Two months into 2018 looks to be another good start for the year. February 28, 201 Y.T.D. Anna Maria Island property sales were; 58(Single Family Homes (SF) – 40, Condos (Con)-12, Multi-Family homes, aka, Duplex (Dup)-5, & Vacant lots (Lot)-1) up 23% over February 28, 2017 Y.T.D. at 47 (SF-22, Con-21, Dup-2 & Lot-2).
Sales in February 2018 for Anna Maria City, Holmes Beach and Bradenton Beach were 25 (SF-16, Con-6, Dup-3 & Lot-0) even with February 2017 at 25 (SF-11, Con-11, Dup-1 & Lot-2). The last 12 months sales (Mar 1, 2017 to Feb 28, 2018) were 412 (SF-244, Con-123, Dup-28, Lot-17) up 14% from the previous 12 months (Mar 1, 2016 to Feb 28, 2017) at 361 (SF-211, Con-115, Dup-20 & Lot-15). Of the last 12 months sales only 1.5% or 6 (SF-4, Con-1, Dup-1 & Lot-0) were distressed properties (bank owned or short sales) compared to .5% or 2 (SF-2, Con-0, Dup-0 & Lot-0) in the previous 12 months (Mar 1, 2016 to Feb 28, 2017). Inventory continues to run well below the normal of 450-500. Inventory is currently at 308 (SF-169, Con-102, Dup-25 & Lot-12). Inventory for the previous twelve months were 297, 254, 249, 231, 214, 223, 240, 254, 267, 297, 297, and 310. Although the inventory has popped up a little this month it hasn’t been below 300 since 2005 the peak year for prices.
Two properties on Frank, Scott & Al’s Great Buy’s list since last month have been reduced, 744 North Shore Drive is now $1,229,000 and 3603 4th Ave. is now $929,900 both steps to the beach and very good rentals. The property at 5610 Gulf Drive #1 (Hidden Cove) is a one of the kind condo with gulf views from anywhere in the unit and which allows you to walk from your deck right out to the beach. Call me for more information on these or other real estate opportunities.
To summarize Anna Maria Island market for the first two months of 2018 started off 23% ahead of 2017 which was a 400 plus year in sales. Pended properties continue to be strong remaining well above the average. Pended properties (properties under contract) are at 69 (SF-40, Con-24, Dup-3 & Lot-2). Distressed properties continue to be virtually non-existent with only one bank owned condo for sale on the island in Sun Plaza West.
The current inventory of 169 single family homes the average sale price is $1,246,620 and the median sale price is $998,500. The lowest price single family home on the island is currently $287,000 and the highest price $4,995,000. For the 102 condos for sale the average and median prices respectively are $532,905 & $437,450 with the lowest $199,000 and highest $1,775,000.
Longboat Key current inventory is 403 (SF- 113, Con- 249, Dup- 3 & Lot- 38) up dramatically from 304 last month and 314, 336, 345 and 374 the four previous months. Of the current inventory of 113 single family homes, the average sales price is $2,256,117 and the median sale price is $1,050,000. The lowest priced single family home on the Longboat Key is $305,500 and the highest is $26,500,000. For the 249 condos for sale the average and median prices respectively are $775,048 and $560,750 with the lowest $219,900 and highest $6,295,000. Pended properties on Longboat Key are 86 (SF-25, Con-59, Dup-0 & Lot-2) up from last month at 86, and 45, 54, 49, 62 and 86 the previous five months. Distressed properties on Longboat Key are only 1, a condo that is bank owned.
In summary, the sales are running in the peak numbers and the inventory, although it’s bumped up the last couple months, is still way below the normal average inventory. If you look at the past 12 months average and median sales prices on all 4 types of properties compared to the previous 12 months prices have risen in the 15% range over that period. Single-family average sales prices are up 18% and median sales prices are up 15% from a year ago. Condo average sales prices are up 21% and condo median sales prices are up 11% over a year ago. It continues to be a very healthy market.
Keep those calls and e-mails coming! We love hearing from you……Alan, Frank & Scott
See NEWSLETTER for detailed charts and facts for Anna Maria Island Real Estate for sale.
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