Perfect family home loooking over Palma Sola Bay

Bradenton Palma Sola Bay front home.

Sales on Anna Maria Island for 2016 continues to creep up on 2015. July, 2016 Y-T-D Anna Maria Island real estate sales were 227(SF-141, Con-60, Dup-14, & Lot-12) down 14% from July, 2015 Y-T-D at 265 (SF-160, Con-75, Dup-13 & Lot-17). Last month Y-T-D we were behind 2015 Y-T-D by 18% & two months ago we were behind last year by 20% so we continue to gain and are still running about equal with 2014.
Sales in July 2016 for Anna Maria City, Holmes Beach and Bradenton Beach were 32 (SF-21, Con-7, Dup-2 & Lot-2) up 6% from July 2015 at 30 (SF-21, Con-4, Dup-3 & Lot-2). The last 12 months sales (Aug 1, 2015 to July 31, 2016) were 369 (SF-211, Con-113, Dup-26, Lot-19) down 10% from the previous 12 months (Aug 1, 2014 to July 31, 2015) at 412 (SF-234, Con-120, Dup-30 & Lot-28). Of the last 12 months sales only 2% or 6 (SF-2, Con-2, Dup-1 & Lot-0) were distressed properties (bank owned or short sales) compared to 7% or 27 (SF-16, Con-7, Dup-4 & Lot-0) in the previous 12 months (Aug 1, 2014 to July 31, 2015). Although we’re running 14% behind last year in sales, we are closing the gap on 2015 which was a very good year for sales. The low inventory is the primary reason we are running behind 2015 in sales.  Inventory is currently at 298 (SF-171, Con-83, Dup-14 & Lot-30). Inventory for the previous four months were 314, 303, 308, 343. The inventory hasn’t been below 300 since 2005.
This month these two investment properties are attractive investment properties. The property at 3603 4th Ave, in Holmes Beach a 3 BR/2 bath single family, three houses to the beach listed at $999,900 is a great rental and it does $75,000 in gross annual seasonal rental income. Another great rental with a 6% return is 209 54th St. in Holmes Beach it’s a newly built (2014) 8 bedroom/6 bath, 2,936 sq. ft. home a block to the beach with peaks of the gulf and it does about $225,000 in gross annual seasonal rental and is listed at $2,300,000. These returns are exclusive of the increase in the value of the property. Call me for more information on these or other real estate opportunities.
To summarize the market for the first six months of 2016, we continue to run behind 2015 but continue to close the gap. Pended properties continue to be strong and well above the average which could mean a continued strengthening of sales if the inventory doesn’t continue to shrink. Pended properties (properties under contract) are at 49 (SF-26, Con-19, Dup-4 & Lot-0). Distressed properties continue to be non-existent and as a matter of fact there have been no distressed properties for sale on the island in the last
two months. The distribution of the single family sales on AMI over the last 12 months again hasn’t changed much with 19% <$500K, 35% 500K-750K, 15% between $750K and $1 million and 31% over $1 million.  The distribution for Condo sales over the last 12 months also hasn’t changed much and was 84% <$500K, 14% $500K-$750K, 1% $750K – $1 million and 1% >$1 million. These percentages have been pretty
consistent over the last year. Of the single family properties sold the first six months of 2016, the average sale has been $950,708 and the median sale $765,000. In the first six months of 2015 the average sale for single family homes was $734,897 and the median sale was $627,500. The current inventory of 171 single family homes the average sale price is $1,244,613 and the median sale price is $999,900. The lowest price
single family home on the island is currently $239,900 and the highest price $5,995,000. For the 83 condos for sale the average and median prices respectively are $638,139 & $485,000 with the lowest $197,500 and highest $2,149,000.
Longboat Key current inventory is 314 (SF- 108, Con- 173, Dup- 2 & Lot- 31) down from 336 last month and 345 and 374 the two previous months. Pended properties on Longboat Key are 54 (SF-11, Con-40, Dup-0 & Lot-3) up last month from 49 and 62 and 86 the previous two months. Distressed properties on Longboat Key are only 4 (SF-0, Con-4, Dup-0 & Lot-0).
Keep those calls and e-mails coming! We love hearing from you……Alan, Frank & Scott

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
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