Sales for October 2013 were 32 (SF-17, Con-11, Dup-2 & Lot-2) about even with October of 2012 at 33 (SF-18, Con-8, Dup-2 & Lot-5). Sales for October 31, 2013 Y-T-D were 341 (SF-204, Con-100, Dup-19 & Lot-18) compared to October 31, 2012 Y-T-D at 362 (SF-196, Con-113, Dup-22 & Lot-31) still down only 6% from a banner sales year. Based on where we are in the year and the healthy pending sales activity it looks like we will again go over 400 sales for 2013. Sales for the last 12 months were 410 (SF-253, Con-113, Dup-24 & Lot-20) which included 35 distressed properties (SF-14, Con-14, Dup-7 & Lot-0) still only 8% of the sales. Inventory on the island continues to be at an historic low due to the strong sales activity and is currently at 279 (SF-137, Con-95, Dup-27 & Lot-20). Pended properties (properties under contract) continue to remain strong at 62 (SF-28, Con-12, Dup-12 & Lot-10) which continues to bode well for strong sales over the next few months. Distressed properties (short sales & bank owned) remain at 2% of the inventory at 7 (SF-2, Con-3, Dup-2 & Lot-0).
For the tenth month in a row, sales for 2013 continue to show an increase in average and median prices in all types of properties as well as increased activity in the higher price ranges. Of the sales for 2013 Y-T-D 50% of the sales were under $500K compared to 52% last month, 30% were between $500K and $750K compared to 31% last month, 11% were between $750K and $1 million compared to 10% last month and 9% were over $1 million compared to 7% last month. As I mentioned in last month’s newsletter, in the last couple years although sales activity was at record levels only 2%-3% were over $1 million. You can see that this year the number of sales over $1 million has more than tripled to 9%. That percentage is going to go up by the end of the year with quite a few high end properties closing in December. The three Gulf Front lots in Banyan Tree Estates listed at $2,690,000 are under contract and will close in December. The condo at 3716 Gulf Drive Unit A listed at $2,999,900 is under contract and will close in December and 95 52nd St listed at $3,250,000 is under contract and due to close in December. There are also three other pended properties over one Million due to close in December. These sales will drive the percent of over $1 million properties sold to over 10%.
This month Frank, Larry & Al’s Great Buys remain the same from last month. Although none of the West of Gulf Drive properties has sold since last month they have gotten quite a few showings. Both 3603 4thAve and 117 Peppertree Ave
are due for offers. The Palm Gable gulf fronts have also been getting more showing over the last month. The property at 2916 Ave E continues to get a large number of showings and is just waiting for an investor to scoop it up. These are all properties with great locations.
Distressed properties on the island continue to be almost nonexistent standing currently at 7 (2 single families, 3 condos and 2 duplexes). Even on the mainland in Bradenton the number of distressed properties is fairly small. At its peak, the number of distressed properties in Bradenton were 60%-70% of the property for sale. Currently they stand at 20% of the properties for sale in Bradenton ( 276 out of 1,363 for sale). When dealing with Bank Owned properties I always recommend that my buyer be represented by an attorney because the banks make no warranty’s and in many cases require you to use their contracts and forms. At the end of this newsletter is a list of 15 issues to consider when buying Bank Owned property which was published by the Berlin-Patten, PLLC Law Firm. If you are looking at Bank Owned property these will be helpful.
In summary, last year at this time I was saying sales for 2012 would be over 400 for the first time since 2005 and we ended the year at 430. Here we are again with only two months left in the year and we again are poised to record sales for 2013 over 400. If we only match sales for November and December last year at 68 we will end 2013 with sales at 409.
For detailed charts see the entire newsletter on my web site; www.Alangalletto.com