over the previous 12 months (Feb 1, 2014 to Jan 31, 2015) at 374 (SF-212, Con-105, Dup-34 & Lot-23).  Of the last 12 months sales only 4% or 18 (SF-9, Con-8, Dup-1 & Lot-0) were distressed properties (bank owned or short sales) compared to 6% or 22 (SF-10, Con-3, Dup-9 & Lot-0) in the previous 12 months (Feb 1, 2014 to Jan 31, 2015).  Inventory on the island continues to remain low but is slightly up again this month at 330 (SF-187, Con-97, Dup-17 & Lot-29).  The inventory last month was 309 and for over the last year the inventory has been running slightly below 300.

If you’re looking for some very good properties to buy check out Frank, Al & Scott’s Great Buys this month. Since last month’s newsletter 727 Jacaranda listed at $1,149,000 has gone under contract, so buyers are active.  The best investment buy in the whole inventory is still 3603 4th Avenue.  If someone doesn’t buy it soon I’m going to buy it myself.  It has averaged $90K in gross annual rental income which makes it a 10 ratio (purchase price/Gross annual rental income) at list price.  Ask for a Cost of Ownership Analysis on 3603 4th Ave. to see the numbers.  If you’re looking for an entry level condo check out 2814 Gulf Drive a 3 unit condo with 2 bedroom units listed at $379,900 and a 1 bedroom unit at $319,900.  If you’re only looking for a 1 bedroom unit also check out 308 2nd St N.  Two of the units are already under contract.  This 4 unit condo that has been totally remodeled has only 2 units left at $274K & $249K.  If you’re looking for a Bay Front Family Compound check out 2201 Avenue A – a 5 bedroom/3.5 bath bay front home with panoramic Bay views, a manicured pool area and boat lift listed at $1,999,900.  Check out the other great buys this month.

Bradenton Beach FL BAY FRONT Home for sale

Location Location 34217 % bed 3.5 ba Waterfront Home for sale

To summarize the market for the beginning of 2016, it’s starting off where the record year of 2015 left off.  Distressed properties are pretty much non-existent and will continue to be so into the future.  There is currently only one distressed single family property in the inventory.  Pended properties (properties under contract) are about average at 25 (SF-10, Con-11, Dup-3 & Lot-1).  The distribution of the single family sales on the island over the last 12 months was 22% <$500K, 43% 500K-750K, 17% between $750K and $1 million and 18% over $1 million.  The distribution for Condo sales over the last 12 months is 83% <$500K, 13% $5000K-$750K, 2% $750K – $1 million and 2% >$1 million. 

            Longboat Key current inventory is 483 (SF- 148, Con- 207, Dup- 96 & Lot- 32).  Pended properties on Longboat Key is 65 (SF-14, Con-31, Dup-20 & Lot-0) and Distressed properties on Longboat Key are only 3 (SF-0, Con-1, Dup-2 & Lot-0).  The distribution for single family home sales on Longboat Key for the last 12 months was 23% <$500K, 29% $500K – $750K, 18% $750K – $1 million & 30% >$1 million.  The distribution for Condo sales on Longboat Key for the last 12 months was 51% <$500K, 26% $500K – $750K, 10% $750K – $1 million & 13% >$1 million. 

            This year is starting out at about the same pace as last year and I expect the market to continue at the same pace that we’ve seen for the past five years that is at a 5%-6% equity increase.

THE GALLETTO TEAM of Island Real Estate, 6101 Marina Drive, Holmes Beach FL 34217.

For detailed charts see the entire newsletter on our website;
Call Realtors ALAN and Scott GALLETTO 941.232.2216 and 941-779-3313