West of Gulf Drive steps to Gulf of Mexico
Sales for September 2015 were up 11% over last year at 30 (SF-15, Con-11, Dup-3 & Lot-1) compared to September 2014 at 27 (SF-7, Con-9, Dup-8 & Lot-3). Sales for September 30, 2015 Y-T-D were 323 (SF-191, Con-95, Dup-17 & Lot-20) again up 10% over September 30, 2014 Y-T-D at 293 (SF-169, Con-79, Dup-29 & Lot-16). Sales for the last 12 months were 411 (SF-241, Con-122, Dup-22 & Lot-26) up 5% over the previous 12 months at 393(SF-219, Con-110, Dup-39 & Lot-25). Of the sales for the last 12 months distressed properties were only 6% of the sales at 23 ( SF-14, Con-7, Dup-2 & Lot-0) compared to the previous 12 months where 8% or 33 ( SF-14, Con-9, Dup-9 & Lot-1) were distressed. Currently there are only 2 distressed properties on the market or .7% of the inventory of 257 (SF-132, Con-77, Dup-22 & Lot-26) for sale on the island. Pended properties (properties under contract) continue to remain strong at 37 (SF-21, Con-10, Dup-4 & Lot-2) up from 29 last month. Inventory on the island has stayed pretty low and steady at under 300 for the past sixteen months. It currently is at 257 up a little from 242 last month.
Since last month’s Frank, Scott & Al’s Great Buy’s we have added a few new properties for you to review. The property at 2814 Gulf Dr. is a 3 unit condo with two 2 bedroom/1 baths units and one 1 bedroom/1 bath unit. There is a good size common pool and a backyard access to 29th St and one house to the beach. We are also previewing another 4 unit condo with a cocktail pool which will be listed within the next couple weeks. These are all 1 bedroom/1 bath units in the low to mid $200K’s. There have been two reduction in prices since last month. 103 75th St, a 4 bedroom/4 bath one house from the beach, was reduced from $1,659,000 to $1,499,900 and 9935 Manatee Ave. (Palms at Palma Sola Condo) a 3,908 sq. ft. unit with two boat docks and one lift, was reduced from $779,900 to $729,900. Another property that was reduced this week was 629 Key Royale Drive, a direct bay front which was at $1,499,000 and just reduced to $1,399,000. The lot there is worth $1.2 million.
To summarize the island market, sales in 2015 continue to run ahead of 2014. Again if you look at September 30, 2015 Y-T-D sales at 323 (SF-191, Con-95, Dup-17 & Lot-20) they are up 10% compared to September 30, 2014 Y-T-D sales at 293 (SF-169, Con-79, Dup-29, Lot-16). We continue to match or exceed the great sales years in 2012-2014 which had 431, 409 & 381 properties sold respectively. We are still on track to again in 2015 have sales in the 400 range. Single family sales continue at historic highs and for the last three years, continue to be higher than the peak year of 2005. There are currently 132 single family homes for sale on the island with an average and median sale price of $1,315,143 and $1,199,000 respectively. Also there are currently 77 condos for sale on the island with an average and median sale price of $655,716 & $495,000 respectively. The distribution of sales of single family homes Y-T-D were 23% <$500K, 45% $500K-$750K, 18% $750K-$1Million and 14% >$1 Million. The distribution of sales of Condo’s Y-T-D were 80% <$500K, 15% $500K-$750K, 2% $750K-$1 Million and 3% >$1 Million. All the trends still continue to point to moderately rising prices and lower inventory levels.
I thought you may like to see some comparison to the Longboat Key market since it’s so close. Longboat Key currently has 277 properties for sale (SF-108, Con-133, Dup-3 & Lots-33). There are 57 properties pended (under contract) (SF-22, Con-32, Dup-0 & Lot-3). Of the single families currently for sale the average and median sale prices are $1,938,150 and $1,069,500 respectively. Of the Condos currently for sale the average and median sale prices are $1,029,311 and $699,000 respectively. As you can see the single family average and median sale prices are higher on Anna Maria than Longboat Key and the Condo average and median sale prices are higher on Longboat Key than Anna Maria. Longboat Key has more condos with a bigger price spread due to the high rises on Longboat.
Click back on the NEWSLETTER www.Alangalletto.com to see all charts comparing Real Estate Sales on Anna Maria Island, including Bradenton Beach and Holmes Beach FL.
Call Realtors ALAN and Scott GALLETTO 941.232.2216 and 941-779-3313