Vista Grande condo on Anna Maria Island. This GULF FRONT unit COULD BE A RENTAL WORKHORSE!!!
Well last month did I say the Corona virus has slowed sales through the first half of the year versus the first six months of 2019? All the buyer’s out there must have wanted to prove me wrong because sales for the month of July were the highest by far since I have been keeping monthly sales as far back as the 1990’s. Also Inventory is the lowest I’ve seen in the last 20 years which will continue to support the upward pressure on prices. Sales for July 2020 for Anna Maria City, Holmes Beach and Bradenton Beach were 64 (SF-46, Con-13, Dup-4 & Lot-1) up 220% above July 2019 at 29 (SF-20, Con-8, Dup-1 & Lot-0). Sales for July 31, 2020 Y-T-D were 258 (SF-148, Con-81, Dup-15, Lot-14) up 8% above July 31, 2019 Y-T-D at 237 (SF-148, Con-70, Dup-14, Lot-5). Sales for the last 12 months were 396 (SF-237, Con-118, Dup-25 & Lot-16) up 11% above the previous 12 months at 357 (SF-218, Con-111, Dup-23 & lot-5). The inventory at 196 is the lowest it’s been in 25 years and continues to be below 300 for twenty-three of the last thirty-one months and eleven of the last thirteen months. Inventory is currently at only 196 (SF-112, Con-65, Dup-8 & Lot-11). Inventory for the previous thirty months were 230, 261, 253, 274, 308, 314, 312, 289, 279, 282, 292, 296, 293, 305, 334, 338, 319, 291, 257, 249, 231, 214, 223, 240, 254, 267, 297, 297, 310, 290, 298, and as I said has hit a new low for this market. For those of you thinking of selling within the next year or so now would be a good time to put your property on the market. Call or email me for an opinion of value today.
Since last month’s newsletter there has been a lot of activity. 5614 Guava, HB, closed for $560,000 and the property at 661 Key Royale Drive HB also closed for $4,195,000. Also the following properties went under contract, 319 64th St. HB, 6301 Holmes Blvd HB, 1001 Gulf Dr #3 BB, 113 Palm AM, 405 20th Place BB, 129 52nd St. HB Still available is the 180 degree Bimini Bayfront view, the ideal boater’s home, check out 543 67th St. HB . The city says this lot is big enough to split in half and build two homes or ready to take the current home to the next level, the existing 2,909 sq. ft. 4 bedroom/4 bath Bimini Bayfront is the ultimate in boating paradise, deep water minutes to Tampa Bay or the intercostal; there is a ground level mother-in-law (MIL) suite. If you are looking for a great rental 147 50th St HB Just became available. A 4 minute walk to the beach with private pool, spa and waterfall feature this is a great location for great rental. Call us to see the FANTASTIC rental income. If you want to be directly on the Gulf then look at the recently withdrawn but still available condo at 5622 Gulf Dr. HB a 3 bedroom/ 3 bath 1993 sq. ft condo built in 2007 with all the amenities you would expect. Rental department estimates this unit could gross about $125 k. If you want to see this or any unit just call Lynn or me. We can also put you on your own automatic search for properties with your specific criteria, let us know what that is- today!
To summarize the Anna Maria Island Real Estate Market for the first seven months of 2020, sales were 8% above the first seven months of 2019. Last month we said we thought sales would slow down because of the corona virus but quite the opposite happened sales sky rocketed. The inventory as I said is the lowest I’ve seen it in 25 years, at 196, which continues to put upward pressure on prices. Pended properties (properties under contract) continue to grow stronger at 112 (SF-64, Con-34, Dup-8 & Lot-6) again well above last month at 92 and the previous two months at 71 & 42. This continues to bode well for sales to continue to stay strong over the next several months. Distressed properties continue to be non-existent as they have been for the last couple years with none in the current inventory and only two in the last twenty-three months. The distribution of the single family properties currently for sale on AMI continuing higher with only 3% or (3) <$500K, 7% or (7) 500K-750K, 11% or (12) between $750K and $1 million, 44% or (46) between $1 million and $2 million and 35% or (37) over $2 million. The distribution for Condos currently for sale on AMI is 48% or (32) <$500K, 31% or (20) $500K-$750K, 12% or (8) $750K – $1 million and 9% or (6) >$1 million. You can see that again 90% of the single-family prices are over $750K and 79% are over $1 million while 48% of the condos were below $500K. As you can see again single family prices are going up much faster than condo prices. Of the current inventory of 132 single family homes the lowest priced property is still $389,000 (a Seaside Gardens 2br/2bath) and the highest is again $7,995,000 a one acre gulf front complex built in the 1940’s but totally remodeled. Of the current inventory of 72 condos the lowest priced is again this month a 1br/1bath Trade Winds condo at $214,900 and the highest $2,295,000 again the 3br/3.5bath direct gulf front Palm Gables unit. The prices for single family homes continue to move up while condos remain almost flat. Of the single-family properties currently for sale on AMI, the average list price is $1,956,815 and the median list price is $1,689,500 and for condos the average list price is $616,674 and median list price is $515,000. Condos have gone down while single families have gone up.
Longboat Key current inventory has for the third month dropped down significantly to 218 (SF- 70, Con- 123, Dup- 2 & Lot- 23) the lowest it’s been in the last thirteen months at 275, 295, 337, 388, 386, 378, 364, 354, 309, 309, 274, 289,359 and significantly lower than the previous seven months at 388, 386, 404, 442, 461, 455, 452. Of the current inventory of 70 single family homes the average list price is $2,181,669 and the median list price is $1,195,000. For the 123 condos for sale the average and median list prices respectively are $780,285 & $624,950.
Have a great rest of the summer and keep those calls and e-mails coming.
Please, continue to stay safe!
We love hearing from you and look forward to seeing you on the island……Alan, Frank & Lynn
Click HERE for detailed charts and facts of Anna Maria Island Real Estate for sale and the full version of the Newsletter.
941-232-2216 ALAN@AlanGalletto.com
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