Live on the water, 2 docks and Lift
Sales for October 2015 were about even with last year at 27 (SF-13, Con-10, Dup-3 & Lot-1) compared to October 2014 at 28 (SF-20, Con-4, Dup-4 & Lot-0). Sales for October 31, 2015 Y-T-D were 350 (SF-204, Con-105, Dup-20 & Lot-21) again up 8% over October 31, 2014 Y-T-D at 325 (SF-189, Con-83, Dup-33 & Lot-20). Sales for the last 12 months were 406 (SF-234, Con-128, Dup-21 & Lot-23) up 3% over the previous 12 months at 393(SF-222, Con-103, Dup-41 & Lot-27). Of the sales for the last 12 months distressed properties were only 5% of the sales at 21 ( SF-13, Con-7, Dup-1 & Lot-0) compared to the previous 12 months where 8% or 30 ( SF-14, Con-7, Dup-8 & Lot-1) were distressed. Currently there are only 2 distressed properties on the market or .7% of the inventory of 273 (SF-151, Con-75, Dup-21 & Lot-26) for sale on the island. Pended properties (properties under contract) surged up to 50 (SF-27, Con-17, Dup-3 & Lot-3) up from 37 last month and 29 the month before. Inventory on the island has stayed pretty low and steady at under 300 for the past seventeen months. It currently is at 273 up a little from 237 last month.
Since last month’s Frank, Scott & Al’s Great Buy’s there has been only one significant change, the condo at 9935 Manatee Ave (the Palms at Palma Sola Bay) has been reduced again to $699,900. Although on the causeway rather than directly on the island it is on Palma Sola Bay and is a great boaters paradise with 3+ bedrooms, 3.5 baths 3,908 sq. ft. under A/C and two docks, one with a lift, you have to get into this property to appreciate it. More like a house than a condo.
To summarize the island market, sales in 2015 continue to run ahead of 2014. Again if you look at October 31, 2015 Y-T-D sales at 350 compared to October 31, 2014 Y-T-D sales at 325 they are up 8%. We continue to match or exceed the great sales years in 2012-2014 which had 431, 409 & 381 properties sold respectively. We are still on track to again in 2015 have sales in the 400 range. Single family sales continue at historic highs and for the last three years, continue to be higher than the peak year of 2005. There are currently 151 single family homes for sale on the island with an average and median sale price of $1,277,568 and $1,122,000 respectively. Also there are currently 75 condos for sale on the island with an average and median sale price of $590,332 & $449,000 respectively. The distribution of the list price of the single family homes on the market are 4% <$500K, 39% $500K-$750K, 28% $750K-$1Million and 82% >$1 Million. The distribution of the list price of Condo’s currently on the market are 63% <$500K, 16% $500K-$750K, 6% $750K-$1 Million and 15% >$1 Million.
Again I thought you may like to see some comparison to the Longboat Key market as a comparison. Longboat Key currently has 314 properties for sale (SF-124, Con-157, Dup-3 & Lots-30). There are 57 properties pended (under contract) (SF-22, Con-32, Dup-0 & Lot-3). Of the single families currently for sale the average and median list prices are $2,015,901 and $1,257,000 respectively. Of the Condos currently for sale the average and median list prices are $969,892 and $689,000 respectively. As you can see the single family and Condo average and median sale prices are higher on Longboat Key than Anna Maria. The Condo average and median list prices are higher on Longboat Key because it has more condos with direct Gulf Front views because of the high rises on Longboat. The distribution of the list price of the single family homes on the market on Longboat Key are 6% <$500K, 19% $500K-$750K, 21% $750K-$1Million and 54% >$1 Million. The distribution of the list price of Condo’s currently on the market in Longboat Key are 31% <$500K, 24% $500K-$750K, 12% $750K-$1 Million and 33% >$1 Million. You can see the Anna Maria single family home market is skewed to the high end much more than the Longboat Key single family market. Anna Maria has 82% of its single family market priced above $1 Million whereas Longboat Key has only 54% in that price range.