Sales for May 2015 were twice as high as last year at 56 (SF-37, Con-14, Dup-2 & Lot-3) compared to May 2014 at 28 (SF-18, Con-8, Dup-2 & Lot-0). Sales for May 31, 2015 Y-T-D were 199 (SF-119, Con- 58, Dup-8 & Lot-14) up 16% versus May 31, 2014 Y-T-D at 171 (SF-102, Con-48, Dup-13 & Lot-8). Sales for the last 12 months were 409 (SF-236, Con-116, Dup-29 & Lot-28) down 5% over the previous 12 months at 429(SF-251, Con-123, Dup-31 & Lot-24). Of the sales for the last 12 months distressed properties were only 5% of the sales at 24 ( SF-14, Con-5, Dup-5 & Lot-0) compared to the previous 12 months where 8% or 36 ( SF-17, Con-10, Dup-8 & Lot-1) were distressed. Currently there are only 3 distressed properties or 1% of the inventory of 269 (SF-142, Con-77, Dup-24 & Lot-26) for sale on the island. Pended properties (properties under contract) continue to be strong at 42 (SF-26, Con-8, Dup-5 & Lot-3) up from 37 last month and still above the average. Inventory on the island has stayed pretty low and steady at under 300 for the past twelve months.
This month’s Al, Frank & Scott’s Great Buy’s have not changed since the last newsletter. There are still a couple very strong investment buys. The property at 3603 4th Ave (reduced to $899,900) is a 3 bedroom/3 bath townhouse with elevator, pool and a rooftop deck with awesome views of the gulf and intercoastal with an excellent rental history. This property is a 10 ratio (rental income covers all the operating costs and most of the mortgage with 20-30% down) and is ideal for someone who wants a property in a great location (three houses to the beach) and in move-in condition. It is one of the best investment buys on the island right now.
For someone who wants to totally remodel or tear down and build new 103 73rd St ($799,000) is currently a duplex that is being sold at the value of the lot. Check out the rest of the Great Buy’s attached.
To summarize the island market, sales in 2015 continue to be at record levels. Again if you look at May 31, 2015 Y-T-D sales at 199 compared to May 31, 2014 Y-T-D sales at 171, a 16% increase, we have gotten another great jump on the great sales years in 2012-2014 which had 431, 409 & 381 properties sold respectively. We are on track to again in 2015 have sales over 400 properties. Again, single family sales remain strong with 26 currently under contract. Single family sales, for the last three years, continue to be higher than the peak year of 2005. There are currently 226 single family homes and condos for sale on the island with a total value of $216,991,514 with an average price of $960,139. I have attached some new charts this month. One shows the historic sales price of residential (single family & condos) median sales price rising continually since 2010. Another is sales price to list price ratios. You can see that for the last year or so residential property has sold at about 95% of the list price. Another shows the historic count of active residential listings and you can see that since 2010 the inventory has been continually going down to its current low levels. You can see that all the trends are for moderately rising prices and lower inventory levels.
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 5-6% increase in prices could mean the difference in the kind of property you are able to buy. If you’re not already on a search for the properties you’re looking for just call me or Scott and give us the criteria and we will put you on one. You will receive auto emails initially of every property that meets your criteria and then you will continue to get all new properties that come on the market after that the day they hit the market.
See www.AlanGalletto.com NEWSLETTER for detailed charts and facts.