Anna Maria Island, FL. Real Estate Newsletter February, 2019
Real Estate Sales on Anna Maria Island for January 2019 started the year much slower than January 2018 and a slower start than the last five Januaries. Sales in January 2019 for Anna Maria City, Holmes Beach and Bradenton Beach were 15 (SF-9, Con-5, Dup-1 & Lot-0) down 55% below January 2018 at 33 (SF-24, Con-6, Dup-2 & Lot-1). As you can see by the charts below that the numbers since 2010, which was when the market bottomed from the peak of 2005, the annual sales continue to be strong in either the high 300’s or low 400’s with 2018 sales at 397. The inventory ticked up this month to 319 where it has been below 300 for the last eleven months in a row and for thirteen of the last fourteen months. The average inventory over most of the past 30 years has been 400-450 properties for sale at any one time. As I mentioned, inventory is currently at 319 (SF-200, Con-81, Dup-23 & Lot-15). Inventory for the previous fourteen months were 291, 257, 249, 231, 214, 223, 240, 254, 267, 297, 297, 310, 290, 298 as you can see all below 300 except one month. Whether low sales and high inventory is the beginning of a trend it’s way too early to tell but we’ll keep an eye on it.
There is something for everybody on Frank, Scott & Al’s Great Buy’s list this month. If you’re looking for a starter property in a Gulf Front complex, then 5608 Gulf Drive #102 SPW is for you. The unit has new tile flooring and bright light décor and overlooks the tennis court and pool. If you’re looking for a 180 degree Bayfront view and an ideal boater’s home, then 543 67th St. HB is the one for you. This 2,909 sq. ft. 4bedroom/4bath Bimini Bayfront is the ultimate in boating paradise minutes to Tampa Bay or the intercostal. Call me for more information on these or other real estate opportunities. We can put you on your own automatic search for properties with your specific criteria.
To summarize the Anna Maria Island Real Estate Market beginning 2019, January started slower than the previous 5 years. Pended properties (properties under contract) have ticked up to 43 (SF-26, Con-11, Dup-5 & Lot-1) above average historically. Distressed properties continue to be non-existent with again this month no distressed properties for sale on the island and non in the last seven months. The distribution of the single family properties currently for sale on AMI continues to skewed upward with only (7) or 4% <$500K, (41) or 20% 500K-750K, (53) or 26% between $750K and $1 million and (99) or 50% over $1 million. The distribution for Condos currently for sale has bumped up a little from last year with (42) or 52% <$500K, (25) or 31% $500K-$750K, (5) or 6% $750K – $1 million and (9) or 11% >$1 million. You can see that 76% of the single family prices are over $750K while 52% of the condos were below $500K. The lower prices on condos is due to the fact that most of the condos on the island were built in the 70’s and 80’s and are 2 bedroom/2 bath and there is not much you can do to improve them other than new kitchens and bathrooms. They can’t be enlarged. Of the current inventory of 200 single family homes the lowest priced property is $269,000 (seaside gardens) and the highest is $5,750,000. Of the current inventory of 81 condos the lowest priced is $219,900 and the highest $2,600,000. Of the single-family properties currently for sale, the average list price is $1,386,370 and the median list price is $1,024,950 and for condos the average list price is $715,193 and median list price is $499,900.
Longboat Key current inventory is 452 (SF- 140, Con- 277, Dup- 2 & Lot- 33) about equal with last month at 455 which was up from the six previous months at 314, 276, 277, 307, 320 and 377. Of the current inventory of 140 single family homes the average list price is $1,888,296 and the median list price is $1,294,500. The lowest priced single family home on Longboat Key is $299,000 and the highest is $22,500,000. For the 277 condos for sale the average and median list prices respectively are $800,075 & $550,000 with the lowest $169,900 and highest $6,395,000.
Stay warm and keep those calls and e-mails coming!
We love hearing from you……Alan, Scott, Frank & Lynn