Sales for May 2014 were a little below last year at 27 (SF-18, Con-8, Dup-1 & Lot-0) compared to May 2013 at 32 (SF-23, Con-6, Dup-2 & Lot-1). Sales for May 31, 2014 Y-T-D were 171 (SF-102, Con-48, Dup-13 & Lot-8) up 13% versus May 31, 2013 Y-T-D at 151 (SF-88, Con-45, Dup-9 & Lot-9). Sales for the last 12 months were 429 (SF-251, Con-123, Dup-31 & Lot-24) up 10% over the previous 12 months at 390(SF-223, Con-113, Dup-24 & Lot-30). Of the sales for the last 12 months distressed properties were only 8% of the sales at 36 ( SF-17, Con-10, Dup-8 & Lot-1) compared to the previous 12 months where 11% or 41 ( SF-19, Con-17, Dup-5 & Lot-0) were distressed. Currently there are only 5 distressed properties or 1% of the inventory of 317 (SF-175, Con-88, Dup-28 & Lot-26) for sale on the island. Pended properties (properties under contract) continue to be strong at 41 (SF-27, Con-10, Dup-1 & Lot-3) down from 61 last month but still above the average. Inventory on the island has stayed pretty low and steady at 317 from 306 last month and 314 the previous month.
Another one of Frank, Larry & Al’s Great Buy’s went under contract since the last newsletter. One of the last two, off water, Banyan Tree Estate lots went under contract (106 Beach listed at $599K) and 106 Beach which went under contract last month closed this month for $575K. That leaves only one lot left in Banyan Tree Estates. There are still a couple very strong investment buys. The property at 3603 4th Ave (just reduced to $959K) is a 3 bedroom/3 bath townhouse with elevator, pool and a roof top deck with awesome views of the gulf and inter-coastal and an excellent rental. This property is a 10 ratio (rental income covers all the operating costs and most of the mortgage with 20% down) and is ideal for someone who wants a property in a great location (three houses to the beach) and in move-in condition.
Don’t forget the very special property for a 1st or 2nd home. This is a newly listed Frank Lloyd Wright inspired custom home at 4906 4th Ave. Everything is very high end custom including the wood finishes, flooring, cabinets and infinity lap pool. This is a must-see to appreciate.
Another good buy for someone looking for a conforming duplex lot is 306 Clark Drive. It has an old duplex on it but tear it down and build two single family land condos…live in one and sell the other. Check out the rest of the Great Buy’s attached.
To summarize the island market, sales in 2014 continue to be at record levels. Again if you look at May 31, 2014 Y-T-D sales at 171 compared to May 31, 2013 Y-T-D sales at 151, a 13% increase, we have gotten another great jump on the great sales year in 2013 which had 428 properties sold. We are on track to again in 2014 have sales over 400 properties. Again, single family sales remain strong with 27 currently under contract. The average price of single family sales for 2014 Year-To-Date is up 12% over last year at this time and median single family sales prices are up 15% over last year. Average condo sales prices for Y-T-D 2014 is up 5% over last year and median condo sales prices are up 2% over last year. Duplex average sales prices are up 22% over last year and duplex median sales prices are up 11% over last year. This continues to drive up prices of all types of properties at a healthy clip. The immediate future looks to continue this trend of prices rising at about an average 7% rate which is very healthy. The inventory continues to be down into the historical low range which is in the low 300’s. If the inventory continues to remain low it will continue to put upward pressure on prices.
If you’re contemplating buying a property on Anna Maria Island sometime between now and 2016 it would be smart to buy sooner rather than later. Although prices are going up at a moderate rate, a 5-10% increase in prices could mean the difference in what kind of property you want versus what you will have to settle for.