Real Estate Newsletter November, 2019 Anna Maria Island, FL

Hidden Lake just off island $269k

Condo just off Island 2/2 only $269k

Ten months into 2019 and real estate sales on Anna Maria Island are pretty consistent with the previous nine months of the year.  Sales for October 2019 for Anna Maria City, Holmes Beach and Bradenton Beach were 22 (SF-13, Con-6, Dup-2 & Lot-1) up 5% above October 2018 at 21 (SF-13, Con-8, Dup-0 & Lot-0) and equal to sales in September at 22.  Sales through October 31, 2019 Y-T-D were 308 (SF-193, Con-91, Dup-17 & Lot-7) down only 13% below October 31, 2018 Y-T-D at 356 (SF-207, Con-117, Dup-23 & lot-9) compared to the last two months year to date when we were down 15% so you can see the year to date difference between 2019 and 2018 continues to level off.   The inventory continues to remain low and has been below 300 for nineteen of the last twenty-three months.  Inventory is currently at 289 (SF-161, Con-89, Dup-20 & Lot-19).  Inventory for the previous twenty-three months were 279, 282, 292, 296, 293, 305, 334, 338, 319, 291, 257, 249, 231, 214, 223, 240, 254, 267, 297, 297, 310, 290, 298.  Again the lower sales this year-to-date over last year-to-date isn’t because of low demand but primarily because the inventory continues to be low and buyers are not finding what they want to buy so they wait until it comes on the market.  Sales are still healthy for this market.  Average sales for the last 15 years which includes 2004 and 2005 (the peak sales years) were 340.  If you exclude the two peak years average sales for the last 13 years were 325.  Based on the current trajectory and with only two months left in the year we are on track to end the year somewhere between those two numbers.

There is something for everybody on Frank & Al’s Great Buy’s list this month.  If you’re looking for a duplex with a pool, steps to the beach, use one side and rent the other or rent both sides, then we have two great ones for you 3604 Gulf Dr.  and 200/202 66th St.  If you’re looking for a 180 degree Bimini Bayfront views and an ideal boater’s home then 543 67th St. HB  is the one for you.  Ready to be taken to the next level, this 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 MIL suite ground level.  If you want a great rental you can’t pass up 129 52nd St. HB.  west of Gulf Drive and a block from the beach, close to shopping with 4bedrooms/4 baths.  Call us to see the rental income on this property.  If you want to be almost on the Gulf then look at 103_47TH_ST. HB  a remodeled beach cottage with new pool and spa, 3bedrooms/3.5baths, one house from the beach and peaks of the Gulf in a very quiet part of the island.  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 for the first ten months of 2019 sales continue to run slower than the previous 5 years but still very healthy. Pended properties (properties under contract) stayed steady at 47 (SF-27, Con-12, Dup-6 & Lot-2) about equal with last month at 48 and well above previous two months which continues to bode well for a strong closing of the year.  Distressed properties continue to be non-existent with no distressed property currently for sale on the island and only one in the last fourteen months.  The distribution of the single family properties currently for sale on AMI hasn’t changed much in the last year with only 3% or (5) <$500K, 20% or (33) 500K-750K, 16% or (25) between $750K and $1 million, 35% or (56) between $1 million and $2 million and 26% or (42) over $2 million.  The distribution for Condos currently for sale is 58% or (52) <$500K, 28% or (25) $500K-$750K, 5% or (4) $750K – $1 million and 9% or (8) >$1 million.  You can see that again 77% of the single-family prices are over $750K and 61% are over $1 million while 58% of the condos were below $500K.  This distribution of single family prices and condo prices haven’t changed much and has continued to remain about the same for over the past year.  Of the current inventory of 161 single family homes again the lowest priced property is $359,000 (seaside gardens again) and the highest is still $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 89 condos the lowest priced is again $214,500 (Bay View Terrace) and the highest $2,569,000 still Vista Grande.  The highs and lows for single family and condos haven’t changed for the last several months.  Of the single-family properties currently for sale on AMI, the average list price is $1,605,828 and the median list price is $1,399,000 and for condos the average list price is $558,779 and median list price is $435,000.

Longboat Key current inventory is 309 (SF- 105, Con- 176, Dup- 2 & Lot- 26) higher than the last three months at 309, 274, 289 but lower than the previous eight months at 359, 386, 404, 442, 461, 455, 452, 314. Of the current inventory of 125 single family homes the average list price is $1,993,969 and the median list price is $1,350,000.  The lowest priced single-family home on Longboat Key is $230,000 (1br/1bath mobile home in twin shores mobile home park) and the highest is $22,500,000 (A 19,300 sq. ft. home on 1.18 acre on the Gulf) same as last month.   For the 187 condos for sale the average and median list prices respectively are $776,335 & $576,350 with the lowest $160,000 (a 2BR/1bath La Playa 699 sq. ft. unit) and the highest $3,875,000 (a 3BR/3.5 bath 3,344 sq. ft. gulf front unit at Positano).

Have a great day and keep those calls and e-mails coming!  We love hearing from you and look forward to seeing you on the island……Alan, 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

941.232.2216