Sales for July 2015 were up 11% over last year at 30 (SF-21, Con-4, Dup-3 & Lot-2) compared to July 2014 at 27 (SF-21, Con-5, Dup-0 & Lot-1). Sales for July 31, 2015 Y-T-D were 265 (SF-160, Con-75, Dup-13 & Lot-17) up 13% over July 31, 2014 Y-T-D at 234 (SF-145, Con-61, Dup-17 & Lot-11). Sales for the last 12 months were 412 (SF-234, Con-120, Dup-30 & Lot-28) up 2% over the previous 12 months at 404(SF-240, Con-107, Dup-32 & Lot-25). Of the sales for the last 12 months distressed properties were only 6% of the sales at 27 ( SF-16, Con-7, Dup-4 & Lot-0) compared to the previous 12 months where 8% or 31 ( SF-13, Con-9, Dup-8 & Lot-1) were distressed. Currently there are only 3 distressed properties or 1% of the inventory of 258 (SF-134, Con-63, Dup-31 & Lot-30) for sale on the island. Pended properties (properties under contract) continue to remain strong at 33 (SF-18, Con-10, Dup-3 & Lot-2) down from 39 last month but still well above the average. Inventory on the island has stayed pretty low and steady at under 300 for the past fourteen months.
Since last month’s Frank, Scott & Al’s Great Buy’s the property at 207 75th St went under contract and is due to close on 8/31/15. Also the 201 & 203 57th St land condos which went under contract last month closed on 8/19/15 for $1,400,000. There are still a couple very strong investment buys. The property at 3603 4th Ave (reduced to $899,900) is a great investment buy. This 3 bedroom/3 bath townhouse with elevator, pool and a roof top deck with awesome views of the gulf and inter-coastal and is an excellent rental. This property is a 10 ratio (rental income covers all the operating costs and most of the mortgage with 20-30% down) and is ideal for someone who wants a property in a great location (three houses to the beach). A new property on the market, 9935 Manatee Ave, a Bayfront condo on Palma Sola Bay Listed at $779,900 is a great water front property. This 3 bedroom/3.5 bath with 3,908 square feet of A/C living has great bay views and a lift and second boat dock for the avid boater.
To summarize the island market, sales in 2015 continue at record levels. Again if you look at July 31, 2015 Y-T-D sales at 265 compared to July 31, 2014 Y-T-D sales at 234, a 13% increase, we continue to match or exceed the great sales years in 2012-2014 which had 431, 409 & 381 properties sold respectively. We continue to be on track to again in 2015 have sales in the 400 range. Single family sales remain strong with 27 currently under contract. Single family sales, for the last three years, have been higher than the peak year of 2005. There are currently 204 single family homes and condos for sale on the island with a total value of $217,837,648 with an average price of $1,067,832. I have again attached some new charts this month. One shows the historic sales price of residential (single family & condos) median sales price rising continually since 2010 which supports the 5-6% increase in prices per year. Another is sales price to list price ratios. You can see since 2010 residential property has been continually selling closer to the list price and is currently at about 96% of the list price on average. Another shows the historic count of active residential listings and you can see that since 2010 the inventory has been continually going down to its current low levels of under 300 properties. All the trends continue to point to moderately rising prices and lower inventory levels.
I have also included in this month’s newsletter an article that advised buyers who are buying vacation home investment properties not to make these 5 mistakes. One, not checking the local regulations on renting. Two, not being picky about your management company. Three, being thrown off by a furnished home. Four, buying to please yourself. Five, viewing it as a hobby. I cover these points with buyers and especially buyers that are new to this kind of purchase.
THE GALLETTO TEAM of Island Real Estate, 6101 Marina Drive, Holmes Beach FL 34217.