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The inventory on Anna Maria Island keeps dropping and, as I said last month, is at a 25 year low while sales for October 31, 2017 Y-T-D are up 13% over sales for October 31, 2016 Y-T-D. As of October 31, 2017 Y.T.D. Anna Maria Island property sales were; 341 (SF – 193, Con – 111, Dup – 20, & Lots -17) compared to October 31, 2016 Y-T-D at 303 (SF-179, Con-89, Dup-20 & Lot-15). The number of sales in October 2017 at 28 (SF-13, Con-11, Dup-3, Lot-1) is up 33% over October of 2016 at 21 (SF-9, Con-10, Dup-0, Lot-2).
The last 12 months of Florida Real Estate sales for Anna Maria City, Holmes Beach and Bradenton Beach (November 1, 2016 to October 31, 2017) were 399 (SF-226, Con-131, Dup-24, Lot-18) up 11% from the previous 12 months (November 1, 2015 to October 31, 2016) at 360 (SF-203, Con-112, Dup-27 & Lot-18). Of the last 12 months sales only 1% or 5 (SF-3, Con-1, Dup-1 & Lot-0) were distressed properties (bank owned or short sales) equal to the previous 12 months (October 1, 2015 to September 30, 2016) at 1% or 5 (SF-3, Con-1, Dup-1 & Lot-0). Inventory continues to remain at historically low levels and is currently at 231 (SF-141, Con-70, Dup -11 & Lot-9). Of those 231 listed properties the city of Anna Maria has 55-SF, 1 condo, 1 duplex & 3 lots. Holmes Beach has 76 SF, 39 condos, 6 duplexes & 5 lots. Bradenton Beach has 10 SF, 30 condos, 4 duplexes & 1 lot. Inventory for the previous twelve months were 214, 223, 240, 254, 267, 297, 297, 310, 290, 298, 314, 303. As you can see by the strong year-to-date sales numbers even with historically low inventory demand is still strong.
Well two of the properties on Frank, Scott & Al’s Great Buy’s last month went under contract, 805 North Shore Drive, a direct gulf front, listed at $2,599,000 due to close on 12/13/17 and 7316 Gulf Drive La Casa Costiera listed at $1,290,000 closed and sold for $1,225,000. I’ve added two new great rental income properties this month. The property at 100 4thSt. S. Bradenton Beach listed at $1,048,800 is a 5 unit Inn that has consistently produced $155,000 of gross annual rental income netting $70,000. The other is an up & down duplex both 2 bedroom/2 bath for each level at 6407 Gulf Dr. Holmes Beach just across the street from the beach which does about $80,000 in gross annual rental. Again if you’re looking for one of the newer gulf front condos which also rents very well you should consider 6420 Gulf Drive L’Plage #3 in Holmes Beach listed at $1,499,000. It is a 2,484 square foot, 3 bedroom + den, 3 bath condo, two garage parking spaces and elevator with partial gulf views. Call me for more information on these or other real estate opportunities.
To summarize the Anna Maria Island market for the first ten months of 2017 sales continue to remain very strong and the inventory continues to remain very low. We continue to run ahead of last year-to-date and with only two months left in this year we will close the year ahead of the 361 sales we had in 2016. Again, pended properties continue in a very healthy pace which continues to bode well for sales in the next couple months. Pended properties (properties under contract) are at 44 (SF-27, Con-10, Dup – 5 & Lot-2). Distressed properties continue to be non-existent again with no distressed properties in the current inventory.
Of the current inventory on Anna Maria Island of 141 single family homes the average sale price is $1,173,367 and the median sale price is $950,000. The lowest price single family home on the island is currently $387,500 and the highest price $4,595,000. For the 70 condos for sale on the island, the average and median prices respectively are $566,607 & $476,950 with the lowest $199,000 and highest $1,850,000.
Longboat Key’s current inventory is 342 (SF-93, Con- 215, Dup- 2 & Lot- 32) one of the lowest levels in the past twelve months (322, 302, 303, 331, 393, 437, 456, 469,304, 314, 336, 345). Of the current inventory of 93 single family homes the average sales price is $2,594,252 and the median sale price is $1,200,000. The lowest priced single family home on the Longboat Key is $328,000 and the highest is $26,500,000. For the 215 condos for sale the average and median prices respectively are $800,057 and $572,000 with the lowest $209,900 and highest $6,100,000. Pended properties on Longboat Key are 55 (SF-20, Con-34, Dup-0 & Lot-1) up from last month and about average for the last 12 months 37,45, 57, 61, 66, 68, 79, 86, 45, 54, 49, 62. There are no distressed properties in the current Longboat Key inventory.
Keep those calls and e-mails coming! We love hearing from you and stop in to see us when you’re on the island……Alan, Frank, Scott & Lynn
Call Realtors ALAN 941.232.2216 or
and Scott GALLETTO 941-779-3313
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http://www.AnnaMariaLuxuryRealEstate.com