Two months into 2017 looks a lot like the beginning of 2016. February 28, 2017 Y.T.D. Anna Maria Island property sales were; 47(Single Family Homes (SF)- 22, Condos (Con)-21, Multi-Family homes, aka, Duplex (Dup)-2, & Vacant lots (Lot)-2) which is even with February 29, 2016 Y.T.D. at 47 (SF-23, Con-15, Dup-6 & Lot-3).
Sales in February 2017 for Anna Maria City, Holmes Beach and Bradenton Beach were 25 (SF-11, Con-11, Dup-1 & Lot-2) up 47% over February 2016 at 17 (SF-8, Con-7, Dup-0 & Lot-2). The last 12 months sales (Mar 1, 2016 to Feb 28, 2017) were 361 (SF-211, Con-115, Dup-20, Lot-15) down 9% from the previous 12 months (Mar 1, 2015 to Feb 29, 2016) at 396 (SF-222, Con-124, Dup-27 & Lot-23). Of the last 12 months sales only .6% or 2 (SF-2, Con-0, Dup-0 & Lot-0) were distressed properties (bank owned or short sales) compared to 4% or 15 (SF-8, Con-6, Dup-1 & Lot-0) in the previous 12 months (Mar 1, 2015 to Feb 31, 2016). Inventory continues to run well below the normal of 450-500. Inventory is currently at 310 (SF-178, Con-93, Dup-26 & Lot-13). Inventory for the previous six months were 290, 298, 314, 303, 308, 343. The inventory hasn’t been below 300 since 2005 the peak year for prices.
Two new properties on Frank, Scott & Al’s Great Buy’s list since last month, 114 Elm Ave. and 119 Neptune Ln. are also great rentals each doing about $130,000 to $140,000/year in gross annual rental income. The property at 3603 4th Ave, a 3BR/3bath single family, three houses to the beach has been reduced to $959,000 is still a great rental and it does $85,000 in gross annual rental income. The property just off the island 9931 Manatee Ave. Bradenton a 2,376 square foot, 3 bedroom 3 bath condo with boat dock and lift a great Palma Sola Bay View just went under contract. Call me for more information on these or other real estate opportunities.
To summarize Anna Maria Island market for the first two months of 2017 started off neck and neck with 2016. Pended properties continue to be strong remaining well above the average. Pended properties (properties under contract) are at 65 (SF-42, Con-15, Dup-0 & Lot-8). Distressed properties continue to be non-existent with no distressed properties for sale on the island in the last three months and only one currently a bank owned condo at Sunbow Bay.
The current inventory of 178 single family homes the average sale price is $1,359,110 and the median sale price is $1,154,000. The lowest price single family home on the island is currently $289,900 and the highest price $4,995,000. For the 93 condos for sale the average and median prices respectively are $584,663 & $469,000 with the lowest $189,000 and highest $1,999,000.
Longboat Key current inventory is 469 (SF- 137, Con- 298, Dup- 0 & Lot- 34) up dramatically from 304 last month and 314, 336, 345 and 374 the four previous months. Of the current inventory of 137 single family homes the average sales price is $2,240,167 and the median sale price is $1,347,000. The lowest priced single family home on the island is $289,000 and the highest is $26,500,000. For the 298 condos for sale the average and median prices respectively are $805,485 and $599,000 with the lowest $199,999 and highest $3,650,000. Pended properties on Longboat Key are 86 (SF-25, Con-59, Dup-0 & Lot-2) up from last month at 45 and 54, 49, 62 and 86 the previous four months. Distressed properties on Longboat Key are only 3 all condo’s 1 bank owned and 2 short sales.
Keep those calls and e-mails coming! We love hearing from you……Alan, Frank & Scott
See the March 2017 NEWSLETTER at AnnaMariaLuxuryRealEstate.com for detailed charts and facts on Anna Maria Island Real Estate for sale.
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