Real estate sales on Anna Maria Island continue again to outpace 2020 and we do not know how much higher it can go because we are running out of inventory. Sales for the month of April 2021 were again at historic highs over April 2020. The Inventory at 72 continues to be lower than the pended properties at 86. Sales for April 2021 for Anna Maria City, Holmes Beach, and Bradenton Beach were 70 (SF-42, Con-23, Dup-1 & Lot-4) were 3-times higher than April 2020 at 23 (SF-12, Con-9, Dup-1 & Lot-1). The inventory continues to be the lowest it’s been in 30 years and continues to be below 300 for 33 of the last 40 months and 20 of the last 23 months. Inventory is currently at only 72 (SF-44, Con-13, Dup-9 & Lot-6). Inventory for the previous 41 months were 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, and again has hit a new low for this market. I’ve talked to Realtors who are going on vacation because there is nothing to sell. Looking at the whole county the average sale price of single-family homes in Manatee County for April 2021 were up again 37.4% above April 2020 and the current inventory is down 76.3% from 2020 at this time. The average sale price of a single-family home in Manatee County is $536,981 up 37.4% over a year ago and pending listings are up 65.7% over last year. Again, for the fifth month….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 it still is a sellers’ market. As a matter of fact, I’m going to take my own advice and put one of my properties up for sale next week. As far as you buyers…buying sooner is better than later. Call (941) 232-2216 or email me at Alan@AlanGalletto.com for an opinion of the value of the property you want to sell, or for starting a search to find a property to buy today.
Since last month’s newsletter there continues to be a lot of activity. 6500 Flotilla #157 HB closed for $445,000; 6200 Flotilla #306 HB closed for $580,000. The following properties went under contract since last month’s newsletter: 433 62nd St. HB listed at $389,000; 3201 Gulf PIV#1 HB listed at $799,000 and 3302 Gulf SeaPirates #2 HB listed at $519,900. Of the 46 single-family properties currently for sale, there still are only 4 single-family properties under $1.1 million and only 20 between 1 Million and 2 million. If you want to see these or any other properties just call Lynn or me. We can also put you on your own automatic search for properties with your specific criteria, let us know what that is- today!
To summarize the Anna Maria Island Real Estate Market in May 2021, sales for April 2021 were 3-times higher than April 2020. The inventory continues to drop and continues to be the lowest I’ve seen it in 30 years, at again only 72 (SF-46, Con-11, Dup-9, Lot-6) down from 72, 76, 100, 135, 145, 155, 162 & 175 the last eight months. Pended properties (properties under contract) continue to remain strong at 85 (SF-47, Con-29, Dup-6 & Lot-3) dropping slightly from the previous eleven months at 94, 95, 101, 87, 86, 90, 94, 112, 92, 71 & 42. For the last three months in a row, there are more pended properties than there is inventory. 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-three months. The distribution of the single-family properties currently for sale on AMI continues to skew to the high end with only 2% or (1) <$750K, 6% or (3) between $750K and $1 million, 40% or (19) between $1 million and $2 million and 25% or (12) between 2-3 Million and 27% or (13) over $3 million. The highest-priced single-family home is a 3,600 sq. ft. home built in 2016 on 1/2rd an acre on Bimini Bay listed at $6,500,000. The distribution of the 11 Condos currently for sale on AMI is 27% or (3) <$500K, 27% or (3) $500K-$750K, 19% or (2) $750K – $1 million and 27% or (3) >$1 million. You can see that 98% of the single-family prices are over $750K and 92% are over $1 million while 54% of the condos were below $750K and only 27% over $1 million. As you can see again single-family prices continue to go up much faster than condo prices. Of the current inventory of 46 “single-family homes” the lowest priced property again is $725,000 (a 2br/1bath) home at 203 Haverkos Ct. HB and the highest is a $6,500,000 Bimini Bay Front property at 8017 Marina Isles Ln. HB. Of the current inventory of 11 condos the lowest priced unit again this month is a 1br/1bath condo at 1325 Gulf Dr. #220 BB at Tortuga listed at $349,000 and the highest a $1,500,000. 3br/3 bath land condo, 2.5 blocks to the beach at 201 57th St unit A HB. 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 $2,558,831 and the median list price is $2,112,500 and for condos, the average list price is $814,909 and the median list price is $750,000.
Longboat Key current inventory has, after dropping for ninth months in a row popped up again slightly to 63 (SF- 23, Con- 34, Dup- 2 & Lot- 4) still one of the lowest it’s been in the last twenty-two months 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 23 single-family homes, the average price is $2,379,227 and the median list price is $1,844,000. For the 34 condos for sale, the average and median list prices respectively are $1,249,570 & $639,000.
Hope you are all staying safe & looking forward to summer weather.
Keep those calls and e-mails coming?
We love hearing from you and look forward to seeing you on the island…Alan, Frank & Lynn