Newsletter APRIL 2018 *Galletto * Anna Maria Island, FL; Real Estate
We completed the first quarter of 2018 on Anna Maria Island with sales up 10% at 97 (SF-64, Con-26, Dup-5 & Lot-2) compared to the first quarter of 2017 with sales of 88 (SF-45, Con-33, Dup-6 & Lot-4). Sales on Anna Maria Island for March 2018 were a little below 2017. For March 2018 AMI sales were 39 (SF-24, Con-14, Dup-0, & Lot-1) down 5% from March 2017 at 41 (SF-23, Con-12, Dup-4 & Lot-2).
Sales in the last 12 months (April 1, 2017 to March 31, 2018) for Anna Maria City, Holmes Beach and Bradenton Beach were 410 (SF-244, Con-126, Dup-24 & Lot-16) up 10% over the previous 12 months (April 1, 2016 to March 31, 2017 at 374 (SF-214, Con-123, Dup-21 & Lot-16). Of the last 12 months sales (April 1, 2017 to March 31, 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 (April 1, 2016 to March 31, 2017). Inventory has inched up a little bit just above 300 the last two months after being below 300 over the previous 12 months but is still well below the historical average inventory on the island of 450-500 properties. Inventory is currently at 313 (SF-179, Con-97, Dup-24 & Lot-13). Inventory for the previous twelve months were 308, 297, 254, 249, 231, 214, 223, 240, 254, 267, 297 & 297.
The properties on this month’s Frank, Scott & Al’s Great Buy’s list are the same from last month. The property at 3603 4th Ave has been generating quite a lot of showings and is due to sell at its current price of $929,900. 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 and it generates great rental income is for you+. Call me for more information on these or other real estate opportunities.
To summarize the Anna Maria Island market for 2018 is continuing with very strong sales and historically low inventory which we continue to experience since 2010. 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 16% and condos are up 13%. Pended properties (properties under contract) continue to look strong at 72 (SF-36, Con-27, Dup-6 & Lot-3) which bodes well for continued strong sales over the next several months. Distressed properties continue to be non-existent with only one bank owned single family home in the existing inventory.
Of the current AMI inventory of 179 single family homes the average sale price is $1,128,205 and the median sale price is $994,500. The lowest priced single family home on the island is currently $287,000 and the highest priced is $4,995,000. For the 97 condos currently for sale on AMI the average and median sale prices are $570,646 & $465,000 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 last month at 403 and about in line with the previous five months at 304,314,336,345 and 374. Of the current inventory of 106 single family homes the average price is $2,215,355 and the median price is $1,100,000. For the 227 condos currently for sale the average and median prices respectively are $777,341 and $552,500 with the lowest price at $209,999 and the highest price at $6,100,000. Pended properties on Longboat Key are 113 (SF-26, Con-84, Dup-0 & Lot-3) up from last month at 86 and the previous five months at 45,54,49,62 & 86. There is only one distressed property on Longboat Key a bank owned condo.
In Summary the Anna Maria Island and Longboat Key markets are both still sellers markets with demand high and inventory low. Sale prices are up about 15% in the last 12 months versus the previous 12 months which is about twice the 30 year average.
Keep those calls and e-mails coming! We love hearing from you……Alan, Frank & Scott
Call Realtors ALAN and Scott GALLETTO 941.232.2216 and 941-779-3313
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