Real estate sales on Anna Maria Island continue to be slow in 2023 compared to the past couple of years. Sales for the month of MAY 2023 at 38 was in line with where sales have been over the past 12 months. Sales for MAY 2023 for Anna Maria City, Holmes Beach, and Bradenton Beach were 38 (SF-22, Con-16, Dup-0 & Lot-0) compared to MAY 2022 at 48 (SF-25, Con-20, Dup-1 & Lot-2). Although sales remain low the inventory continues to remain low, still well below the normal average of 350-400. Inventory is currently at only 205 (SF-145, Con-44, Dup-11, Lot-5) Inventory for the previous 50 months (about 4 years) were 193, 111, 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 and the inventory continues to remain low.
Since last month, 50 properties went pended on AMI, SF -32, Condo -17, multi-family -1, and the lots -0. The single families were listed between $599,000 and $5,500,000; the condos between $549,500 and $1,499,000; one multi-family at 2,500,000 and no lots. Of the 145 single-family properties currently for sale, there are only 5 single-family properties under $1 million and only 29 between $1 Million and $2 Million the remaining range between $2,000,000 and $22,500,000.
To summarize, the Anna Maria Island Real Estate Market sales for MAY 2023 were 21% lower than in MAY 2022. The inventory is still in the lowest range it’s been in 20 years, at again only 205 (SF-145, Con-44, Dup-11, Lot-5) 47% higher than last month at 139 and still in the general range of the last 17 months at 139, 111, 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 50 (SF-32, Con-17, Dup-1 & Lot-0) but lower than fourteen of the previous nineteen months at 17, 27, 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 forty-four months. The distribution of the 145 single-family properties currently for sale on AMI continues to skew to the high end with 2% (5) <$1 million, or 13% (26) between $1 million and $2 million and 19% or (39) between 2-3 Million and 66% or (135) over $3 million. As I mentioned above the lowest price single-family home is 445 62nd St. HB listed at $479,900 for a 1bath, 616 sq. ft. Villa, no pool. The highest-priced single-family home currently is at 104 Sunset Ln. AM listed at $22,500,000 newly built in 2023 6 BR 6 full baths 7,163 sq. ft. direct gulf-front with pool. The distribution of the 44 Condos currently for sale on AMI is 16% or (7) <$500K, 55% or (24) $500K-$750K, 14% or (6) $750K – $1 million, and 15% or (7) >$1 million. You can see that 98% of the single-family prices are still over $1 million while 85% of the condos were below $1 million and only 15% were over $1 million. Of the current inventory of 44 condos the lowest-priced unit, this month is a 1br/1 bath Bay View Terrace Condo at 117 7th St N. Unit 5 BB is listed at $,000 and the highest is a 4br/2 bath 1,366 sq. ft. Anna Maria Beach Cottages Condo at, 112 Oak Ave #112, AM listed at $1,690,000. 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 $3,601,181 and the median list price is $2,947,500, and for condos, the average list price is $829,740 and the median list price is $749,000.
Custom home on Anna Maria Island 2 homes away from the Gulf of Mexico.
This month Frank & Al’s best buy at 106 Beach Ave. AM 3452 sq. ft. 5BR/3.5 Bath home one back from the Gulf was in the Wall Street Journal mansions section! 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 so you can get them as soon as they go up for sale, let us know what that is today!
Looking at the average sale price of single-family homes in Manatee County through May 2023 was up again .9% above May 2022 at $735,779 and the Median sale price was up 10.7% at $570,000 from May 2022. The current inventory of single-family has jumped up 169.5% at 1531 from 568 in May 2022 and Condos were up to 786 from 234 in May 2022. The Pending sales of SF are up at 772 vs 593 in May 2022 and condos were up to 318 from 301 in May 2022. As far as you buyers… buying sooner is still better than later unless you are not going to buy for more than two years but I expect prices will only be going up not down. 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 bumped up last month to 194 (SF- 65, Con- 115, Dup- 0 & Lot- 14) and is still in the low end of the range it’s been in the last thirty-one months 137, 88, 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 65 single-family homes, the average price is $3,630,383 and the median list price is $2,500,000. For the 115 condos for sale, the average and median list prices respectively are $1,944,525 & $980,000.
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
Review the entire Newsletter and charts HERE
Call Big Al directly at 941-232-2216 or email: ALAN@AlanGalletto.com
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