Real estate sales on Anna Maria Island has slowed over the last month or so. Sales for the month of September 2022 at 14 were 34% lower than August 2022 at 21. Sales for September 2022 for Anna Maria City, Holmes Beach, and Bradenton Beach were 14 (SF-6, Con-6, Dup-1 & Lot-1) compared to August 2022 at 21 (SF-11, Con-9, Dup-0 & Lot-1). The inventory continues to stay in the low range it’s been at in the last couple of years and continues to be well below the average of 300 for 39 of the last 48 months. Inventory is currently at only 111 (SF-80, Con-25, Dup-5, Lot-1) Inventory for the previous 48 months were 143 , 145, 94, 79, 88, 82, 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. Sales on the island continue to slow down slightly, and the inventory is slowly starting to increase but it’s still very low.
Since last month there are currently 22 properties that went pended on AMI, SF -14, Condo -6, multi-family -2, and the lots -0. The single families were listed between $929,000 and $5,995,000; the condos between $634,900 and $3,098,000; two multi-families at $1,349,000 and $1,495,000and no lots. Of the 80 single-family properties currently for sale, there are only 3 single-family properties under $1 million and only 21 between $1 Million and $2 Million the remaining range between $2,000,000 and $12,000,000.
To summarize the Anna Maria Island Real Estate Market sales for September 2022 were 21% lower than September 2021. The inventory is still in the lowest range I’ve seen it in 30 years, at again only 111 (SF-80, Con-25, Dup-5, Lot-1) 22% lower than last month at 143 but still lower than 7 of the last 15 months at 143, 145, 94, 79, 88, 82, 72, 72, 76, 100, 135, 145, 155, 162 & 175. Pended properties (properties under contract) continue to remain about where they have been for the market at 22 (SF-19, Con-7, Dup-1 & Lot-1) but lower than the previous sixteen months at 28, 35, 59, 55, 63, 70, 85, 94, 95, 101, 87, 86, 90, 94, 112, 92. 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-nine months. The distribution of the 80 single-family properties currently for sale on AMI continues to skew to the high end with 3% (2) <$750K, 2% or (1) between $750K and $1 million, 26% or (21) between $1 million and $2 million and 33% or (26) between 2-3 Million and 36% or (29) over $3 million. As I mentioned above the lowest price single family home is 451 62TH St. HB listed at $479,900 a 2BR/1bath, 832 sq. ft. property no pool. The highest-priced single-family home currently is at 211 Haverkos CT. HB listed at $12,000,000 a newly built in 2018 5BR 5 full and 2 half baths bay front house. The distribution of the 25 Condos currently for sale on AMI is 8% or (2) <$500K, 44% or (11) $500K-$750K, 24% or (6) $750K – $1 million and 24% or (6) >$1 million. You can see that 95% of the single-family prices are over $1 million while 76% of the condos were below $1 million and only 24% over $1 million. Of the current inventory of 25 condos the lowest-priced unit, this month is a 1br/1 bath Coquina Reef Condo at 204 Church St. #14 BB listed at $459,000 and the highest is again a 7br/6.5 bath 3,108 sq. ft. condo at, 2514 Avenue C unit #B, BB listed at $2,900,000. Again, 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 $3,218,555 and the median list price is $2,950,000 and for condos, the average list price is $876,692 and the median list price is $702,000.
This month Frank & Al’s best buy is a sleeper. 3604 Gulf Dr. is a 2BR/1bath both sides duplex with a pool 100 yards to the beach listed at $1,469,000. As a duplex it does $60K-$65K rental total both sides. If you convert it to a 4BR/2 bath single family that close to the beach, it would do about $100K in rental income. If you want to see any properties just call Lynn or I. We can also put you on your own automatic search for properties with your specific criteria so you can get them as soon as they go up for sale because the inventory is turning over so quickly, let us know what that is today!
Looking at average sale price of single-family homes and Condos in Manatee County through August 2022 was up again 33.5% above August 2021 at $404,094 and the Median sale price was up 28.2% at $352,495. The current inventory has bumped up 120.6% at 481 from 218 in August 2021. The Pending sales are at 215 vs 260 in August 2021. As far as you buyers… buying sooner is still better than later unless you aren’t going to buy for more than two years. Call (941) 232-2216 or email me at alan@alangalletto.com for an opinion on the value of the property you may want to sell, or for starting a search to find a property to buy today.
Longboat Key current inventory dropped last month to 88 (SF- 38, Con- 39, Dup- 1 & Lot- 10) and still in the low end of the range it’s been in the last twenty-nine months 92, 76, 48, 41, 62, 48, 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 38 single family homes, the average price is $3,965,811 and the median list price is $2,722,500. For the 39 condos for sale, the average and median list prices respectively are $1,367,231 & $899,000.
Hope you are all staying safe & come on down to enjoy the Florida sunshine.
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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