ALL 3 GULF FRONT LOTS * SOLD DEC 2013
Sales for November 2013 were 34 (SF-20, Con-10, Dup-2 & Lot-2) 9% above October of 2012 at 31 (SF-22, Con-4, Dup-4 & Lot-1). Sales for November 31, 2013 Y-T-D were 375 (SF-224, Con-110, Dup-21 & Lot-20) compared to October 31, 2012 Y-T-D at 393 (SF-218, Con-117, Dup-26 & Lot-32) down only 4% from a banner sales year in 2012. Based on where we are in the year and the healthy pending sales activity it looks like we will again go over 400 sales for 2013. Sales for the last 12 months were 413 (SF-251, Con-119, Dup-22 & Lot-21) which included 40 distressed properties (SF-16, Con-17, Dup-7 & Lot-0) still only 10% of the sales. Inventory on the island continues to be at an historic lows due to the strong sales activity but has popped up just above 300 for the first time in 6 months and is currently at 305 (SF-160, Con-93, Dup-30 & Lot-22). Pended properties (properties under contract) continue to remain strong at 55 (SF-25, Con-10, Dup-10 & Lot-10) which continues to bode well for strong sales over the next few months. Distressed properties (short sales & bank owned) remain low at 1% of the inventory at 4 (SF-1, Con-2, Dup-1 & Lot-0).
For the eleventh month in a row, sales for 2013 continue to show an increase in average and median prices in all types of properties as well as increased activity in the higher price ranges. By the end of December there are going to be a bunch of sales over $1 million and I have six sales in December ranging from $1,000,000 to $3,100,000. Of the sales for 2013 Y-T-D 51% of the sales were under $500K compared to 66% 2012 Y-T-D, 79% were under $750K compared to 89% in 2012 Y-T-D, 13% were between $750K and $1 million compared to 6% in 2012 Y-T-D and 8% were over $1 million compared to 5% in 2012 Y-T-D. As I mentioned in last month’s newsletter, in the last couple years although sales activity was at record levels only 2%-3% were over $1 million. You can see that this year the number of sales over $1 million has more than tripled to 8%. That percentage is going to go up by the end of the year with the closing of the high end properties mentioned above closing in December. The three Gulf Front lots in Banyan Tree Estates listed at $2,690,000 are under contract and will close in December. The condo at 3716 Gulf Drive Unit A listed at $2,999,900 is under contract and will close in December and 95 52nd St listed at $3,250,000 is under contract and due to close in December. There are also three other pended properties over one Million due to close in December. These sales will drive the percent of over $1 million properties sold to about 10%.
This month Frank, Larry & Al’s Great Buys remain the same from last month. Although none of the properties have sold the West of Gulf Drive properties have gotten quite a few showings. Both 3603 4th Ave and 117 Peppertree Ave are due for offers. The Palm Gable gulf fronts have also been getting more showing over the last month. The property at 2916 Ave E continues to get a large number of showings and is just waiting for an investor to scoop it up. These are all properties with great locations.
Distressed properties on the island continue to be almost nonexistent standing currently at 4 (1 single family, 2 condos and 1 duplex). Even on the mainland in Bradenton the number of distressed properties is fairly small. At its peak the number of distressed properties in Bradenton were 60%-70% of the properties for sale. Again this month they stand at 20% of the properties for sale in Bradenton ( 279 out of 1,413 for sale).
In summary, last year at this time I was saying sales for 2012 would be over 400 for the first time since 2005 and we ended the year at 430. Here we are again with only one month left in the year and we again are poised to record sales for 2013 over 400. If we only match sales for December last year at 38 we will end 2013 with sales at 413.
Ask Alan Galletto-THE Realtor for real estate on Anna Maria Island, FL. 941.232.2216