April 2011

Sales are up once again on Anna Maria Island, this time a whopping 59 percent comparing April 2011 to the same month in 2010. There were 46 closings reported on MyFlorida Multiple Listing Service, which is almost a quarter of a normal year's sales (with a 'normal' year being in the 225 to 240 range).

Single family homes led the way, with 27 sales this year compared to 16 in 2010. Even the average price per square foot was up five percent, at $293. Average sale value was also up, at $553,296 compared to $523,063.

Condos also saw a banner increase, with 18 sales this year compared with 12 last year. Average selling price was also up, at $331,258 compared to $320,750. Average price per square foot was down five percent though, falling to $265 from $279.

Looking at the entire year ending April 30 2011, sales are up 24 percent, at a torrid total of 328 this year versus 264 last year. Values, as expressed in price per square foot continue to slide though, down four percent for homes, 10 percent for condos and three percent for multi-family homes.

It is still quite clearly a buyer's market.

Here is the raw data:

Sales April 2010	# Sales	DOM	Sq. Ft.	LP	SP	SP/Sq. Ft.	LP/SP
Residential	16	204	1,827	$593,231	$523,063	$280	89%
Condo	12	251	1,120	$364,150	$320,750	$279	88%
MultiFamily	1	226	3,250	$1,595,000	$1,360,000	$418	85%
Totals	29
Sales April 2011	# Sales	DOM	Sq. Ft.	LP	SP	SP/Sq. Ft.	LP/SP	% Change
Residential	27	223	1,902	$604,641	$553,296	$293	92%	0.05
Condo	18	199	1,217	$367,894	$331,258	$265	91%	(0.05)
MultiFamily	1	206	1,100	$269,000	$237,000	$215	88%	(0.49)
Totals	46							0.59
Year end 4-30-10	# Sales	DOM	Sq. Ft.	LP	SP	SP/Sq. Ft.	LP/SP
Residential	145	221	1,797	$572,779	$515,722	$304	91%
Condo	106	279	1,078	$387,719	$349,900	$308	90%
MultiFamily	13	268	1,977	$481,114	$436,346	$188	92%
Totals	264
Year end 4-30-11	# Sales	DOM	Sq. Ft.	LP	SP	SP/Sq. Ft.	LP/SP	% Change
Residential	187	216	1,748	$565,082	$501,788	$292	90%	(0.04)
Condo	121	235	1,037	$315,225	$283,584	$277	91%	(0.10)
MultiFamily	20	216	1,958	$376,910	$337,095	$183	91%	(0.03)
Totals	328							0.24

 

March 2011

Multifamily properties sold on Anna Maria Island lead the way in March, with a whopping 29 percent increase in the average price per square foot, from $163 in 2010 to $211 in the current year. Even the average price is up, from $353,000 in 2010 to $378,600 in March. Total unit sales were about the same with four duplexes sold this year versus five last year.

Single family homes also saw an increase in price per square foot, rising five percent, from $288 last year to $302 in March this year. Average selling prices however, went down, from $538,702 in 2010 to $527,600 this year. The average square footage obviously also declined, from 1,931 last year to 1,883 this March. There were only 15 homes sold in March this year, versus 22 last year.

Condos did not fare so well: average price per square foot was down seven percent, from $319 to $298. Unit sales were way up, though, with 19 condos sold this year and only five last year. Last year's sales, though were of much larger-than-usual condos, at an average of 1,832 s.f. This year's average size was closer to usual, at 1,012 s.f. That difference also accounts for the huge discrepancy between the average selling price in 2010 of $602,960, compared with $302,132 in March 2011.

Year-to-year numbers are perhaps more indicative of a continuing downward trend in values, while still showing an increase in transactions. In the year ending March 31, 2011, 311 transactions were recorded, compared with just 256 for last year. Kep in mind that a 'normal' year would yield somewhere between 225 and 240 total sales. So the volume has been above average; most recently, it has been waay above average.

Average price per square foot values are showing a decrease in single family home prices of six percent, nine percent reduction for condos and three percent lower in multifamily properties.

Thus, it still appears to be a buyer's market on Anna Maria Island.

Here is the raw data, as delivered by MyFlorida MLS.

Sales March 2010	# Sales	DOM	Sq. Ft.	LP	SP	SP/Sq. Ft.	LP/SP
Residential	22	254	1,931	$575,305	$538,702	$288	93%
Condo	5	280	1,832	$619,400	$602,960	$319	97%
MultiFamily	5	160	2,193	$365,760	$353,000	$163	95%
Totals	32
Sales March 2011	# Sales	DOM	Sq. Ft.	LP	SP	SP/Sq. Ft.	LP/SP	% Change
Residential	15	255	1,883	$610,380	$527,600	$302	86%	0.05
Condo	19	198	1,012	$326,747	$302,132	$298	93%	(0.07)
MultiFamily	4	217	2,075	$390,725	$378,600	$211	97%	0.29
Totals	38							0.19
Year end 3-31-10	# Sales	DOM	Sq. Ft.	LP	SP	SP/Sq. Ft.	LP/SP
Residential	139	221	1,787	$578,001	$519,161	$309	90%
Condo	103	285	1,094	$388,952	$351,295	$306	91%
MultiFamily	14	239	2,029	$390,670	$366,679	$188	94%
Totals	256
Year end 3-31-11	# Sales	DOM	Sq. Ft.	LP	SP	SP/Sq. Ft.	LP/SP	% Change
Residential	176	214	1,731	$561,572	$495,820	$290	89%	(0.06)
Condo	115	243	1,017	$312,087	$280,000	$278	90%	(0.09)
MultiFamily	20	213	2,004	$443,210	$393,245	$182	91%	(0.03)
Totals	311							0.21

February 2011

Once again, the data is in, based on MyFlorida MLS information accessed today: Total sales numbers for properties on Anna Maria Island are up 27 percent in the year just ended, but values continue to decline as expressed in the average cost per square foot.

