Real Estate Sales on Anna Maria Island for March 2019 added to the slow start for January and although sales for February were up 20% over 2018 the first quarter of 2019 shows a slowing of sales on the island. Sales in March 2019 for Anna Maria City, Holmes Beach and Bradenton Beach were 32 (SF-20, Con-9, Dup-3 & Lot-0) down 18% below March 2018 at 39 (SF-24, Con-14, Dup-0 & Lot-1). As you can see by the attached sales charts this is about equal to the start we had in 2016. The inventory has stayed about where it was last month at 334 and has been below 300 for thirteen of the last sixteen months. As I mentioned last month the average inventory over most of the past 30 years has been 400-450 properties for sale at any one time. Inventory is currently at 334 (SF-205, Con-87, Dup-26 & Lot-16). Inventory for the previous sixteen months were 338, 319, 291, 257, 249, 231, 214, 223, 240, 254, 267, 297, 297, 310, 290, 298 as you can see all below 300 except for three months. As I mentioned last month whether low sales and high inventory is the beginning of a trend its way too early to tell but it is a good sign that the inventory has leveled off.
There is something for everybody on Frank & Al’s Great Buy’s list this month. If you’re looking for a fixer upper or tear down property close to the beach, then 2901 Ave C is for you. This ground level duplex is ready for a new buyer to totally remodel or tear down and build new. Listed at lot value. Another great starter property is 2419 Ave. B. It needs work but it’s in a great location. If you’re looking for a 180 degree Bayfront view and an ideal boater’s home, then 543 67th St. HB is the one for you. This 2,909 sq. ft. 4bedroom/4bath Bimini Bayfront is the ultimate in boating paradise minutes to Tampa Bay or the intercostal. Another great boater’s home is 517 Key Royale Dr. It has 5bedrooms/5 baths with a great open water bayou view. Call me for more information on these or other real estate opportunities. We can put you on your own automatic search for properties with your specific criteria.
To summarize the Anna Maria Island Real Estate Market beginning 2019, January started slower than the previous 5 years and February gained some ground but March sales were down again 18% behind 2018 and the first quarter sales down 21% from first quarter 2018. Pended properties (properties under contract) continue to be strong at 58 (SF-36, Con-16, Dup-3 & Lot-3) a hefty increase over last month. Distressed properties continue to be virtually non-existent with no distressed property for sale on the island and none in seven of the previous eight months. The distribution of the single family properties currently for sale on AMI continues to skew upward with only 4% or (9) <$500K, 20% or (41) 500K-750K, 22% or (68) between $750K and $1 million, 34% or (68) between $1 million and $2 million and 20% or (39) over $2 million. The distribution for Condos currently for sale has bumped up a little from last year with 55% or (47) <$500K, 28% or (24) $500K-$750K, 7% or (6) $750K – $1 million and 10% or (8) >$1 million. You can see that again 76% of the single-family prices are over $750K while 55% of the condos were below $500K. Again, the lower prices on condos is due to the fact that most of the condos on the island were built in the 70’s and 80’s and are 2 bedroom/2 bath and there is not much you can do to improve them to increase the value other than new kitchens and bathrooms since they can’t be enlarged. Of the current inventory of 205 single family homes the lowest priced property is $339,000 (seaside gardens) and the highest is $5,750,000 an old gulf front cottage on a one-acre lot (the cottage is about $50K of the value the rest is the lot). Of the current inventory of 87 condos the lowest priced is $212,900 (Bay View Terrace) and the highest $9,500,000 (Layby the railroad complex). Of the single-family properties currently for sale, the average list price is $1,403,272 and the median list price is $1,160,000 and for condos the average list price is $683,807 and median list price is $475,000.
Longboat Key current inventory is 442 (SF- 134, Con- 270, Dup- 3 & Lot- 35) about even with the last three months at 461, 455, 452 which were up from the six previous months at 314, 276, 277, 307, 320 and 377. Of the current inventory of 134 single family homes the average list price is $2,051,615 and the median list price is $1,350,000. The lowest priced single-family home on Longboat Key is $250,000 and the highest is $22,500,000. For the 270 condos for sale the average and median list prices respectively are $784,608 & $549,450 with the lowest $217,500 and highest $6,100,000. The Longboat Key inventory has been inching up the same as the AMI inventory over the last two months.
Stay warm and keep those calls and e-mails coming!
We love hearing from you……Alan, Frank & Lynn
See http://www.AnnaMariaLuxuryRealEstate.com NEWSLETTER for detailed charts and facts for Anna Maria Island Real Estate for sale.
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