Anna Maria Luxury Real Estate April News 2017
For the first quarter of 2017 sales are running ahead of 2016. As of March 31, 2017 Y.T.D. Anna Maria Island property sales were; 88(Single Family Homes (SF) – 45, Condos (Con)-33, Multi-Family homes, aka, Duplex (Dup)-6, & Vacant lots (Lot)-4) up 13% over March 31, 2016 Y.T.D. at 78 (SF-43, Con-22, Dup-9 & Lot-4).
Sales in March 2017 for Anna Maria City, Holmes Beach and Bradenton Beach were 41 (SF-23, Con-12, Dup-4 & Lot-2) up 32% over March 2016 at 31 (SF-20, Con-7, Dup-3 & Lot-1). The last 12 months sales (Apr 1, 2016 to Mar 31, 2017) were 371 (SF-214, Con-120, Dup-21, Lot-16) down 4% from the previous 12 months (Apr 1, 2015 to Mar 31, 2016) at 383 (SF-212, Con-121, Dup-29 & Lot-21). Of the last 12 months sales only .1% or 2 (SF-1, Con-0, Dup-1 & Lot-0) were distressed properties (bank owned or short sales) compared to 3% or 13 (SF-8, Con-4, Dup-1 & Lot-0) in the previous 12 months (Mar 1, 2015 to Feb 31, 2016). Inventory continues to run well below the normal of 450-500. Inventory is currently at 297 (SF-166, Con-96, Dup -22 & Lot-13). Inventory for the previous seven months were 310, 290, 298, 314, 303, 308, 343. As you can see the inventory seems to be remaining at historic lows while demand seems to be continuing at historic highs which bodes well for continued increase in prices.
If you’re looking for two great properties that have fantastic rental income on Frank, Scott & Al’s Great Buy’s list since last month, 213 Magnolia Ave. at $1,475,000 and 120 Neptune Ln. at $1,995,000 are ones to look at. 213 Magnolia does $150,000 in gross annual rental income and 120 Neptune Ln does $120,000. The property at 3603 4th Ave, a 3BR/3bath single family, three houses to the beach has been reduced to $959,000 is still a great rental and it does $85,000 in gross annual rental income. The property just off the island at 3304 Palma Sola Blvd. is a 4,000 square foot, 4 bedroom 3.5 bath on Palma Sola Bay is attractive. Call me for more information on these or other real estate opportunities.
To summarize Anna Maria Island market for the first quarter of 2017 jumped off well ahead of 2016. Due to the strong sales pended properties are way up well above the average. Pended properties (properties under contract) are at 88 (SF-45, Con-33, Dup-6 & Lot-4). Distressed properties continue to be non-existent with no distressed properties currently for sale on the island.
The current inventory of 166 single family homes the average sale price is $1,263,762 and the median sale price is $1,124,500. The lowest price single family home on the island is currently $289,900 and the highest price $4,250,000. For the 96 condos for sale the average and median prices respectively are $597,820 & $492,000 with the lowest $235,000 and highest $1,999,000.
Longboat Key current inventory is 456 (SF- 136, Con- 285, Dup- 1 & Lot- 34) a little under 469 last month and well above 304, 314, 336, 345 and 374 the five previous months. Of the current inventory of 136 single family homes the average sales price is $2,255,671 and the median sale price is $1,299,500. The lowest priced single family home on the island is $287,500 and the highest is $26,500,000. For the 285 condos for sale the average and median prices respectively are $776,701 and $579,000 with the lowest $219,999 and highest $3,600,000. Pended properties on Longboat Key are 79 (SF-22, Con-54, Dup-0 & Lot-3) down from last month at 86 and 45, 54, 49, 62 and 86 the previous five months. Distressed properties on Longboat Key are only four, 2 condo’s and 2 single families.
Keep those calls and e-mails coming! We love hearing from you……Alan, Frank & Scott
THE GALLETTO TEAM of Island Real Estate, 6101 Marina Drive, Holmes Beach FL 34217. For detailed charts see the entire newsletter on our website; http://www.AnnaMariaLuxuryRealEstate.com