Anna Maria Island, FL; Real Estate Newsletter May 2020
The Coronavirus has slowed showings in this market but they have picked up over last week. Sales in April 2020 were significantly below sales for April 2019 but April 2019 was an unusually high sales month not just for 2019 but any month in the last 15 years. Year-to-date sales continue to be above last year. The continued low inventory (under 300) continues to support the current pricing without putting pressure on any reductions. We will continue to keep you informed of anything that significantly changes, relative to the corona-virus. Sales for April 2020 for Anna Maria City, Holmes Beach and Bradenton Beach were 23 (SF-12, Con-9, Dup-1 & Lot-1) down 56% below April 2019 at 41 (SF-26, Con-13, Dup-1 & Lot-1) which as I said was an unusually high sales month. Sales for April 30, 2020 Y-T-D were 127 (SF-68, Con-46, Dup-6, Lot-7) up 9% above April 30, 2019 Y-T-D at 117 (SF-75, Con-34, Dup-6, Lot-2). Sales for the last 12 months were 385 (SF-230, Con-119, Dup-24 & Lot-12) up 4% above the previous 12 months at 369 (SF-219, Con-120, Dup-22 & lot-8). The inventory has dropped again below 300 again at 274 continuing to be below 300 for twenty of the last twenty-eight months and six of the last nine months. Inventory is currently at 253 (SF-146, Con-77, Dup-13 & Lot-17). Inventory for the previous twenty-eight months were 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 continues to be historically low and well below average for this market.
Frank & Al’s Great Buy’s list this month have a few changes. 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. 4bedroom/4bath 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’re looking for a great rental then look at 129 52nd St. HB. West of Gulf Drive and a block from the beach and close to shopping with 4bedrooms/4 baths. Call us to see the FANTASTIC rental income on this property which did $94,800 in gross annual rental income in 2019. If you want to be directly on the Gulf then look at the recently withdrawn but available condo at 5622 Gulf Dr. Holmes Beach, a Vista Grande; 3bedroom / 3bath unit 1993 sq. ft. Condo built in 2007 with all the amenities you would expect. If you want to see this unit just call Lynn or I. Also available Gulf Front 6818 Gulf Dr. HB -Westwinds, top floor 2/2 plus loft unit for only $799,000. We can 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 four months of 2020, sales were 9% above the first four month’s of 2019 but we expect the 2nd quarter to slow down a little and be under the 2nd quarter of 2019 because of the corona-virus. The inventory still remains in the low range, as shown above, at 253 which means there is not any immediate downward pressure on prices. Pended properties (properties under contract) look strong this month at 42 (SF-25, Con-10, Dup-5 & Lot-2) above last month at 39 and still very healthy which continues to allow us to expect consistent sales into the next quarter. Distressed properties continue to be non-existent as they have been for the last couple years with still only one distressed property currently for sale on the island (a bank owned condo) and only two in the last twenty months. The distribution of the single family properties currently for sale on AMI hasn’t changed much over the last year or so with only 4% or (6) <$500K, 11% or (17) 500K-750K, 14% or (21) between $750K and $1 million, 46% or (68) between $1 million and $2 million and 25% or (37) over $2 million. The distribution for Condos currently for sale on AMI is 53% or (40) <$500K, 33% or (25) $500K-$750K, 7% or (5) $750K – $1 million and 7% or (5) >$1 million. You can see that again 85% of the single-family prices are over $750K and 71% are over $1 million while 53% of the condos were below $500K. This distribution of single-family prices and condo prices continues to inch up year by year. Of the current inventory of 146 single family homes the lowest priced property is still $419,000 (a Sunbow Bay 3br/3bath) and the highest is $6,850,000 again the one acre gulf front complex built in the 1940’s but totally remodeled. Of the current inventory of 77 condos the lowest priced is this month a 1br/1bath TradeWinds condo at $214,900 and the highest $2,295,000 a 3br/3.5bath direct gulf front Palm Gables unit. The prices for single family and condos continue to remain creep up. Of the single-family properties currently for sale on AMI, the average list price is $1,734,867 and the median list price is $1,495,000 and for condos the average list price is $563,382 and median list price is $499,000 not much change from last month.
Longboat Key current inventory has dropped down again to 337 (SF- 113, Con- 200, Dup- 0 & Lot- 24) about the middle of the last ten months at 388, 386, 378, 364, 354, 309, 309, 274, 289,359 but lower than the previous seven months at 388, 386, 404, 442, 461, 455, 452. Of the current inventory of 113 single family homes the average list price is $2,070,473 and the median list price is $1,249,000. For the 200 condos for sale the average and median list prices respectively are $746,024 & $595,000.
Have a great day and keep those calls and e-mails coming and please continue to stay safe! We love hearing from you and look forward to seeing you on the island.
THE GALLETTO TEAM of Island Real Estate Alan, Frank and Lynn
6101 Marina Drive, Holmes Beach FL 34217.
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