Two months into 2016 shows sales down about 22% from the same time last year which accounts for the inventory spiking up a little. Of course it’s still very early in the year and this could turn around very easily as we get into the middle of the year. To put it in perspective, sales for January and February have only been higher in 4 out of the past 11 years and there is no trend to it. Sales in February 2016 were 21 (SF-8, Con-8, Dup-3 & Lot-2) down 23% from February 2015 at 26 (SF-15, Con-9, Dup-1 & Lot-1). The last 12 months sales (March 1, 2015 to February 29, 2016) were 398 (SF-221, Con-125, Dup-29, Lot-23) up 6% over the previous 12 months (March 1, 2014 to February 28, 2015) at 376 (SF-213, Con-107, Dup-33 & Lot-23). Of the last 12 months sales only 4% or 15 (SF-8, Con-6, Dup-1 & Lot-0) were distressed properties (bank owned or short sales) compared to 6% or 24 (SF- 11, Con-5, Dup-8 & Lot-0) in the previous 12 months (March 1, 2014 to February 28, 2015). Inventory on the island continues to remain low but is up again this month at 342 (SF-190, Con-101, Dup-20 & Lot-31). The inventory last month was 328 and in January 309.
If you’re looking for some very good properties to buy check out Frank, Al & Scott’s Great Buys this month. Since last month’s newsletter 9935 Manatee Ave. a 3-bedroom 4-bath 3,908 sq. ft. condo listed at $699,900 has gone under contract, buyers continue to be active. Again the best investment buy in the whole inventory is still 3603 4 th Avenue. It has averaged $85-90K in gross annual rental income which makes it cover all the operating cost and most of the mortgage at list price. If you’re looking for an entry level 2 bedroom condo check out 2814 Gulf Drive a 3 unit condo with the 2 bedroom units listed at $379,900 and a 1 bedroom unit at $319,900. If you’re only looking for a 1 bedroom unit also check out 308 2 nd St N. Two of the units are already under contract. This 4 unit condo that has been totally remodeled has only 2 units left at $274K & $249K. If you’re looking for a Bay Front Family Compound check out 2201 Avenue A – a 5 bedroom/3.5 bath bay front home with panoramic Inter-coastal views, a manicured pool area, boat lift and even a putting green listed at $1,999,900. A unique property that just came on the market is 105 White Ave. A 2 acre gulf front property with 200 feet of frontage that has been owned by the Norfolk Southern Railroad since 1931 (see the aerial attached). Check out the other great buys.
To summarize the market for the beginning of 2016, it’s starting off where the record year of 2015 left off. Distressed properties are pretty much non-existent and will continue to be so into the future. There is currently still only one distressed single family property in the inventory. Pended properties (properties under contract) are above average at 60 (SF-40, Con-14, Dup-2 & Lot-4). The distribution of the single family sales on the island over the last 12 months was 22% <$500K, 42% 500K-750K, 17% between $750K and $1 million and 19% over $1 million. The distribution for Condo sales over the last 12 months is 82% <$500K, 14% $5000K-$750K, 2% $750K – $1 million and 2% >$1 million. Longboat Key current inventory is 406 (SF- 154, Con- 216, Dup- 2 & Lot- 34). Pended properties on Longboat Key is 82 (SF-16, Con-66, Dup-0 & Lot-0) and Distressed properties on Longboat Key are only 1 (SF-0, Con-1, Dup-0 & Lot-0). The distribution for single family home sales on Longboat Key for the last 12 months was 24% <$500K, 28% $500K – $750K, 18% $750K – $1 million & 30% >$1 million. The distribution for Condo sales on Longboat Key for the last 12 months was 52% <$500K, 24% $500K – $750K, 11% $750K – $1 million & 13% >$1 million. This year looks to be starting out at a little slower pace than last year but I expect the market to continue at the same pace that we’ve seen for the past five years that is ending the year at about 400 properties sold.
Ask Al or Scott Galletto-THE Realtors to ask about real estate on Anna Maria Island, FL. 941.232.2216 941.779.3313