A few steps down to the white sugar sand beach of Anna Maria Island. WOW
Real estate sales on Anna Maria Island continue to outpace 2020 which was a historically high sales year. Sales for the month of February 2021 were about equal to sales for February 2020 and Inventory at 76 is lower than the pended properties at 95. Sales for February 2021 for Anna Maria City, Holmes Beach and Bradenton Beach were 35 (SF-22, Con-12, Dup-0 & Lot-1) about equal to February 2020 at 36 (SF-17, Con-14, Dup-3 & Lot-2) after being up 79% and 99% over the previous two months. Sales are tapering off not because there is no demand but because there is no inventory. The inventory continues to be the lowest it’s been in 30 years and continues to be below 300 for thirty of the last thirty-eight months and seventeen of the last twenty months. Inventory is currently at only 76 (SF-43, Con-19, Dup-7 & Lot-7). Inventory for the previous thirty-eight months were 100,135, 145, 155, 162, 175, 196, 230, 261, 253, 274, 308, 314, 312, 289, 279, 282, 292, 296, 293, 305, 334, 338, 319, 291, 257, 249, 231, 214, 223, 240, 254, 267, 297, 297, 310, 290, 298, and again has hit a new low for this market. Looking at the whole county single family sales for Manatee County January 31, 2021 Y-T-D were up again 26% above January 31, 2020 Y-T-D and the current inventory is down 64% from 2020 at this time. The average sale price of a single-family home in Manatee County is $510,940 up 21% over a year ago. Again, this month….I CAN NOT say this strongly enough; for those of you thinking of selling within the next year or two now would be a good time to put your property on the market while it still is a sellers’ market. Historically this market has come about every 7-10 years. As far as you buyers…buying sooner is better than later. Call (941) 232-2216 or email me at alan@alangalletto.com for an opinion of value or to start a search to find a property today.
Since last month’s newsletter there continues to be a lot of activity. 543 67th St. HB closed for $1,802,395. Palm Isle Village 3206 6th Ave. HB at $525,000. 600 Manatee Ave. West Bay Cove #214 HB closed for $362,000. 3601 East Bay Drive Sandy Pt #207 HB closed at 321,500. West Cove N 600 Manatee Ave HB closed at $362,000. 6814 Gulf West Winds HB at $560k.The following properties went under contract since last month’s newsletter: 3707 Gulf Dr. HB listed at $1,949,000; and 6500 Flotilla #157, HB listed at $459,000. If you are looking for a great rental there again is not much to choose from. Of the 43 single family properties currently for sale there are only 4 single family properties under $1.1 million and only 14 between 1 Million and 2 million. If you want to be directly on the Gulf then check out this New Four unit direct gulf front condo complex The units are 4BR/3.5 Bath between 2495-2635 sq. ft. with amazing views of the Gulf from each one. Call me to get the details…hurry one is already sold. If you want to see these or any other properties just call Lynn or I. We can also put you on your own automatic search for properties with your specific criteria, let us know what that is- today! To summarize the Anna Maria Island Real Estate Market beginning 2021, sales for February were about equal to February 2020. The inventory continues to drop and continues to be the lowest I’ve seen it in 30 years, at 76 (SF-43, Con-19, Dup-7, Lot-7) down from 100, 135, 145, 155, 162 & 175 the last six months. Pended properties (properties under contract) continue to remain strong at 95 (SF-53, Con-35, Dup-4 & Lot-3) above all but two of the previous nine months at 101, 87, 86, 90, 94, 112, 92, 71 & 42. There are more pended properties than there is inventory. Distressed properties continue to be non-existent as they have been for the last couple of years with again none in the current inventory and only two in the last thirty-one months. The distribution of the single-family properties currently for sale on AMI continues to skew to the high end with only 2% or (1) <$750K, 7% or (3) between $750K and $1 million, 43% or (19) between $1 million and $2 million and 23% or (10) between 2-3 Million and 25% or (11) over $3 million. The distribution for Condos currently for sale on AMI is 16% or (3) <$500K, 42% or (8) $500K-$750K, 21% or (4) $750K – $1 million and 21% or (4) >$1 million. You can see that 98% of the single-family prices are over $750K and 91% are over $1 million while 58% of the condos were below $750K and only 21% over $1 million. As you can see again single family prices continue to go up much faster than condo prices. Of the current inventory of 43 “single family homes” the lowest priced property is $725,000 (a 2br/1bath) home at 203 Haverkos Ct. HB and the highest is $6,750,000 a .87 acre gulf front elevated home built in 2014 at 807 N Shore Dr. AM Of the current inventory of 19 condos the lowest priced unit again this month is a 1br/1bath condo at 1325 Gulf Dr. #220 BB at Tortuga listed at $349,000 and the highest $3,750,000 a 4br/3.5 bath direct gulf front Buena Vista,101 67th St. Unit 1, HB. The prices for single family homes continue to move up rapidly while condos continue to creep up. Of the single-family properties currently for sale on AMI, the average list price is $2,449,545 and the median list price is $1,935,000 and for condos, the average list price is $917,142 and the median list price is $684,900.
Longboat Key current inventory has for the ninth month in a row dropped down again significantly to 75 (SF- 16, Con- 50, Dup- 2 & Lot- 7) the lowest it’s been in the last twenty months at 127, 129, 156, 172, 178, 199, 218, 275, 295, 337, 388, 386, 378, 364, 354, 309, 309, 274, 289,359 and significantly lower than the previous seven months at 388, 386, 404, 442, 461, 455, 452. Of the current inventory of 16 single family homes, the average price is $2,642,688 and the median list price is $1,993,000. For the 50 condos for sale, the average and median list prices respectively are $1,122,004 & $672,000.
Hope you are all staying safe& enjoying the spring weather. Keep those calls and e-mails coming. We love hearing from you and look forward to seeing you on the island…Alan, Frank & Lynn
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941-232-2216 ALAN@AlanGalletto.com
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