Real Estate Newsletter JULY, 2020 Anna Maria Island, FL
Although the Coronavirus has slowed sales through the first half of the year versus the first six months of 2019 I expect sales for the year 2020 to equal or exceed 2019. Sales in June 2020 were down over sales for June 2019. Inventory continues to be very low (well under 300) which continues to support the upward pressure on pricing. We’ll continue to keep you informed if anything that significantly changes relative to the AMI market. Sales for June 2020 for Anna Maria City, Holmes Beach and Bradenton Beach were 37 (SF-22, Con-10, Dup-1 & Lot-4) down 20% below June 2019 at 46 (SF-25, Con-17, Dup-4 & Lot-0). Sales for June 30, 2020 Y-T-D were 194 (SF-102, Con-68, Dup-11, Lot-13) down only 7% below June 30, 2019 Y-T-D at 208 (SF-128, Con-62, Dup-13, Lot-5). Sales for the last 12 months were 361 (SF-211, Con-113, Dup-22 & Lot-15) down 3% below the previous 12 months at 371 (SF-225, Con-116, Dup-24 & lot-6). The inventory at 230 continues to be below 300 for twenty-two of the last thirty months and ten of the last twelve months. Inventory is currently at only 230 (SF-132, Con-72, Dup-10 & Lot-16). Inventory for the previous thirty months were 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 continues to be historically low and well below average for this market.
Since last month’s newsletter 1910 Bay Dr. N closed for $606,250. 5614 Guava, HB, is still under contract and should close in August. 5823 21st St E. Bradenton which was under contract fell through because the buyer could not qualify for financing. The property at 661 Key Royale Drive which was taken off the market, went under contract since the last newsletter and is due to close in August. 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 at 129 52nd St. HB. Is still available. West of Gulf Drive, 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 still available condo at 5622 Gulf Dr. a 3 bedroom/ 3bath 1993 sq. ft condo built in 2007 with all the amenities you would expect. 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 six months of 2020, sales were 7% below the first six months of 2019. Again we expected sales to slow down because of the corona virus but they seem to be hanging in there. The inventory continues to remain in the low range, as shown above, at 230, it’s the lowest it’s been in the last year and a half which means it’s putting upward pressure on prices. Pended properties (properties under contract) continue to grow stronger at 92 (SF-41, Con-63, Dup-1 & Lot-7) well above last month at 71 and the previous month at 42. This bodes well for sales to continue to stay strong over the next several months. 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-two months. The distribution of the single family properties currently for sale on AMI continuing higher with only 2% or (3) <$500K, 8% or (11) 500K-750K, 14% or (19) between $750K and $1 million, 40% or (52) between $1 million and $2 million and 36% or (48) over $2 million. The distribution for Condos currently for sale on AMI is 56% or (40) <$500K, 30% or (21) $500K-$750K, 6% or (4) $750K – $1 million and 8% or (6) >$1 million. You can see that again 90% of the single-family prices are over $750K and 76% are over $1 million while 56% of the condos were below $500K. As you can see single family prices are going up much faster than condo prices. Of the current inventory of 132 single family homes the lowest priced property is still $389,000 (a Seaside Gardens 2br/2bath) and the highest is again $7,995,000 a one acre gulf front complex built in the 1940’s but totally remodeled. Of the current inventory of 72 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 $2,002,807 and the median list price is $1,690,000 and for condos the average list price is $587,428 and median list price is $480,000. Condos have gone down while single families have gone up.
Longboat Key current inventory has again dropped down significantly to 275 (SF- 94, Con- 153, Dup- 3 & Lot- 25) the lowest it’s been in the last twelve months at 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 94 single family homes the average list price is $2,257,609 and the median list price is $1,197,000. For the 153 condos for sale the average and median list prices respectively are $806,547 & $635,000.
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
#AnnaMariaLuxuryRealEstate #HouseHunting #BuyAHomeOnAnIsland #LuxuryRealEstate
THE GALLETTO TEAM of Island Real Estate Alan, Frank and Lynn
6101 Marina Drive, Holmes Beach FL 34217.
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