Anna Maria Island Real Estate Sales Blog

In an effort to increase accuracy in respect to sales of homes, condos and multifamily dwellings on Anna Maria Island, including the cities of Anna Maria, Holmes Beach and Bradenton Beach, I am recasting data for the month just ended: January 2009.

Our new Multiple Listing Service does not contain only those product types. In addition, there are categories such as half-duplex, co-op, townhouse and villa. We will not use any properties included within the PUD (Planned Unit Development), manufactured or modular listings, as they are not germane to our reporting.

So I am now including as townhouse with single family as Residential. Condo includes condo, villa and co-op. Recasting the data to make these inclusions enlarges the universe of total sales, but does not change the basic results:

Residential sales price per square foot is virtually the same as it was the last 12 months compared with the previous year. This is good news. The average is about $380 psf.

Condo sales price per square foot is down 21 percent. Average there is about $348 psf.

Multifamily prices are also down, 20 percent, at an average psf of $241.

The good news is that sales volume is up 11 percent in total numbers of units sold, with 239 units in the last 12 months and 216 in the prior year. We're quite busy here at Island Real Estate. Buyers are getting some pretty good deals. Sellers are needing to be extremely flexible in their demands, because there's somebody who will be willing to 'make a deal,' and buyers know that.

Here's the data:

Sales Period January 2008	# Sales	DOM	Sq. Ft.	LP	SP	SP/Sq. Ft.	LP/SP
Residential	6	77	1,916	926,650	832,916	$474.41	0.89
Condo	5	143	1,171	390,580	374,800	$291.33	0.95
MultiFamily	0	0	0	0	0	0	0
Totals	11
Sales Period January 2009	# Sales	DOM	Sq. Ft.	LP	SP	SP/Sq. Ft.	LP/SP	% Change
Residential	9	187	1,658	708,644	629,722	$361.96	0.91	-0.24
Condo	4	411	1,416	558,750	516,375	$327.26	0.90	0.12
MultiFamily	2	266	1,927	494,000	402,500	$207.00	0.80	NA
Totals	15							0.36
Sales Period 2-1-07 to 1-31-08	# Sales	DOM	Sq. Ft.	LP	SP	SP/Sq. Ft.	LP/SP
Residential	144	192	1,721	730,240	639,226	$380.56	0.89
Condo	63	239	1,167	533,180	463,024	$438.94	0.88
MultiFamily	9	149	1,802	647,538	558,050	$301.43	0.85
Totals	216
Sales Period 2-1-08 to 1-31-09	# Sales	DOM	Sq. Ft.	LP	SP	SP/Sq. Ft.	LP/SP	% Change
Residential	141	242	1,891	800,158	722,509	$380.08	0.91	0.00
Condo	71	283	1,267	514,404	453,585	$347.58	0.88	-0.21
MultiFamily	27	272	1,798	520,118	464,529	$241.25	0.90	-0.20
Totals	239							0.11

It's that time again, when we can tally up the sales results from the Multiple Listing Service and see how our Island is holding up under the adverse impacts of recession, poor cash flow, and national malaise.

The answer: we're holding our own in some categories, and sliding steadily downhill in others.

Single family homes have continued to retain their value. Whenlooking at residential properties, in comparing one year's worth of sales data concluding at the end of January 2009 versus the same period in January 2008, we see that the average price per square foot is virtually the same: $393.89 vs $390.10.

We also see that total sales are up slightly in terms of units. Multifamily sales continue to be strong, with three times as many sold in the past 12 months as in the prior 12. Part of that large number of sales may be due to the increasing use of multifamily sites for redevelopment, or simply to the major reduction in cost, allowing an investor a much greater opportunity to obtain sufficient rental income to come closer to making a profit than in many years. Though unit sales are triple, the average price per square foot is down 20 percent.

The condo market continues to decline. Due to a variety of factors, including the lack of demand for condo units, higher monthly maintenance fees and insurance issues, the condominiums on Anna Maria Island have declined about 26 percent in average selling price per square foot during the last 12 months. Adding that to the previous year's major decline, we find that condos are less expensive than at any time since 2003, when the average was $325.00.

Here are the spreadsheets to demonstrate these results:

Sales Period January 2008	# Sales	DOM	Sq. Ft.	LP	SP	SP/Sq. Ft.	LP/SP
Residential	5	92	1,922	1,012,980	914,500	$537.32	0.89
Condo	4	177	1,201	430,850	413,000	$319.92	0.95
MultiFamily	0	0	0	0	0	0	0
Totals	9
Sales Period January 2009	# Sales	DOM	Sq. Ft.	LP	SP	SP/Sq. Ft.	LP/SP	% Change
Residential	5	118	1,675	909,400	796,000	$436.65	0.88	-0.19
Condo	4	411	1,416	558,750	516,375	$327.26	0.90	0.02
MultiFamily	2	266	1,927	494,000	402,500	$207.00	0.80	NA
Totals	11							0.22
Sales Period 2-1-07 to 1-31-08	# Sales	DOM	Sq. Ft.	LP	SP	SP/Sq. Ft.	LP/SP
Residential	116	195	1,709	735,269	645,143	$390.10	0.89
Condo	49	254	1,221	553,089	483,212	$422.19	0.88
MultiFamily	9	149	1,802	647,538	558,050	$301.43	0.85
Totals	174
Sales Period 2-1-08 to 1-31-09	# Sales	DOM	Sq. Ft.	LP	SP	SP/Sq. Ft.	LP/SP	% Change
Residential	101	245	1,825	790,105	709,974	$393.89	0.90	0.01
Condo	51	328	1,207	430,839	384,280	$310.41	0.89	-0.26
MultiFamily	27	272	1,798	520,118	464,529	$241.25	0.90	-0.20
Totals	179							0.03

If you would like to discuss this information, or need more to determine how it may affect you and your plans for property in Anna Maria, Holmes Beach, or Bradenton Beach, please give me a confidential call on my cell phone at 941-685-8822. Or you could just email me at john@calltheislanders.com