The inventory on the island keeps dropping and is at a 25 year low while sales of Real Estate on Anna Maria Island continues at a record pace. The number of sales in August 2017 at 30 (SF-16, Con-12, Dup-1, Lot-1) were up 11% over August of 2016 at 27 (SF-11, Con-11, Dup-4, Lot-1). As of August 31, 2017 Y.T.D. Anna Maria Island property sales were; 290 (SF – 168, Con – 91, Dup – 16, & Lots -15) up 14% over August 31, 2016 Y.T.D. at 254 (SF-152, Con-71, Dup-18 & Lot-13).
The last 12 months of Florida Real Estate sales for Anna Maria City, Holmes Beach and Bradenton Beach (September 1, 2016 to August 31, 2017) were 397 (SF-228, Con-129, Dup-22, Lot-18) up 8% from the previous 12 months (September 1, 2015 to August 31, 2016) at 368 (SF-206, Con-115, Dup-29 & Lot-18). Of the last 12 months sales only 1% or 5 (SF-3, Con-1, Dup-1 & Lot-0) were distressed properties (bank owned or short sales) compared to 2% or 6 (SF-3, Con-2, Dup-1 & Lot-0) in the previous 12 months (September 1, 2015 to August 31, 2016). Inventory continues to dwindle and is the lowest we’ve seen in 25 years. Inventory is currently at 223 (SF-133, Con-71, Dup -12 & Lot-7). Inventory for the previous twelve months were 240, 254, 267, 297, 297, 310, 290, 298, 314, 303, 308, 343. Inventory continues to be running at historic lows while demand continues at historic highs.
Well one of the properties on Frank, Scott & Al’s Great Buy’s went under contract and closed from last month that has fantastic rental income; 4807 2nd Ave. Holmes Beach listed at $1,174,000 sold for $1,100,000. Two of our other listings that I said were Great Buy’s went under contract and have closed as well: 722 Key Royale closed at $960,000 and 105 Oak Ave AM closed at $1,400,000. 517 Key Royale will close beginning of October. Several other of our listings have gone under contract; 3204 6th Ave (Palm Isle Village) listed at $394,900 and 120 50th St. listed at $1,379,000 both closing on Sept. 29th as well as 604 Concord listed at $599,000 closing on 10/15/17.
Again if you’re looking for one of the newer condos which also rents very well you should consider 7316 Gulf Drive at La Casa Costiera #8 in Holmes Beach. It is a 2,136 square foot, 3 bedroom 3 bath condo, private garage and private elevator with partial gulf views overlooking the pool and was recently reduced to $1,290,000. If you’re looking for that rare Gulf Front property we just reduced 805 North Shore in Anna Maria City by $601,000 to $2,599,000. The lot is worth more than that and it’s about an acre and goes right to the Gulf of Mexico. Call me for more information on these or other real estate opportunities.
To summarize the Anna Maria Island market for the first eight months of 2017 demand continues to be very high and the inventory keeps shrinking and is as low as I’ve seen it in 25 years. The fast start we got off to is continuing and looks like it will continue into the immediate future. Again, pended properties continue in a very healthy pace which continues to bode well for future sales. Pended properties (properties under contract) are at 40 (SF-24, Con-12, Dup – 3 & Lot-1). Distressed properties continue to be non-existent again with no distressed properties in the current inventory.
Of the current inventory on Anna Maria Island of 133 single family homes the average sale price is $1,212,502 and the median sale price is $1,050,000. The lowest price single family home on the island is currently $387,500 and the highest price $3,800,000. For the 71 condos for sale on the island, the average and median prices respectively are $559,438 & $469,900 with the lowest $199,000 and highest $1,850,000.
Longboat Key’s current inventory is 302 (SF-83, Con- 191, Dup- 1 & Lot- 27) the lowest level in the past eleven months (303, 331, 393, 437, 456, 469,304, 314, 336, 345 and 374). Of the current inventory of 83 single family homes the average sales price is $2,439,978 and the median sale price is $1,225,000. The lowest priced single family home on the Longboat Key is $342,000 and the highest is $26,500,000. For the 191 condos for sale the average and median prices respectively are $753,235 and $569,000 with the lowest $218,500 and highest $5,999,000. Pended properties on Longboat Key are 45 (SF-15, Con-29, Dup-0 & Lot-1) down from 57, 61, 66, 68, 79 & 86 the last six months and the lowest for the previous five months of 45, 54, 49, 62 and 86. There are no distressed properties in the current Longboat Key inventory.
Keep those calls and e-mails coming! We love hearing from you and stop in to see us when you’re on the island……Alan, Frank, Scott & Lynn
THE GALLETTO TEAM of Island Real Estate, 6101 Marina Drive, Holmes Beach FL 34217.
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