Anna Maria Island, FL. Real Estate Newsletter June, 2018

517 Key Royale Anna Maria Island Canal front Home

Sales on Anna Maria Island two months into the second quarter of 2018 show Y-T-D sales again up 9% at 198 (SF-120, Con-64, Dup-8 & Lot-6) compared to the same point in 2017 with Y-T-D sales of 182 (SF-103, Con-60, Dup-7 & Lot-12).  Sales on Anna Maria Island for May 2018 were up 10% over 2017.  For May 2018 AMI sales were 53 (SF-30, Con-19, Dup-1, & Lot-3) compared to May 2017 at 48 (SF-31, Con-13, Dup-1 & Lot-3).

     In the last 12 months sales (June 1, 2017 to May 31, 2018) for Anna Maria City, Holmes Beach and Bradenton Beach were 419 (SF-242, Con-139, Dup-26 & Lot-12) up 10% over the previous 12 months (June 1, 2016 to May 31, 2017 at 382 (SF-217, Con-125, Dup-19 & Lot-21).  Of the last 12 months sales (June 1, 2017 to May 31, 2018) only 1% or 5 (SF-3, Con-1, Dup-1 & Lot-0) were distressed properties (bank owned or short sales) compared to 1% or 4 (SF-1, Con-1, Dup-2 & Lot-0) for the previous 12 months (June 1, 2016 to May 31, 2017).  Inventory has dropped down below 300 this month again after popping up just over 300 the last two months.  Inventory is currently at 295 (SF-175, Con-88, Dup-20 & Lot-12).  Inventory for the previous thirteen months was at 308, 313, 308, 297, 254, 249, 231, 214, 223, 240, 254, 267, & 297.

To summarize the Anna Maria Island market for the first four months of 2018 it’s continuing with very strong sales Y-T-D up 9% over 2017 which was an exceptionally strong sales year at 401 and historically low inventory which we have experienced since 2010.   I have left the article that I put in last month’s newsletter from a personal finance site (GOBANKINGRATES- see attached article) that used data from Zillow comparing median home prices from January 1998 and January 2018 in 25 cities around the country to identify those where prices had gone up the most.  Of the top 10 cities it’s not surprising that 8 were in California, 1 was in Hawaii and the #5 city was Anna Maria.  Holmes Beach was in the top 25 at #23…. WOW we are in pretty good company!

The properties on this month’s Frank, Scott & Al’s Great Buy’s list have some changes from last month.  The property at 3603 4th Ave has gone under contract for cash and is due to close on 7/13/18.  If you’re looking for a great location in Holmes Beach with peaks of the Gulf, then recently reduced Vitamin Sea 114 48th St. listed at $1,799,900 generates great rental income but also is a great location for a year around residence.  The two unit property at 601 Gulf Dr. S. Bradenton Beach is a great rental property that generates $75K in gross rental income.  Call me for more information on these or other real estate opportunities.

If you look at the average and median sales prices for single family homes and condos over the last 12 months versus the previous 12 months you can see that single family homes are up 15% & 12% respectively and condos are up 18% & 16% respectively year to year.   Pended properties (properties under contract) continue to look strong this month again at 62 (SF-39, Con-13, Dup-9 & Lot-1) which continues to bode well for continued strong sales over the next several months.  Distressed properties continue to be non-existent with only one bank owned single family in the existing inventory.

Of the current AMI inventory of 175 single family homes the average sale price is $1,504,497 and the median sale price is $1,295,000.  The lowest priced single-family home on the island is currently $360,000 and the highest priced is $6,495,000.  For the 88 condos currently for sale on AMI the average and median sale prices are $614,329 & $494,250 respectively with the lowest $198,900 and the highest $2,600,000.

The Longboat Key current inventory is 320 (SF-98, Con-187, Dup-3 & Lot-32) down from the last two months at 377 & 403 and about in line with the previous five months at 304,314,336,345 and 374.  Of the current inventory of 98 single family homes the average price is $2,236,579 and the median price is $1,186,000.  For the 187 condos currently for sale the average sale price is $788,999 and the median sale price $559,000 with the lowest price at $180,000 and the highest price at $6,100,000.  Pended properties on Longboat Key are 63 (SF-19, Con-40, Dup-0 & Lot-4) significantly down from last month at 95 and near the low for the previous seven months at 113, 86, 45, 54, 49, 62 & 86.  There is only one distressed property on Longboat Key.

Keep those calls and e-mails coming!  We love hearing from you……Alan, Frank, Scott & Lynn

See http://www.AnnaMariaLuxuryRealEstate.com NEWSLETTER for detailed charts and facts for Anna Maria Island Real Estate for sale.
941-232-2216 ALAN@AlanGalletto.com
SCOTT 941.779.3313
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