304 Nonconforming duplex

2 and 1/2 blocks to the white sugar sand beaches of Anna Maria Island.  Duplex or teardown for single family home.

Real estate sales on Anna Maria Island continue again to outpace 2020 and we do not know how much higher it can go because we are running out of inventory.  Sales for the month of May 2021 were 93% over May 2020.  The Inventory has not significantly changed and is currently at 82.  Sales for May 2021 for Anna Maria City, Holmes Beach and Bradenton Beach were 58 (SF-25, Con-25, Dup-4 & Lot-4) compared to May 2020 at 30 (SF-12, Con-12, Dup-4 & Lot-2).  The inventory continues to be the lowest it’s been in 30 years and continues to be below 300 for 34 of the last 42 months and 21 of the last 24 months.  Inventory has popped up a little and is currently at only 82 (SF-51, Con-14, Dup-14 & Lot-3).  Inventory for the previous 42  months were 72, 72, 72, 76, 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.  I’ve talked to Realtors who are going on vacation because there is nothing to sell.  Looking at Manatee County the average sale price of single family homes in Manatee County for May 2021 were up again 28% above May 2020 and the current inventory is down 79.7% from 2020 at this time.  The average sale price of a single-family home in Manatee County is $303,121 and the median sales price is 235,000 and Pending sales are up 146.3% over last year. Again.…. I CAN NOT say this strongly enough;  for those of you thinking of selling within the next year or two now would be the time to put your property on the market while it still is a sellers’ market.  As a matter of fact, I took my own advice and put one of my properties, a duplex, up for sale last week.  As far as you buyers…buying sooner is better than later unless you aren’t going to buy for two years or so.  Call (941) 232-2216 or email me at alan@alangalletto.com  for an opinion of value of the property you want to sell, or for starting a search to find a property to buy today.

Since last month’s newsletter there continues to be a lot of activity.  6700 Gulf #7 HB closed for $1,675,000; 3303 Gulf #2 HB closed for $495,000 and 210 75th St. HB closed for $2,600,000.  The following property went under contract since last month’s newsletter: 3407 29th St Bradenton listed at $265,000.  Of the 44 single family properties currently for sale, there still are only 3 single family properties under $1 million and only 17 between 1 Million and 2 million.   We have left out Frank & Al’s best buys this month since there is so little inventory.  If you want to see any properties just call Lynn or me.  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 sales for May 2021 were 93% higher than May 2020.  The inventory continues to drop and continues to be among the lowest I’ve seen it in 30 years, at again only 82 (SF-46, Con-11, Dup-9, Lot-6) slightly up from last month but still lower than 6 of the last 9 months at 72, 72, 76, 100, 135, 145, 155, 162 & 175.  Pended properties (properties under contract) continue to remain strong at 70 (SF-44, Con-16, Dup-6 & Lot-4) dropping slightly from the previous eleven months at 85, 94, 95, 101, 87, 86, 90, 94, 112, 92, 71.  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-four months. The distribution of the single-family properties currently for sale on AMI continues to skew to the high end with none <$750K, 7% or (3) between $750K and $1 million, 39% or (17) between $1 million and $2 million and 27% or (12) between 2-3 Million and 27% or (12) over $3 million.  The highest priced single family home currently is a 3,593 sq. ft. 3BR/3.5 bath home built in 2016 on 1/3rd of an acre on Bimini Bay listed at $6,500,000.  The lowest priced is a Land condo 2BR/2 bath 880 sq. ft.  at 310 62nd St listed at $824,900.  The distribution of the 14 Condos currently for sale on AMI is 7% or (1) <$500K, 27% or (4) $500K-$750K, 33% or (5) $750K – $1 million and 33% or (5) >$1 million.  You can see that 100% of the single-family prices are over $750K and 97% are over $1 million while 34% of the condos were below $750K and only 33% over $1 million.  As I mentioned above of the current inventory of 51  single family homes the lowest priced property is $824,900 a 2br/1bath land condo at 310 62nd St HB  and the highest is a $6,500,000 Bimini Bay Front property at 8017 Marina Isles Ln. HB.  Of the current inventory of 15 condos the lowest priced unit again this month is a 1br/1bath Imperial House condo at 611 N. Gulf Dr. #A23 listed at $269,000 and the highest a 3br/3 bath condo at Carissa Villas, 2 blocks to the beach at 201 57th St unit A 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 $2,517,879 and the median list price is $2,225,000 and for condos, the average list price is $863,800 and the median list price is $824,999.   

Longboat Key current inventory has dropped down again to 48 (SF- 18, Con- 27, Dup- 1 & Lot- 2) the lowest it’s been in the last twenty-three months  63, 59, 75, 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 18 single family homes, the average price is $3,752,161 and the median list price is $3,747,500.  For the 27 condos for sale, the average and median list prices respectively are $1,878,193 & $979,000.

Hope you are all staying safe & enjoying the summer 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

Click HERE  for FULL NEWSLETTER and detailed charts and facts for Anna Maria Island Real Estate for sale.

941-232-2216 ALAN@AlanGalletto.com

#AnnaMariaLuxuryRealEstate #HouseHunting #BuyAHomeOnAnIsland #luxuryrealestate0000000000000000000000000000000000000000000000000000