Thru the end of the first quarter of 2016 sales at 78(SF-43, Con-22, Dup-9, & Lot-4) were down 24% from the first quarter of 2015 at 102 (SF-61, Con-29, Dup-5 & Lot-7). Again it’s still very early in the year and by mid-year we will know more. To put it in perspective, sales for the first quarter have only been higher in 3 out of the past 10 years and there is no trend to it.
Sales in March 2016 were 31 (SF-20, Con-7, Dup-3 & Lot-1) down 33% from March 2015 at 46 (SF-31, Con-11, Dup-1 & Lot-3). The last 12 months sales (April 1, 2015 to March 31, 2016) were 383 (SF-210, Con-121, Dup-31, Lot-21) about equal to the previous 12 months (April 1, 2014 to March 31, 2015) at 385 (SF-222, Con-109, Dup-31 & Lot-23). Of the last 12 months sales only 3% or 11 (SF-6, Con- 4, Dup-1 & Lot-0) were distressed properties (bank owned or short sales) compared to 5% or 19 (SF-11, Con-2, Dup-6 & Lot-0) in the previous 12 months (April 1, 2014 to March 31, 2015). Inventory on the island continues to be low and has remained level from last month at 343 (SF-195, Con-96, Dup-20 & Lot-32). The inventory last month was 342 and in January 328.
If you’re looking for some very good properties to buy check out Frank, Al & Scott’s Great Buys this month. There is something for everyone from entry level properties for those who have a limited budget to high end waterfront properties for those with no budget. For those who have a limited budget and want to get into the market before it prices them out small condos are the best buys. You can get into a one or two bedroom condo in a good location that would have decent rental potential for between $250K & $350K. A good example of that is 2418 Gulf Drive Units A,B & C or 308 2nd St N. a four unit condo Units 202 and 102 (units 101 & 201 have already been sold). If you’re looking for a totally remodeled Beach Cottage with private pool in the city of Anna Maria steps to the beach than 770 North Shore Drive is for you (check out the virtual tour). The best buy, from the numbers standpoint is still 3603 4th Ave two houses from the beach with partial views of the beach and intercoastal. Check out the other great buys.
To summarize the market for the beginning of 2016, it’s starting off a little slower than 2015 but I expect it to pick up by mid-year and end the year strong. Distressed properties are pretty much non-existent and will continue to be so. There is currently still only one distressed single family property in the inventory. Pended properties (properties under contract) continue above average at 51 (SF-36, Con-12, Dup-2 & Lot-1). The distribution of the single family sales on the island over the last 12 months was 20% <$500K, 42% 500K-750K, 17% between $750K and $1 million and 21% over $1 million. The distribution for Condo sales over the last 12 months is 81% <$500K, 15% $5000K-$750K, 2% $750K – $1 million and 2% >$1 million. These percentages have been pretty consistent over the last year or so.
Longboat Key current inventory is 387 (SF- 147, Con- 206, Dup- 0 & Lot- 34). Pended properties on Longboat Key is 87 (SF-26, Con-59, Dup-0 & Lot-2) and Distressed properties on Longboat Key are only 4 (SF-1, Con-3, Dup-0 & Lot-0). The distribution for single family home sales on Longboat Key for the last 12 months was 26% <$500K, 26% $500K – $750K, 18% $750K – $1 million & 30% >$1 million. The distribution for Condo sales on Longboat Key for the last 12 months was 51% <$500K, 24% $500K – $750K, 11% $750K – $1 million & 14% >$1 million. The percentages for Longboat Key have not changed much over the last year.
You can see from the charts in the newsletter that average and median sale prices have both gone up for the last 12 months compared to the previous 12 months. Definitely a healthy market. See www.AlanGalletto.com NEWSLETTER for detailed charts and facts.