Canal Front Home

Key Royale Canal Front HOME  2666 Sq Ft “Good bones”, New Roof, New Seawall & docks

Real estate sales on Anna Maria Island continue to slow down due mostly to low inventory.  Sales for the month of April 2022 at 40 were 60% lower than April 2021 at 70.  Even though sales are slowing, the Inventory continues to remain at the same level as it’s been for the last year or two.   It currently is at 94.  Sales for April 2022 for Anna Maria City, Holmes Beach, and Bradenton Beach were 40 (SF-26, Con-9, Dup-4 & Lot-1) compared to April 2021 at 70 (SF-42, Con-23, Dup-1 & Lot-4).  As mentioned above, the inventory continues to be the lowest it’s been in 30 years and continues to be well below 300 for 37 of the last 45 months.  Inventory is currently at only 94 (SF-65, Con-25, Dup-2 & Lot-2).  Inventory for the previous 45 months were 79, 88, 82, 72, 72, 72, 76, 100,135, 145, 155, 162, 175, 196, 230, 261, 253, 274, 308, 314, 312, 289, 279, 282, 292, 296, 293, 305, 334, 338, 319, 291, 257, 249, 231, 214, 223, 240, 254, 267, 297, 297, 310, 290, 298.   Sales have started to slow down, but the inventory has not started to build much yet.

Looking at Manatee County the average sale price of single-family homes and Condos through April 2022 was up again 31% over a year ago to $703,385 above April 2021 at $536,981 and the current inventory is down 7.7% at 431 from 467 in April 2021.  As I noted above, the average sale price of a single-family home in Manatee County is $703,385 and the median sales price is 525,000 and the Pending sales are at 705 vs 826 last year. Again.…. I CAN NOT say this strongly enough; for those of you thinking of selling within the next year or two now would be the time to put your property on the market while the inventory is shrinking.   As far as you buyers…buying sooner is better than later unless you aren’t going to buy for more than two years.  Call (941) 232-2216 or email me at Alan@AlanGalletto.com  for an opinion on the value of the property you may want to sell, or for starting a search to find a property to buy today.

        Since last month’s newsletter, there were 52 properties on AMI that went pended SF-15, Condo-36, multi-family- 0, and the lots- 1.  The single families were listed between $625,000 and $6,999,000; The condos between $429,000 and $4,125,000; The Multi-families between $1,200,000 and $1,499,100: and one lot at $649,000.  Of the 94 single-family properties currently for sale, there are only two single-family properties under $1 million ($949,000 and $960,000) and 22 over $4 Million ranging between $4,200,000 and $28,500,000.   We have left out Frank & Al’s best buys again this month since there is so little inventory, and it changes so fast.  If you have any questions or want to see any properties just call Lynn or me.  We can also put you on your own automatic search for properties with your specific criteria so you can get them as soon as they go up for sale because the inventory is turning over so quickly, let us know what that is today!

 

        To summarize the Anna Maria Island Real Estate Market sales thru April 2022 were 60% lower than thru April 2021.  The inventory has begun to creep up but is still the lowest I’ve seen it in 30 years, at again only 94 (SF-65, Con-25, Dup-2, Lot-2) 20% up from last month but still lower than 6 of the last 12 months at 79, 88, 82, 72, 72, 76, 100, 135, 145, 155, 162 & 175.  Pended properties (properties under contract) continue to remain about where they have been for the market at 58 (SF-31, Con-24, Dup-2 & Lot-1) at the low end from the previous fourteen months at 50, 55, 63, 70, 85, 94, 95, 101, 87, 86, 90, 94, 112, 92.  Distressed properties continue to be non-existent as they have been for the last couple of years with again none in the current inventory and only two in the last thirty-nine months. The distribution of the 63 single-family properties currently for sale on AMI continues to skew to the high end with 0% (0) <$750K, 3% or (2) between $750K and $1 million, 9.5% or (6) between $1 million and $2 million and 28.5% or (18) between 2-3 Million and 59% or (37) over $3 millionThe highest-priced single-family home currently is $28,500,000, 102 48th St. HB  a 1940, remodeled 3,892 10BR.7.5bath beach house directly on a gulf front lot.  The lowest-priced is 3007 Ave E unit A, HB listed at $949,000 a 2br/1bath, 700 sq. ft. Villa. The distribution of the 25 Condos currently for sale on AMI is 4% or (1) <$500K, 56% or (14) $500K-$750K, 16% or (4) $750K – $1 million and 24% or (6) >$1 million.  You can see that 97% of the single-family prices are over $1 million while 76% of the condos were below $1million and only 25% over $1 million.  Of the current inventory of 25 condos the lowest-priced unit, this month is a 1br/1bath Condo at 1603 Gulf Dr. #31 HB listed at $499,000 and the highest is a 4br/4 bath condo at L’Plage, 6430 Gulf Dr. #1 HB listed at $2,998,000 (reduced from last month).  The prices for single-family homes continue to move up rapidly while condos continue to creep up.  Of the single-family properties currently for sale on AMI, the average list price is $4,247,122 and the median list price is $3,425,000 and for condos, the average list price is $1,038,500 and the median list price is $749,900 

         Longboat Key current inventory bumped up from where it was last month to 71 (SF- 30, Con- 36, Dup- 0 & Lot- 5)  still in the low end of the range it’s been in the last twenty-seven months  48, 41, 62, 48, 63, 59, 75, 127, 129, 156, 172, 178, 199, 218, 275, 295, 337, 388, 386, 378, 364, 354, 309, 309, 274, 289,359 and still significantly lower than the previous seven months at 388, 386, 404, 442, 461, 455, 452. Of the current inventory of 30 single family homes, the average price is $3,986,533 and the median list price is $2,995,000.  For the 36 condos for sale on LBK, the average and median list prices respectively are $2,322,581 & $1,324,000.

Hope you are all staying safe & come on down to enjoy the Florida sunshine.

Keep those calls and e-mails coming!

We love hearing from you and look forward to seeing you on the island…Alan, Frank & Lynn

 

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941-232-2216 ALAN@AlanGalletto.com

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