Real Estate Newsletter November 2018 Anna Maria Island, FL

606 Concord Ln Key Royale FL 34217

Canal on 2 sides!! BOATERS Dream

Sales on Anna Maria Island for October 2018 were down again 25% over October 2017.  For October 2018 AMI sales were 21 (SF-13, Con-8, Dup-0, & Lot-0) compared to October 2017 at 28 (SF-13, Con-11, Dup-3 & Lot-1).  With only two months to go for 2018  Y-T-D sales on Anna Maria Island are still up 3% at 356 (SF-207, Con-117, Dup-23 & Lot-9) compared to the same point in 2017 with Y-T-D sales of 344 (SF-193, Con-114, Dup-20 & Lot-17).

 

Sales for the last 12 months (November 1, 2017 to October 31, 2018) for Anna Maria City, Holmes Beach and Bradenton Beach were 415 (SF-239, Con-138, Dup-28 & Lot-10) up 3% over the previous 12 months (November 1, 2016 to October 31, 2017 at 402 (SF-226, Con-134, Dup-24 & Lot-18).  Of the last 12 months sales (November 1, 2017 to October 31, 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 (November 1, 2016 to October 31, 2017).  Inventory has dropped down significantly below 300 this month again for the sixth month in a row and for fifteen of the previous eighteen months.  Inventory is currently at 255 (SF-147, Con-63, Dup-16 & Lot-16).  Inventory for the previous eighteen months was at 242, 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 ten months of 2018, sales continue strong with sales Y-T-D up 3% 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 hasn’t changed much.  I mentioned last month 3303 Gulf Drive – Pirates Cove #1 has gone under contract and is due to close 12/3/18.  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.  A well maintained canal home with 210 feet of seawall at 606 Concord Ln. is a must see for boaters.  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

Of the current AMI inventory of 159 single family homes the average sale price is $1,546,224 and the median sale price is $1,250,000.  The lowest priced single-family home on the island is currently $484,900 and the highest priced is $6,495,000.  For the 60 condos currently for sale on AMI the average and median sale prices are $658,375 & $595,000 respectively with the lowest $198,900 and the highest $2,600,000.

The Longboat Key current inventory is 360 (SF-113, Con-216, Dup-1 & Lot-30) a little higher than last month at 314 and up from the previous six months at 276, 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 113 single family homes the average price is $2,119,883 and the median price is $1,200,000.  For the 216 condos currently for sale the average sale price is $809,793 and the median sale price $590,200 with the lowest price at $17540, ,000 and the highest at $6,100,000.  Pended properties on Longboat Key are 30 (SF-15, Con-23, Dup-0 & Lot-2) again down from the previous twelve months at 40, 34, 51, 63, 95, 113, 86, 45, 54, 49, 62 & 86.  There are two distressed property on Longboat Key, both are bank owned condos.

Keep those calls and e-mails coming!  We love hearing from you…… Alan, Frank, Scott & 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