Sales on Anna Maria Island for 2016 continues to lag behind 2015. June, 2016 Y-T-D AMI sales were 195 (SF-120, Con-53, Dup-12, & Lot-10) down 18% from June, 2015 Y-T-D at 235 (SF-139, Con-71, Dup-10 & Lot-15). Last month Y-T-D we were behind 2015 Y-T-D by 20% & two months ago we were behind last year by 28% so we have been gaining and are still running about equal with 2014 which ended the year with 381 sales.
Sales in June 2016 were 33 (SF-22, Con-8, Dup-0 & Lot-3) down 9% from June 2015 at 36 (SF-20, Con-13, Dup-2 & Lot-1). The last 12 months sales (July 1, 2015 to June 30, 2016) were 367 (SF-211, Con- 110, Dup-27, Lot-19) down 10% from the previous 12 months (July 1, 2014 to June 30, 2015) at 409 (SF- 234, Con-121, Dup-27 & Lot-27). Of the last 12 months sales only 2% or 9 (SF-5, Con-3, Dup-1 & Lot-0) were distressed properties (bank owned or short sales) compared to 6% or 24 (SF-14, Con-6, Dup-4 & Lot-0) in the previous 12 months (July 1, 2014 to June 30, 2015). Although we’re running 18% behind last year in sales, we are catching up and the low inventory is a contributing factor to the lower sales. Inventory is currently at 314 (SF-175, Con-96, Dup-15 & Lot-28). Inventory for the previous four months were 303, 308, 343 and 342.
Again this month these two investment properties are still available. The property at 214 Fir, a 3BR/2bath each side duplex, three houses to the beach listed at $1,499,900 is a great rental with a 7% return and does $185,000 in gross annual rentals. Another great rental with a 6% return is 209 54th St. It’s a newly built (2014) 8 bedroom/6 bath, 2,936 sq. ft. home a block to the beach with peaks of the gulf and it does about $225,000 in gross annual rental and is listed at $2,300,000. These returns are exclusive of the increase in the value of the property. Call me for more information on these or other properties.
To summarize the market for the first six months of 2016, we continue to run behind 2015 but still will end the year as one of the top 3 years in sales since 2005. Pended properties continue to be strong and well above the average which could mean a continued strengthening of sales as we continue through the year. Pended properties (properties under contract) are at 42 (SF-23, Con-13, Dup-5 & Lot-1). Distressed properties continue to be non-existent and will continue to be so. There are currently no distressed properties in the inventory. The distribution of the single family sales on AMI over the last 12 months again hasn’t changed much with 20% <$500K, 38% 500K-750K, 14% between $750K and $1 million and 28% over $1 million. The distribution for Condo sales over the last 12 months also hasn’t changed much and was 85% <$500K, 12% $500K-$750K, 2% $750K – $1 million and 1% >$1 million. These percentages have been pretty consistent over the last year. Of the single family properties sold the first six months of 2016, the average sale has been $926,840 and the median sale $737,500. In the first six months of 2015 the average sale for single family homes was $745,191 and the median sale was $630,000. The current inventory of 175 single family homes the average sale price is $1,208,313 and the median sale price is $979,000. The lowest price single family home on the island is currently $239,900 and the highest price $5,995,000. For the 96 condos for sale the average and median prices are $607,349 & $471,000 with the lowest $197,500 and highest $2,149,000.
Longboat Key current inventory is 336 (SF- 120, Con- 182, Dup- 2 & Lot- 32) down from 345 last month and 374 and 387 the two previous months. Pended properties on Longboat Key are 49 (SF-9, Con-40, Dup-0 & Lot-0) down last month from 62 and 86 and 87 the previous two months. Distressed properties on Longboat Key are only 4 (SF-0, Con-4, Dup-0 & Lot-0).
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We love hearing from you……Alan, Frank, Scott & Lynn
OUR website is going through a makeover and name change. Be sure to keep an eye on the progress! www.AnnaMariaLuxuryRealEstate.com, you will still be able to get there from www.AlanGalletto.com.
TIRED of the Traffic, but long for a wide open water view? Check out these two homes on Palma Sola Bay…. one condo, one HOME.