Looking at the month-to-month stats, February 2011 is 19 percent lower in sales volume, with 21 sales this year and 26 last year. The average price per square foot is off 24 percent for homes and 23 percent for condos. We should view this information with a bit of caution, though, as one of the home sales was a $1.475 million property, skewing the average ppsf all the way up to $408. A large condo sold for $1.6 million in 2010, kicking the average ppsf up to $358. Thus, the dramatic reduction in average ppsf for both those property types is not necessarily indicative of a severe drop in value.

Nonetheless, in the year just ended February 28, single family home values are down about seven percent, and condo values down nine percent, as expressed in price per square foot. This market is still sliding.

Further, the multifamily market may be nearing a reasonable return for investors. With the average selling price around $385,000 for a duplex with two, two-bedroom, two-bath units, each with potential for returning around $15,000 to $18,000 per unit, a successful buyer could be in real positive cash flow territory.

Keep in mind that the torrid pace of home sales is beginning to abate somewhat. As smaller, less expensive properties are coming off the market, more costly options remain. We're now down to 463 homes and condos actively listed; 61 properties are pending, with listing prices ranging from $59,000 to $2.39 million.

And the tourism industry on the island is brisk. Don't try making a left turn unaided....

Here are the raw numbers for your inspection:

Sales February 2010	# Sales	DOM	Sq. Ft.	LP	SP	SP/Sq. Ft.	LP/SP
Residential	14	108	1,708	$604,350	$548,536	$408	92%
Condo	9	154	870	$419,511	$389,036	$356	92%
MultiFamily	3	275	1,672	$461,852	$417,667	$256	90%
Totals	26
Sales February 2011	# Sales	DOM	Sq. Ft.	LP	SP	SP/Sq. Ft.	LP/SP	% Change
Residential	9	287	1,283	$404,478	$370,111	$309	92%	(0.24)
Condo	12	275	874	$247,475	$229,075	$273	93%	(0.23)
MultiFamily	0							(1.00)
Totals	21							(0.19)
Year end 2-28-10	# Sales	DOM	Sq. Ft.	LP	SP	SP/Sq. Ft.	LP/SP
Residential	127	221	1,781	$585,322	$518,750	$312	90%
Condo	103	288	1,065	$376,176	$337,122	$303	90%
MultiFamily	10	272	1,907	$402,308	$370,516	$202	93%
Totals	240
Year end 2-28-11	# Sales	DOM	Sq. Ft.	LP	SP	SP/Sq. Ft.	LP/SP	% Change
Residential	183	215	1,744	$559,223	$498,370	$289	90%	(0.07)
Condo	101	253	1,059	$324,542	$291,825	$276	90%	(0.09)
MultiFamily	21	200	2,037	$434,767	$386,452	$171	91%	(0.15)
Totals	305							0.27

January 2011

With sales volume up 39 percent for the year ended January 31, 2011 compared with the prior year, and a whopping 31 percent increase in the average selling price per square foot for single family homes in the month, January is turning out to be a real bell-ringer.

Of course, one shouldn't be too excited about the big increase in single family price: there was a home that sold for $1,775,000 during the month, and that will skew results on only a few homes (8) sold in the first month each year. Still, the past 12 months ended up with the cost per square foot at the same level, $297, with the previous year. Could be the values are beginning to flatten out for that product category. Perhaps that's why there were only 119 homes sold in the prior year compared with 188 sold in the year just ended.

Condo values are not faring quite so well, though. Virtually the same number of properties sold in each year, but values have dropped about five percent, from $300 per square foot to $284 for the whole year. A bit of a drop in price per square foot occurred in January this year, too, down from $278 in 2010 to $261 in 2011.

Multifamily property sales are zipping right along, as investors are buying up potential rental sites and replacing aging structures with more modern, luxurious accommodations. The rental market remains good. And for a buyer, one could just about make money on the right place in the right location, purchased for the right amount. At under $200 per square foot, it's looking right, right now.

Here's the graphic. See what you think! Also, I've placed 2010 and 2009 info in separate folders for your searching pleasure. Keeps the load time down, too.

Sales January 2010	# Sales	DOM	Sq. Ft.	LP	SP	SP/Sq. Ft.	LP/SP
Residential	8	282	1,697	$584,225	$509,219	$305	89%
Condo	5	245	851	$272,200	$239,000	$278	87%
MultiFamily	0
Totals	13
Sales January 2011	# Sales	DOM	Sq. Ft.	LP	SP	SP/Sq. Ft.	LP/SP	% Change
Residential	8	222	1,753	$788,100	$686,125	$401	90%	0.31
Condo	6	371	1,102	$341,250	$285,750	$261	87%	(0.06)
MultiFamily	1	273	1,766	$359,000	$345,000	$195	96%	#DIV/0!
Totals	15							0.15
Year end 1-31-10	# Sales	DOM	Sq. Ft.	LP	SP	SP/Sq. Ft.	LP/SP
Residential	119	233	1,795	$580,058	$512,578	$297	89%
Condo	97	295	1,093	$378,497	$337,806	$300	90%
MultiFamily	7	271	2,007	$376,789	$350,308	$179	94%
Totals	223
Year end 1-31-11	# Sales	DOM	Sq. Ft.	LP	SP	SP/Sq. Ft.	LP/SP	% Change
Residential	188	205	1,763	$569,991	$508,246	$297	90%	-
Condo	98	241	1,064	$342,701	$308,436	$284	90%	(0.05)
MultiFamily	24	209	1,989	$438,152	$390,354	$182	91%	0.02
Totals	310							0.39