Sales for August 2015 on Anna Maria Island were down 12% over last year at 28 (SF-16, Con-9, Dup-1 & Lot-2) compared to August 2014 at 32 (SF-17, Con-9, Dup-4 & Lot-2). Sales for August 31, 2015 Y-T-D were 293 (SF-176, Con-84, Dup-14 & Lot-19) up 10% over August 31, 2014 Y-T-D at 266 (SF-162, Con-70, Dup-21 & Lot-13). Sales for the last 12 months were 408 (SF-233, Con-120, Dup-27 & Lot-28) up 1% over the previous 12 months at 405(SF-236, Con-109, Dup-34 & Lot-26). Of the sales for the last 12 months distressed properties were only 6% of the sales at 25 ( SF-16, Con-6, Dup-3 & Lot-0) compared to the previous 12 months where 8% or 31 ( SF-13, Con-9, Dup-8 & Lot-1) were distressed. Currently there are only 3 distressed properties or 1% of the inventory of 246 (SF-131, Con-62, Dup-26 & Lot-27) for sale on the island. Pended properties (properties under contract) continue to remain strong at 29 (SF-16, Con-8, Dup-3 & Lot-2) down from 33 last month but still above the average. Inventory on the island has stayed pretty low and steady at under 300 for the past fifteen months. It currently is at 246.
Since last month’s “Frank, Scott & Al’s Great Buys” the property at 103 73rd St, a duplex one house from the gulf, closed on 9/24/15 for $730,000. The property at 3603 4th Ave (reduced to $899,900) is waiting for a smart investor to buy it. This 3 bedroom/3 bath townhouse with elevator, pool and a rooftop deck with awesome views of the gulf and intercoastal and is an excellent rental. 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 rental property in a great location (three houses to the beach). A new property on the market, 8317 Marina Ct., a Direct Bimini Bayfront Home Listed at $1,899,900 is a stunning waterfront property. This 4+ bedroom/3.5 bath with 3,676 square feet of A/C living has great Bimini Bay views, an elevated pool off the living area and great for the avid boater.
As you know the island market continues to be very hot but the Manatee & Sarasota County mainland market has also been performing very well. The active inventory of properties for sale continue to drop and median sales prices have skyrocketed over last year. According to the Realtor Association of Sarasota & Manatee, the inventory of single family homes and condos have fell to a combined 3,303 and 2,534 respectively in August. This compares to 3,745 last August in Sarasota County and 2,724 in Manatee County or declines of 11.8% & 7% respectively. The lower inventory continues to propel median sales prices in both counties. In Sarasota County, the single family median price climbed 21.1%, from $195,750 last August to $237,000 this year. In Manatee County the increase was 18.8%, from $223,000 last August to $265,000 this year. Condo prices were also up substantially, from $177,000 to $220,000 in Sarasota County (24.3%) and from $122,000 to $155,000 in Manatee County(27%). This gives you a perspective on what’s happening with real estate off the island as well.
To summarize the island market, sales in 2015 continue to outpace 2014. Again if you look at August 31, 2015 Y-T-D sales at 293 compared to August 31, 2014 Y-T-D sales at 266, a 10% increase, we continue to match or exceed the great sales years in 2012-2014 which had 431, 409 & 381 properties sold respectively. We continue to be 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, have been higher than the peak year of 2005. There are currently 135 single family homes for sale on the island with an average and median sale price of $1,318,159 and $1,200,000 respectively. Also there are currently 68 condos for sale on the island with an average and median sale price of $655,757 & $435,000 respectively. I have again attached the new charts this month. They show the sales price rising continually since 2010 which supports the 5-6% increase in prices per year. All the trends continue to point to moderately rising prices and lower inventory levels.
Ask Alan or Scott Galletto-THE Realtors to ask about real estate on Anna Maria Island, FL. 941.232.2216 941.779.3313
Go to the website to read the entire Newsletter and see graphs reflecting the facts and figures… Www.AlanGalletto.com