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

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3-3 Single Family Anna Maria Pool Home for under $700,000

 Sales on Anna Maria Island thru the third quarter of 2018 show Y-T-D sales again up 5% at 335 (SF-194, Con-109, Dup-23 & Lot-9) compared to the same point in 2017 with Y-T-D sales of 319 (SF-180, Con-103, Dup-20 & Lot-16).  Sales on Anna Maria Island for September 2018 were down 30% over September 2017.  For September 2018 AMI sales were 16 (SF-8, Con-6, Dup-2, & Lot-0) compared to September 2017 at 23 (SF-12, Con-9, Dup-1 & Lot-1).

Sales for the last 12 months (October 1, 2017 to September 30, 2018) for Anna Maria City, Holmes Beach and Bradenton Beach were 422 (SF-239, Con-141, Dup-31 & Lot-11) up 7% over the previous 12 months (October 1, 2016 to September 30, 2017 at 395 (SF-222, Con-133, Dup-21 & Lot-19).  Of the last 12 months sales (October 1, 2017 to September 30, 2018) only .9% or 4 (SF-2, Con-1, Dup-1 & Lot-0) were distressed properties (bank owned or short sales) compared to 1% or 5 (SF-3, Con-1, Dup-1 & Lot-0) for the previous 12 months (October 1, 2016 to September 30, 2017).  Inventory has dropped down significantly below 300 this month again for the fifth month in a row and for fourteen of the previous seventeen months.  Inventory is currently at 242 (SF-147, Con-63, Dup-16 & Lot-16).  Inventory for the previous seventeen months was at 242, 266, 289, 295, 308, 313, 308, 297, 254, 249, 231, 214, 223, 240, 254, 267, & 297.

To summarize the Anna Maria Island market for the first nine months of 2018, it’s continuing with very strong sales Y-T-D up 5% over 2017 which as I mentioned again in last month’s newsletter, was an exceptionally strong sales year at 401 properties sold, in only four of the last fourteen years have we had yearly sales over 400.   If you look at the chart, yearly sales 1993 to 2018 you can see if this year continues as projected it will be the highest sales in a year since 1993.  Fourteen of the last seventeen months the inventory has been below 300 which is the lowest since the crazy years of 2003-2005.  Attesting to the strong market on AMI, I have again left the article that I put in May’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…. Which supports the great long-term value in property on the island.

The properties on this month’s Frank, Scott & Al’s Great Buy’s list since last month 3303 Gulf Drive – Pirates Cove #1 has gone under contract.  If you’re looking for a great location in Holmes Beach with 180-degree views of the Gulf, then you must check out this one of a kind condo 5622 Gulf Drive Vista # 4 listed at $2,600,000 arguably the best built complex on the island with only 4 units in the complex.  At the other end of the spectrum is 5608 Gulf Drive #102 at Sun Plaza West a gulf front complex listed at $529,000.  Call me for more information on these or other real estate opportunities.

Of the current AMI inventory of 147 single family homes the average sale price is $1,561,314 and the median sale price is $1,285,000.  The lowest priced single-family home on the island is currently $484,900 and the highest priced is $6,495,000.  For the 63 condos currently for sale on AMI the average and median sale prices are $659,290 & $575,000 respectively with the lowest $198,900 and the highest $2,600,000.

The Longboat Key current inventory is 314 (SF-90, Con-196, Dup-1 & Lot-27) higher than last month at 276 and up from the previous three months at 277, 307, 320, 377 & 403 and creeping up to the high end of the previous five months at 304,314,336,345 and 374.  Of the current inventory of 90 single family homes the average price is $2,157,134 and the median price is $1,350,000.  For the 196 condos currently for sale the average sale price is $812,487 and the median sale price $577,000 with the lowest price at $229,000 and the highest at $6,100,000.  Pended properties on Longboat Key are 40 (SF-15, Con-23, Dup-0 & Lot-2) still generally down from the previous eleven months at 34, 51, 63, 95, 113, 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 & 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@AlanGalletto.com 941.779.3313
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