Sales on Anna Maria Island for August 2019 again ran well behind sales for August 2018 which continues to widen the 2019 Y-T-D vs 2018 Y-T-D. Sales for July 2019 for Anna Maria City, Holmes Beach and Bradenton Beach were 27 (SF-21, Con-5, Dup-0 & Lot-1) down 36% below July 2018 at 42 (SF-22, Con-13, Dup-7 & Lot-0). Sales through August 31, 2019 Y-T-D were 264 (SF-169, Con-75, Dup-14 & Lot-6) down only 21% below August 31, 2018 Y-T-D at 319 (SF-186, Con-103, Dup-21 & lot-9) compared to last month year to date when we were down 15% and the previous month when we were down 11% so you can see the year to date difference between 2019 and 2018 has been increasing. The inventory has dropped down this month and has been below 300 for seventeen of the last twenty-one months. Inventory is currently at 282 (SF-159, Con-87, Dup-23 & Lot-13). Inventory for the previous twenty-one months were 292, 296, 293, 305, 334, 338, 319, 291, 257, 249, 231, 214, 223, 240, 254, 267, 297, 297, 310, 290, 298. Again the lower sales this year-to-date over last year-to-date isn’t because of low demand but because the inventory continues to be low and buyers are not finding what they want to buy so they wait until it comes on the market. Sales are still healthy for this market. Average sales for the last 15 years which includes 2004 and 2005 (the peak sales years) were 340. If you exclude the two peak years average sales for the last 13 years were 325. Based on the current trajectory we should end the year somewhere between those two numbers.
There is something for everybody on Frank & Al’s Great Buy’s list this month. If you’re looking for a fixer upper or tear down property close to the beach and Bay, then 2901 Ave C HB is for you. This property is currently under contract but not yet through the inspection period so it may come back active on the market. If you’re looking for a 180 degree Bimini Bayfront view and an ideal boater’s home, then 543 67th St. HB is the one for you. Ready to be taken to the next level, this 2,909 sq. ft. 4bedroom/4bath Bimini Bayfront is the ultimate in boating paradise minutes to Tampa Bay or the intercostal. If you want a great rental another great property is 129 52nd St. HB. west of Gulf Drive with 4bedrooms/4 baths. If you want to be almost on the Gulf then look at 103_47TH_ST. HB a remodeled beach cottage with pool and spa, 3bedrooms/3.5baths, one house from the beach and peaks of the Gulf. Call me for more information on these or other real estate opportunities. We can put you on your own automatic search for properties with your specific criteria.
To summarize the Anna Maria Island Real Estate Market for the first eight months of 2019 sales continue to run slower than the previous 5 years and Pended properties (properties under contract) jumped up this month to 36 (SF-23, Con-7, Dup-6 & Lot-0) well above last month and about at the average for pended properties. Distressed properties continue to be non-existent with no distressed property for sale on the island and none in the last year. The distribution of the single family properties currently for sale on AMI hasn’t changed much in the last year with only 4% or (7) <$500K, 12% or (20) 500K-750K, 20% or (32) between $750K and $1 million, 38% or (61) between $1 million and $2 million and 26% or (41) over $2 million. The distribution for Condos currently for sale is 60% or (52) <$500K, 26% or (22) $500K-$750K, 5% or (4) $750K – $1 million and 9% or (8) >$1 million. You can see that again 84% of the single-family prices are over $750K and 64% are over $1 million while 60% of the condos were below $500K. This distribution of single family prices and condo prices has continued to remain about the same for over a year. Of the current inventory of 159 single family homes the lowest priced property is $359,000 (seaside gardens again) and the highest is still $5,750,000 an old gulf front cottage on a one-acre lot (the cottage is about $50K of the value the rest is the lot). Of the current inventory of 87 condos the lowest priced is $214,500 (Bay View Terrace) and the highest $2,569,000 (still Vista Grande). The highs and lows for single family and condos haven’t changed for several months. Of the single-family properties currently for sale on AMI, the average list price is $1,645,074 and the median list price is $1,495,000 and for condos the average list price is $564,259 and median list price is $439,500.
Longboat Key current inventory is 274(SF- 90, Con- 155, Dup- 1 & Lot- 28) lower than the last eight months at 289, 359, 386, 404, 442, 461, 455, 452 and from most of the six previous months at 314, 276, 277, 307, 320 and 377. Of the current inventory of 90 single family homes the average list price is $2,208,399 and the median list price is $1,395,000. The lowest priced single-family home on Longboat Key is $230,000 (2br/2bath in Spanish Main) and the highest is $22,500,000 (A 19,300 sq. ft. home on 1.18 acre on the Gulf) same as last month. For the 155 condos for sale the average and median list prices respectively are $748,413 & $566,750 with the lowest $160,000 (a 2BR/1bath La Playa 699 sq. ft. unit) and the highest $6,100,000 (a 4BR/4.5 bath 3,921 sq. ft. gulf front unit). The Longboat Key inventory took a significant drop the last two months the same as the AMI inventory.
Have a great day and keep those calls and e-mails coming! We love hearing from you and look forward to seeing you on the island……Alan, Frank & Lynn
THE GALLETTO TEAM of Island Real Estate, 6101 Marina Drive, Holmes Beach FL 34217.
For detailed charts see the entire newsletter on our website; http://www.AnnaMariaLuxuryRealEstate.com
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ALAN@AlanGalletto.com Email me with any questions!