Key Royale waterfront homes

Most homes in Key Royale are Bay or Canal waterfront homes.  Call me for new listings.

Real estate sales on Anna Maria Island continue to slow down due mostly to low inventory.  Sales for the month of April 2022 were 57% lower than April 2021 at 40.  The Inventory has started to slowly build and is currently 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).  The inventory continues to be the lowest it’s been in 30 years and continues to be well below 300 for 36 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 in Manatee County through February 2022 was up again 36.1% to $371,367 above February 2021 at $272,932 and the current inventory is down 48.8% at 155 from 303 in February 2021As I noted above, the average sale price of a single-family home in Manatee County is $371,367 and the median sales price is 325,000 and the Pending sales are at 447 vs 648 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 of 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 59 properties that went pended SF-27, Condo-25, multi-family- 4 and the lots- 3.  The single families were listed between $769,900 and $6,900,000; The condos between $400,000 and $4,175,000; The Multi-families between $1,200,000 and $2,295,000.  Of the 94 single-family properties currently for sale, there is only 1 single-family property under $1 million ($999,500) and only 5 between $1 Million and $2 Million the remaining range between $2,195,000 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 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 for April 2022 were 70% lower than 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) 19% 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 59 (SF-27, Con-25, Dup-4 & Lot-3) at the low end from the previous thirteen months at 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-seven months. The distribution of the 65 single-family properties currently for sale on AMI continues to skew to the high end with 0% (0) <$750K, .1% or (1) between $750K and $1 million, 6% or (5) between $1 million and $2 million and 28% or (18) between 2-3 Million and 62% or (40) over $3 million.  The highest-priced single-family home currently is $28,500,000 a 1940, remodeled 3,892 10BR.7.5bath beach house directly on a gulf front lot.  The lowest-priced is a half-duplex, 2 BR/2 bath, 1,053 sq. ft. at 208 82nd St.  Holmes Beach. The distribution of the 26 Condos currently for sale on AMI is .5% or (1) <$500K, 41% or (12) $500K-$750K, 1.5% or (3) $750K – $1 million and 30% or (7) >$1 million.  You can see that 98% of the single-family prices are over $1 million while 73% of the condos were below $1million and only 27% are over $1 million.  As I mentioned above of the current inventory of 65 single-family homes the lowest priced property at 208 82nd St, HB listed at $999,500 a 2br/2bath, 1053 sq. ft. half-duplex and the highest is a $28,500,000 a Gulf Front property 102 48th St, HB.  Of the current inventory of 20 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 a 4br/4 bath condo at L’Plage, 6430 Gulf Dr. #1 listed at $3,095,000.  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 $4,483,625 and the median list price is $3,685,000 and for condos, the average list price is $1,025,138 and the median list price is $716,500 

         Longboat Key current inventory stayed about where it was last month at 48 (SF- 19, Con- 19, Dup- 1 & Lot- 2)  in the low end of the range it’s been in the last twenty-six months  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 significantly lower than the previous seven months at 388, 386, 404, 442, 461, 455, 452. Of the current inventory of 18 single family homes, the average price is $4,324,000 and the median list price is $3,047,500.  For the 29 condos for sale, the average and median list prices respectively are $2,242,297 & $1,250,000.

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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