The inventory on the island keeps dropping and, as I said last month, is at a 25 year low while sales of Real Estate on Anna Maria Island continues at a record pace. If the inventory shrinks any lower it will certainly begin to impact the sales numbers. The number of sales in September 2017 at 23 (SF-12, Con-9, Dup-1, Lot-1) was down 18% from September of 2016 at 28 (SF-18, Con-8, Dup-2, Lot-0). But as of September 30, 2017 Y.T.D. Anna Maria Island property sales were; 313 (SF – 180, Con – 100, Dup – 17, & Lots -16) up 11% over September 30, 2016 Y.T.D. at 282 (SF-170, Con-79, Dup-20 & Lot-13).
The last 12 months of Florida Real Estate sales for Anna Maria City, Holmes Beach and Bradenton Beach (October 1, 2016 to September 30, 2017) were 392 (SF-222, Con-130, Dup-21, Lot-19) up 7% from the previous 12 months (October 1, 2015 to September 30, 2016) at 366 (SF-207, Con-112, Dup-30 & Lot-17). Of the last 12 months sales only 1% or 5 (SF-3, Con-1, Dup-1 & Lot-0) were distressed properties (bank owned or short sales) compared to 1% or 5 (SF-3, Con-1, Dup-1 & Lot-0) in the previous 12 months (October 1, 2015 to September 30, 2016). Inventory continues to dwindle and has gone lower again this month. Inventory is currently at 214 (SF-131, Con-63, Dup -12 & Lot-8). Inventory for the previous twelve months were 223, 240, 254, 267, 297, 297, 310, 290, 298, 314, 303, 308. Inventory continues to be running at historic lows while demand continues at historic highs.
Well two of the properties on Frank, Scott & Al’s Great Buy’s last month went under contract, 805 North Shore Drive, a direct gulf front, listed at $2,599,000 due to close on 12/13/17 and 7316 Gulf Drive La Casa Costiera# 8 listed at $1,290,000 due to close on 10/27/17. Two of our other listings that I said were Great Buy’s that were under contract last month have closed, 3204 6th Ave (Palm Isle Village) listed at $394,900 closed for $375,000 on 9/21/17 and 120 50th St. listed at $1,379,000 closed for $1,354,000 on 9/29/17. Again if you’re looking for one of the newer gulf front condos which also rents very well you should consider 6420 Gulf Drive L’Plage #3 listed at $1,499,000. It is a 2,484 square foot, 3 bedroom plus Den, 3 bath condo, two garage parking spaces and elevator with partial gulf views. If you’re looking for a single family home that can also be a very good rental (our rental dept. projects it could do $100K in annual seasonal gross rentals) then look at 2912 Avenue E. This 4 bedroom/4 bath, 2,242 sq. ft. home is one house in from the beach, has peaks of the gulf and has some other unique features…check it out. Call me for more information on these or other real estate opportunities.
To summarize the Anna Maria Island market for the first nine months of 2017 and as I have said the last couple months, demand continues to be very high and the inventory keeps shrinking and is as low as I’ve seen it in 25 years. We continue to run ahead of last year-to-date and with only three months left in this year we should close the year ahead of the 361 sales we had in 2016. Again, pended properties continue in a very healthy pace which continues to bode well for sales in the next couple months. Pended properties (properties under contract) are at 39 (SF-19, Con-16, Dup – 4 & Lot-0). Distressed properties continue to be non-existent again with no distressed properties in the current inventory.
Of the current inventory on Anna Maria Island of 131 single family homes the average sale price is $1,168,759 and the median sale price is $995,000. The lowest price single family home on the island is currently $387,500 and the highest price $3,800,000. For the 63 condos for sale on the island, the average and median prices respectively are $549,628 & $452,900 with the lowest $199,000 and highest $1,850,000.
Longboat Key’s current inventory is 322 (SF-93, Con- 198, Dup- 1 & Lot- 30) one of the lowest levels in the past twelve months (302, 303, 331, 393, 437, 456, 469,304, 314, 336, 345 and 374). Of the current inventory of 93 single family homes the average sales price is $2,374,478 and the median sale price is $1,200,000. The lowest priced single family home on the Longboat Key is $325,000 and the highest is $26,500,000. For the 198 condos for sale the average and median prices respectively are $851,472 and $578,500 with the lowest $214,000 and highest $6,100,000. Pended properties on Longboat Key are 37 (SF-11, Con-26, Dup-0 & Lot-0) down from 45, 57, 61, 66, 68, 79, 86, 45, 54, 49, 62 & 86 the last twelve months and the lowest it’s been over that period of time. There are three distressed properties in the current Longboat Key inventory two single families and one condo.
Keep those calls and e-mails coming! We need homes to sell, if you’re thinking about it, let us know! We love hearing from you and stop in to see us when you’re on the island……Alan, Frank, Scott & Lynn
See http://www.AnnaMariaLuxuryRealEstate.com NEWSLETTER for detailed charts and facts for Anna Maria Island Real Estate for sale.
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