GULF VIEW HOME 2912 AVE E, HOLMES BEACH MAKES GREAT RENTAL OR HOME
Sales continue to run strong through August 2020. Sales for the month of August were again in the highest range we have seen since the 1990s. Also, the Inventory has dropped again this month and is the lowest I’ve seen in the last 25 years so we continue to be in a sellers’ market. Sales for August 2020 for Anna Maria City, Holmes Beach and Bradenton Beach were 53 (SF-27, Con-20, Dup-3 & Lot-3) up 96% above August 2019 at 27 (SF-21, Con-5, Dup-0 & Lot-1). Sales for August 31, 2020 Y-T-D were 311 (SF-175, Con-101, Dup-18, Lot-17) up 18% above August 31, 2019 Y-T-D at 264 (SF-169, Con-75, Dup-14, Lot-6). Sales for the last 12 months were 422 (SF-243, Con-133, Dup-28 & Lot-18) up 23% above the previous 12 months at 342 (SF-217, Con-103, Dup-16 & lot-6). The inventory at 196 is the lowest it’s been in 25 years and continues to be below 300 for twenty-four of the last thirty-two months and twelve of the last fourteen months. Inventory is currently at only 175 (SF-89, Con-67, Dup-9 & Lot-10). Inventory for the previous thirty-two months were 196, 230, 261, 253, 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 has hit a new low for this market. Single family sales for Manatee County August Y-T-D were up 27% above 2019 August Y-T-D and the current inventory was down 30% from 2019 at this time. Single family sales for Sarasota County August Y-T-D were up 22% while the inventory is down 34% compared to 2019 at this time. Condo sales in Manatee County for August 2020 Y-T-D was up 17% over last year while the inventory was down 4%. Condo sale for Sarasota County for August 2020 Y-T-D was up 31% over last year and the inventory was down 12%.
As I said last month for those of you thinking of selling within the next year or so now would be a good time to put your property on the market while it’s a seller’s market. Call or email me for an opinion of value today (941) 232-2216.
Since last month’s newsletter, there has been a lot of activity. 1001 Gulf #3 BB, closed for $420,000, and the property at 113 Palm AM closed for $925,000, 319 64th St HB closed for $750,000 and 129 52nd St HB closed for $1,275,000. Still available is the 180 degree Bimini Bayfront view, the ideal boater’s home, check out 543 67th St. HB. 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 or tear down and build new. If you are looking for a great rental 147 50th St HB Just became available. A four-minute walk to the beach with a private pool, spa and waterfall feature, this is a great location for a great rental. Call us to see the FANTASTIC rental income. If you want to be directly on the Gulf then look at the condo at 5622 Gulf Dr. HB a 3 bedroom/ 3bath 1993 sq. ft condo built in 2007 with all the amenities you would expect. The rental department estimates this unit could gross about $125k. If you want to see this or any unit just call Lynn or me. We can also 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 eight months of 2020, sales were 18% above the first eight months of 2019. The inventory continues to be the lowest I’ve seen it in 25 years, at 175 down from 196 last month. Pended properties (properties under contract) continue to stay strong at 104 (SF-65, Con-29, Dup-5 & Lot-5) close to last month at 112 and above the previous three months at 92, 71 & 42. Distressed properties continue to be non-existent as they have been for the last couple years with none in the current inventory and only two in the last twenty-four months. The distribution of the single family properties currently for sale on AMI continues to skew higher with only 2% or (2) <$500K, 4% or (4) 500K-750K, 11% or (10) between $750K and $1 million, 39% or (35) between $1 million and $2 million and 44% or (38) over $2 million. The distribution for Condos currently for sale on AMI is 43% or (29) <$500K, 30% or (20) $500K-$750K, 12% or (8) $750K – $1 million and 15% or (10) >$1 million. You can see that 94% of the single-family prices are over $750K and 83% are over $1 million while 43% of the condos were below $500K. As you can see again single family prices are going up much faster than condo prices. Of the current inventory of 89 single family homes, the lowest priced property is still $499,000 (a 2br/2bath, 1456 sq. ft. home at 2704 Ave B) and the highest is again $6,800,000 a 3/4 acre gulf front complex built in the 1940s but totally remodeled. Of the current inventory of 67 condos the lowest priced is again this month a 1br/1bath Trade Winds condo at $214,900 and the highest $2,295,000 again the 3br/3.5bath direct gulf front Palm Gables unit. The prices for single family homes continue to move up while condos remain almost flat. Of the single-family properties currently for sale on AMI, the average list price is $2,123,974 and the median list price is $1,799,000 and for condos, the average list price is $664,799 and the median list price is $535,000.
Longboat Key current inventory has for the fourth month dropped down again significantly to 199 (SF- 66, Con- 110, Dup- 2 & Lot- 21) the lowest it’s been in the last fourteen months 218, 275, 295, 337, 388, 386, 378, 364, 354, 309, 309, 274, 289,359 and significantly lower than the previous seven months at 388, 386, 404, 442, 461, 455, 452. Of the current inventory of 66 single family homes, the average list price is $2,417,844 and the median list price is $1,399,000. For the 110 condos for sale, the average and median list prices respectively are $799,212 & $590,000.
Have a great rest of the summer and keep those calls and e-mails coming.
Please, continue to stay safe!
We love hearing from you and look forward to seeing you on the island……Alan, Frank & Lynn
THE GALLETTO TEAM of Island Real Estate Alan, Frank and Lynn
6101 Marina Drive, Holmes Beach FL 34217.
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ALAN@AlanGalletto.com