Real Estate sales Anna Maria Island for 2016 continues at a healthy pace.
August 31, 2016 Y-T-D AMI sales were 254(SF-152, Con-71, Dup-18, & Lot-13) still down 14% from August 31, 2015 Y-T-D at 293 (SF-176, Con-84, Dup-14 & Lot-19).
Real Estate sales Anna Maria Island in August 2016 for Anna Maria City, Holmes Beach and Bradenton Beach were 27 (SF-11, Con-11, Dup-4 & Lot-1) even with August 2015 at 27 (SF-16, Con-9, Dup-0 & Lot-2). The last 12 months sales (Sep 1, 2015 to Aug 31, 2016) were 367 (SF-206, Con-115, Dup-29, Lot-17) still down 10% from the previous 12 months (Sep 1, 2014 to Aug 31, 2015) at 408 (SF-233, Con-120, Dup-27 & Lot-28). Of the last 12 months sales only 2% or 6 (SF-3, Con-2, Dup-1 & Lot-0) were distressed properties (bank owned or short sales) compared to 6% or 25 (SF-16, Con-6, Dup-3 & Lot-0) in the previous 12 months (Sep 1, 2014 to Aug 31, 2015). Although we’re running 14% behind last year in sales, we are closing the gap on 2015 which was a very good year for sales. The low inventory is the primary reason we are running behind 2015 in sales. Inventory is currently at 290 (SF-165, Con-82, Dup-14 & Lot-29). Inventory for the previous five months were 298, 314, 303, 308, 343. The inventory hasn’t been below 300 since 2005.
Two properties on Frank, Scott & Al’s Great Buy’s list since last month have gone under contract. The property at 307 Clark listed at $749,000 is due to close on 10/27/16 and 503 59th St listed at $560,000 is listed to close on 9/28/16. The property at 3603 4th Ave, a 3BR/3bath single family, three houses to the beach listed at $999,900 is still a great rental and it does $75,000 in gross annual rental income. If you don’t mind being 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. Call me for more information on these or other real estate opportunities.
To summarize the Island market for the first eight months of 2016, we continue to run behind 2015 but the sale are still very strong. Pended properties continue to be strong and still well above the average. Pended properties (properties under contract) are at 41 (SF-25, Con-14, Dup-1 & Lot-1). Distressed properties continue to be non-existent with no distressed properties for sale on the island in the last three months. The distribution of the single family sales on AMI over the last 12 months still hasn’t changed much with 20% <$500K, 33% 500K-750K, 15% between $750K and $1 million and 32% over $1 million. The distribution for Condo sales over the last 12 months also hasn’t changed much and was 83% <$500K, 14% $500K-$750K, 3% $750K – $1 million and 0% >$1 million. These percentages have been pretty consistent over the last year. Of the single family properties sold the first eight months of 2016, the average sale has been $941,775 and the median sale $763,628. In the first eight months of 2015 the average sale for single family homes was $745,287 and the median sale was $630,000. The current inventory of 165 single family homes the average sale price is $1,281,069 and the median sale price is $1,092,500. The lowest price single family home Real Estate sales Anna Maria Island is currently $239,900 and the highest price $5,995,000. For the 82 condos for sale the average and median prices respectively are $615,289 & $479,000 with the lowest $189,000 and highest $2,149,000.
Longboat Key current inventory is 304 (SF- 99, Con- 171, Dup- 2 & Lot- 32) down from 314 last month and 336,345 and 374 the three previous months. Of the current inventory of 304 single family homes the average sales price is $2,011,042 and the median sale price is $1,394,500. The lowest priced single family home on the island is $304,900 and the highest is $19,900,000. For the 171 condos for sale the average and median prices respectively are $878,852 & $639,250 with the lowest $179,900 and highest $5,999,000. Pended properties on Longboat Key are 48 (SF-15, Con-31, Dup-0 & Lot-2) down last month from 54 and 49, 62 and 86 the previous three months. Distressed properties on Longboat Key are only 5 (SF-1, Con-4, Dup-0 & Lot-0).
Keep those calls and e-mails coming! We love hearing from you……
Alan, Frank, Scott and Lynn
See http://www.AnnaMariaLuxuryRealEstate.com NEWSLETTER for detailed Real Estate sales Anna Maria Island charts and facts for Anna Maria Island Real Estate for sale.