Anna Maria Island, FL; Real Estate Newsletter May 2018 GALLETTO TEAM
Sales on Anna Maria Island one month into the second quarter of 2018 show sales up 8% at 145 (SF-90, Con-45, Dup-7 & Lot-3) compared to the same point in 2017 with sales of 134 (SF-72, Con-47, Dup-6 & Lot-9). Sales on Anna Maria Island for April 2018 were up 9% over 2017. For April 2018 AMI sales were 48 (SF-26, Con-19, Dup-2, & Lot-1) compared to April 2017 at 44 (SF-27, Con-12, Dup-0 & Lot-5).
In the last 12 months sales (May 1, 2017 to April 30, 2018) for Anna Maria City, Holmes Beach and Bradenton Beach were 414 (SF-243, Con-133, Dup-26 & Lot-12) up 9% over the previous 12 months (May 1, 2016 to April 30, 2017 at 379 (SF-216, Con-125, Dup-20 & Lot-18). Of the last 12 months sales (May 1, 2017 to April 30, 2018) only 1% or 6 (SF-4, 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 (May 1, 2016 to April 30, 2017). Inventory has inched up a little bit just above 300 the last three months after being below 300 over the previous 12 months but again is still well below the historical average inventory on the island of 450-500 properties. Inventory is currently at 308 (SF-181, Con-93, Dup-22 & Lot-12). Inventory for the previous twelve months were 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 and historically low inventory which we have experienced since 2010. As evidence at how good the AMI market has been a personal finance site (GOBANKINGRATES- see attached article) used data from Zillow comparing median home priced 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 #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 6/29/18. If you’re looking for a great location in Anna Maria City with peaks of the Gulf, then recently reduced 744 North Shore Dr. listed at $1,295,000 it 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 about 22% and condos are up 18% year to year. Pended properties (properties under contract) continue to look strong at 63 (SF-37, Con-17, Dup-6 & Lot-3) which continues to bode well for continued strong sales over the next several months. Distressed properties continue to be non-existent with only two bank owned properties and one short sale property in the existing inventory.
Of the current AMI inventory of 181 single family homes the average sale price is $1,369,380 and the median sale price is $1,195,000. The lowest priced single-family home on the island is currently $379,800 and the highest priced is $4,995,000. For the 93 condos currently for sale on AMI the average and median sale prices are $605,968 & $475,000 respectively with the lowest $199,000 and the highest $2,600,000.
The Longboat Key current inventory is 377 (SF-106, Con-227, Dup-3 & Lot-41) 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 105 single family homes the average price is $2,221,871 and the median price is $1,173,000. For the 210 condos currently for sale the average and median prices respectively are $769,354 and $549,000 with the lowest price at $174,900 and the highest price at $6,100,000. Pended properties on Longboat Key are 95 (SF-19, Con-71, Dup-0 & Lot-5) down from last month at 113 and up from the previous six months at 86, 45,54,49,62 & 86. There is only one distressed property on Longboat Key a bank owned condo.
Keep those calls and e-mails coming! We love hearing from you……Alan, Frank & Scott
THE GALLETTO TEAM of Island Real Estate, 6101 Marina Drive, Holmes Beach FL 34217.
For detailed charts see the entire newsletter on our website; http://www.AnnaMariaLuxuryRealEstate.com
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