Gulf Front WestWinds Condos AMI
Real Estate Sales on Anna Maria Island for April 2019 continue to run well behind sales for April 2018. Sales in April 2019 for Anna Maria City, Holmes Beach and Bradenton Beach were 41 (SF-26, Con-13, Dup-1 & Lot-1) down 15% below April 2018 at 48 (SF-26, Con-19, Dup-2 & Lot-1). Sales for April 30, 2019 Y-T-D was 118 (SF-76, Con-34, Dup-6 & Lot-2) down 19% below April 30, 2019 Y-T-D at 145 (SF-90, Con-45, Dup-7 & lot-3). The inventory has dropped down this month and has been below 300 for thirteen of the last seventeen months. As I mentioned last month the average inventory over most of the past 30 years has been 400-450 properties for sale at any one time. Inventory is currently at 305 (SF-192, Con-81, Dup-20 & Lot-12). Inventory for the previous seventeen months were 334, 338, 319, 291, 257, 249, 231, 214, 223, 240, 254, 267, 297, 297, 310, 290, 298 as you can see all below 300 except for four months. As I mentioned last month whether low sales and high inventory is the beginning of a trend is still too early to tell but it is a continued good sign that the inventory is dropping off.
There is something for everybody on Frank & Al’s Great Buy’s list this month. If you’re looking for a fixer upper or tear down property close to the beach, then 2901 Ave C is for you. This ground level duplex is ready for a new buyer to totally remodel or tear down and build new. Listed at lot value. Another great starter property is 2419 Ave. B. It needs work but it’s in a great location. 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. Another great boater’s home is 517 Key Royale Dr. It has 5bedrooms/5 baths with a great open water bayou view. 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, the first four months started slower than the previous 5 years. Pended properties (properties under contract) continue to be strong at 65 (SF-39, Con-18, Dup-7 & Lot-1) another hefty increase over last month. Distressed properties continue to be virtually non-existent with no distressed property for sale on the island and none in eight of the previous nine months. The distribution of the single family properties currently for sale on AMI continues to skew upward with only 3% or (5) <$500K, 18% or (34) 500K-750K, 24% or (45) between $750K and $1 million, 36% or (67) between $1 million and $2 million and 19% or (36) over $2 million. The distribution for Condos currently for sale is 56% or (45) <$500K, 28% or (23) $500K-$750K, 7% or (6) $750K – $1 million and 9% or (7) >$1 million. You can see that again 80% of the single-family prices are over $750K while 56% of the condos were below $500K. Again, 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 to increase the value other than new kitchens and bathrooms since they can’t be enlarged. Of the current inventory of 192 single family homes the lowest priced property is $419,000 (seaside gardens) and the highest is $5,750,000 an old gulf front cottage on a one-acre lot (the cottage is about $50K of the value the rest is the lot). Of the current inventory of 81 condos the lowest priced is $228,900 (Trade winds) and the highest $9,500,000 (Layby the railroad complex). Of the single-family properties currently for sale, the average list price is $1,453,297 and the median list price is $1,249,000 and for condos the average list price is $683,785 and median list price is $475,000.
Longboat Key current inventory is 404 (SF- 121, Con- 246, Dup- 3 & Lot- 34) significantly lower than the last four months at 442, 461, 455, 452 which were up from the six previous months at 314, 276, 277, 307, 320 and 377. Of the current inventory of 121 single family homes the average list price is $1,928,479 and the median list price is $1,350,000. The lowest priced single-family home on Longboat Key is $298,500 and the highest is $15,900,000. For the 246 condos for sale the average and median list prices respectively are $777,000 & $549,000 with the lowest $214,900 and highest $6,100,000. The Longboat Key inventory took a significant drop this month the same as the AMI inventory.
Stay warm and keep those calls and e-mails coming!
We love hearing from you……Alan, Frank & Lynn
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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ALAN@AlanGalletto.com