Bay front home waiting for TLC
Real Estate Sales on Anna Maria Island for February 2019 picked up ground on the slow start for January but is still behind 2018 for the first two months. Sales in February 2019 for Anna Maria City, Holmes Beach and Bradenton Beach were 30 (SF-21, Con-7, Dup-1 & Lot-1) up 20% above February 2018 at 25 (SF-16, Con-6, Dup-3 & Lot-0). As you can see by the attached charts this is the slowest start in sales since the low of 2010 but the 20% increase in February 2019 over 2018 is encouraging. The inventory ticked up again this month to 338 where it has been below 300 for thirteen of the last fifteen months. As I mentioned last month the average inventory over most of the past 30 years has been 400-450 properties for sale at any one time. Inventory is currently at 338 (SF-220, Con-78, Dup-24 & Lot-16). Inventory for the previous fifteen months were 319, 291, 257, 249, 231, 214, 223, 240, 254, 267, 297, 297, 310, 290, 298 as you can see all below 300 except for two months. As I mentioned last month whether low sales and high inventory is the beginning of a trend its way too early to tell but it is a good sign that sales for February jumped up 20% over 2018 even so we’ll continue to keep an eye on it.
There is something for everybody on Frank, Scott & Al’s Great Buy’s list this month. If you’re looking for a starter property in a Gulf Front complex, then 5608 Gulf Drive #102 SPW is for you. The unit has new tile flooring and bright light décor and overlooks the tennis court and pool and was recently reduced. Another great starter property is 2419 Ave. B. It needs work but it’s in a great location. If you’re looking for a 180 degree Bayfront view and an ideal boater’s home, then 543 67th St. HB is the one for you. This 2,909 sq. ft. 4bedroom/4bath Bimini Bayfront is the ultimate in boating paradise minutes to Tampa Bay or the intercostal. Another great boater’s home is 517 Key Royale Dr. It has 5bedrooms/5 baths with a great open water bayou view. Call me for more information on these or other real estate opportunities. We can put you on your own automatic search for properties with your specific criteria.
To summarize the Anna Maria Island Real Estate Market beginning 2019, January started slower than the previous 5 years but February gained some ground but we are still 22% behind 2018 for the first two months. Pended properties (properties under contract) continue to be strong at 44 (SF-25, Con-13, Dup-5 & Lot-1) above average historically. Distressed properties continue to be virtually non-existent with one distressed property for sale on the island, a bank owned single family home, and non in the previous seven months. The distribution of the single family properties currently for sale on AMI continues to skewed upward with only 4% or (9) <$500K, 20% or (43) 500K-750K, 27% or (58) between $750K and $1 million, 32% or (70) between $1 million and $2 million and 17% or (37) over $2 million. The distribution for Condos currently for sale has bumped up a little from last year with 54% or (42) <$500K, 29% or (23) $500K-$750K, 5% or (4) $750K – $1 million and 12% or (9) >$1 million. You can see that 76% of the single family prices are over $750K while 54% of the condos were below $500K. Again, the lower prices on condos is due to the fact that most of the condos on the island were built in the 70’s and 80’s and are 2 bedroom/2 bath and there is not much you can do to improve them other than new kitchens and bathrooms. They can’t be enlarged. Of the current inventory of 220 single family homes the lowest priced property is $269,000 (seaside gardens) and the highest is $5,750,000 an old gulf front cottage on a one acre lot (the cottage is about $50K of the value the rest is the lot). Of the current inventory of 78 condos the lowest priced is $214,900 (Bay View Terrace) and the highest $2,600,000 (Vista Grande). Of the single-family properties currently for sale, the average list price is $1,374,870 and the median list price is$1,049,900 and for condos the average list price is $716,468 and median list price is $487,000.
Longboat Key current inventory is 461 (SF- 142, Con- 281, Dup- 3 & Lot- 35) a little higher than last month at 455 which was up from the six of the seven previous months at 452, 314, 276, 277, 307, 320 and 377. Of the current inventory of 142 single family homes the average list price is $1,922,282 and the median list price is $1,197,000. The lowest priced single family home on Longboat Key is $280,000 and the highest is $22,500,000. For the 281 condos for sale the average and median list prices respectively are $833,116 & $575,000 with the lowest $175,000 and highest $6,395,000. The Longboat Key inventory has been inching up the same as the AMI inventory over the last two months.
Stay warm and keep those calls and e-mails coming!
We love hearing from you……Alan, Scott, Frank & Lynn
THE GALLETTO TEAM of Island Real Estate, 6101 Marina Drive, Holmes Beach FL 34217.
For detailed charts see the entire newsletter on our website; http://www.AnnaMariaLuxuryRealEstate.com
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ALAN@AlanGalletto.com