Sales for June 2014 were 22% below last year at 33 (SF-22, Con-6, Dup-3 & Lot-2) compared to June 2013 at 42 (SF-22, Con-18, Dup-1 & Lot-1).
Sales for June 30, 2014 Y-T-D were 199 (SF-124, Con-54, Dup-12 & Lot-9) up 14% versus June 30, 2013 Y-T-D at 175 (SF-103, Con-55, Dup-7 & Lot-10). Sales for the last 12 months were 387 (SF-237, Con-102, Dup-24 & Lot-24) up 9% over the previous 12 months at 354(SF-202, Con-105, Dup-18 & Lot-29).
Of the sales for the last 12 months distressed properties were again only 8% of the sales at 32 ( SF-14, Con-9, Dup-8 & Lot-1) compared to the previous 12 months where 12% or 42 ( SF-20, Con-17, Dup-5 & Lot-0) were distressed. Currently there are only 6 distressed properties or 2% of the inventory of 311 (SF-172, Con-85, Dup-25 & Lot-29) for sale on the island.
Pended properties (properties under contract) have slipped down to the normal range at 31 (SF-19, Con-8, Dup-1 & Lot-3) down from 41 last month. Inventory on the island has stayed pretty low and steady at 311 from 317 last month and 306 and 314 the previous two months.
Frank, Larry’s & Al’s Great Buy’s for this month have not changed much except for the investment buys. There are still a couple very strong investment buys on the list. The property at 3603 4th Ave (recently reduced to $959K) is a 3 bedroom/3 bath townhouse with elevator, pool and a roof top deck with awesome views of the gulf and inter-coastal and an excellent rental. This property is a 10 ratio (rental income covers
all the operating costs and most of the mortgage with 20% down) and is ideal for someone who wants a property in a great location (three houses to the beach) and in move-in condition.
Another excellent rental income property is 110 81st St a totally remodeled, rental duplex, 4 lots from the beach. This property, without a pool does over $60K in gross annual rental income. If you added a pool you would get $80K- $90K in gross annual rental income.
If you’re looking for a conforming duplex lot then 306 Clark Drive fits the bill. It has an old duplex on it but tear it down and build two single family land condos…live in one and sell the other. This property is very close to the beach in a quiet part of the island. The owner says “MAKE AN OFFER”!!!! Check out the rest of the Great Buy’s on the web site full version of my newsletter.
To summarize the island market, sales in 2014 continue at record levels. Again if you look at June 30, 2014 Y-T-D sales at 199 compared to June 30, 2013 Y-T-D sales at 175, a 14% increase, we have gotten another great jump on what looks to be another year of 400+ properties sold. Again, single family sales remain strong with 124 sold Y-T-D up 20% over this time last year. The average price of single family sales for 2014 Year-To-Date is up 15% over last year at this time and median single family sales prices are up 20% over last year. Average condo sales prices for Y-T-D 2014 is up 10% over last year and median condo sales prices are up 14% over last year. Both these sales price increases over the past year bodes
well for the market. Prices of all types of properties continue to rise at a healthy clip. The immediate future looks to continue this trend of rising prices at about an average 7%-10% rate which is very healthy. The inventory continues to be down into the historical low range which is in the low 300’s. If the inventory continues to remain low it will continue to put upward pressure on prices.
As I said last month, if you’re contemplating buying a property on Anna Maria Island sometime between now and 2016 it would be smart to buy sooner rather than later. Although prices are going up at a moderate rate, the increase in prices could mean the difference in what kind of property you want versus what you will have to settle for.
Call me, Realtor ALAN GALLETTO 941.232.2216 of Island Real Estate.