In Holmes Beach, Anna Maria and Bradenton Beach, the average price per square foot continued to decline on homes and condos both for the same month and for the most recent year ending 31 January, 2010.
For sellers, this continues to be discouraging news. For buyers, though, it's continuing assurance that there are very good deals out there, and that even if the market continues to decline, price-wise, there is still likely to be a good buy for them.
January 2010 marked the decline in average price per square foot from $362 last year to $305, a total of 16 percent, this year in single family home sales. Condos farerd about the same, down 15 percent from $327 psf to $278.
In the year ended January 2010, values were down 22 percent in single family sales, from $381 to $297 per square foot. Condos drifted downward 14 percent for the year, from $347 to $300.
Duplexes, once popular as a way to own a place to stay and earn rental income from the other side, have really dropped in both interest and prices. This last year, only seven duplexes were sold, compared with 31 in the year ended January 31, 2009. Prices were down almost 25%, from $237 psf to $179.
When we take a look at data from August, 2009, 17 residential properties sold for an average of $273 psf, though in the very next month, nine sales averaged $334. Properties in need of renovation will always sell for less; those in great condition will always sell for more.
So, we can look at trends as generally still downward, although any specific month can show a variation from the trend.
Have we hit bottom yet? Probably not. But there is extreme interest in our reduced inventory here on Anna Maria Island, with many, many buyers showing up and getting some great bargains on fine properties.
Sales on Anna Maria Island are up 115 percent compared to December, 2008. And with a 45 percent increase in the average price per square foot for condos sold in December 2009, it appears that even condo values are up. That's the good news.
The bad news is that prices year-to-date are significantly lower than at the market's height. Condo sales for December '09 include two beach-front properties, and five 'condo-tels,' spiking the average way higher than for residential condos.
With a total of 28 sales logged for homes, condos and multifamily properties in Holmes Beach, Bradenton Beach and Anna Maria for the month of December, versus only 13 sales in the same month of 2008, results the pace of selling is significantly higher than in the earlier months of last year. In each category of property, only multifamily shows a decline, down from 29 for the year to only nine.
Single family home sales are nearly at the same number as in the year prior, at 120 for '09 versus 138 in '08. But the average selling price per square foot is down 22 percent, from $385 to $302. For much of early 2009, that figure hovered near the higher end, but with more distressed property sales occurring, we appear to be headed down a slippery price slope with the rest of West Central Florida.
Condo sales are slightly higher than in the prior year, with 96 units sold in '09 and only 72 sold in '08. The averrage price per square foot is down, also, to (coincidentally enough) $302, the same amount as for a single family home! That's a 13 percent decrease from the prior year.
Here are the raw data. Call for further discussion.
November shows the slide in average selling prices per square foot for homes, condos and duplexes in Holmes Beach, Anna Maria and Bradenton Beach continues.
There are about 38 percent more total units sold on the island in November 2009 versus the same month a year ago; 18 properties sold this year and 13 last year. However, sales in the earlier part of the year were slower: in the year ended 11-30-09, total units were off 15 percent, from 248 in the prior year to 210 this year.
Condo sales doubled from four to eight. Condo prices seem to have stabilized, based solely on a strict month-to-month basis. November 09 is virtually the same as November 08, at around $250 per square foot average. In the year ending November 30, though, the average price was down 15 percent from $338 to $288 per square foot.
Single family homes also show declines, off 19 percent for the entire year ending November 30, down to $309 per square foot, with numbers of homes sold also off, with only 115 homes sold against 143 in the prior year. In fact, with the average price per square foot for the prior year at $381, we're seeing a steady erosion of value in residential real estate.
For investors, it seems the bloom is definitely off the rose. Numbers of sales are off drastically, with only eight sales in the last year against 28 in the prior year. Values are also down, more than 20 percent, with price per square foot falling below $200 for the first time in recent memory. We may consider that most duplexes these days are purchased -- in Holmes Beach, at least -- for the value of their homesites. Due to a quirk of local housing codes, an R-2 zoned property of at least 8,712 square feet can qualify as a place to build two single family homes and sell each as a part of a two-unit condo.
Such a strategy on the city's part allows for an increase in total valuation, an improvement in the age of the built environment, and no significant increase, theoretically, in density. Alas, these structures, while new, lower-cost to insure, and more storm resistant, due to use of modern materials and techniques, do not necessarily fit the style we have come to know and love on our island.
Here are the charts illustrating salient points above.
For more information, or to discuss what these numbers may mean for your buying or selling stragegy, just call me. 941-685-8822 is my cell.
October 2009
Once again, we see the number of sales increasing, and values declining in month-to-month and year-to-year comparisons for sales of homes, condos and duplexes on Anna Maria Island.
It is still a buyer's market, and judging by the numbers of sales, buyers are recognizing the value inherent in today's lower prices in our vacation paradise.
Here are a couple of facts that may color your interpretation of the charts below:
At any given time, averages can be skewed by super-high-priced properties or super-low-priced ones. Note that the single sale of a duplex in October '08 was for $1.8 million. That high number will affect the averages of all multifamily year-end averages for quite some time.
The earlier part of 2009 was a slower sales time than normal. The last three months have averaged about 20 sales per month, and that equates to around 240 over a year's time, which is more or less 'normal' for Anna Maria Island absorption rates.
Lower priced properties seem to be selling better than higher priced properties, pretty much across the board.
The average price per square foot continues to slide as the few short sales and/or foreclosures on the island are snapped up, and as owners of non-distressed properties accede to the demands of the market.
With that, here are the numbers. You can always call or write for additional input.
In a summer burst of activity, we see the results of an active summer of sales on Anna Maria Island. There were 20 sales this year in September and only seven last year.
For buyers of single family homes, the average selling price per square foot has remained about the same for month-to month sales, down only about four percent. But once again, condo sales prices are drastically lower per square foot, down 35 percent. One may note, though, that there was only one sale in September 2008 of a condo, versus 11 units sold in '09.
Multifamily sales are the only slow point in September, with zero sales being consummated.
Looking at longer term trends, we're seeing that price per square foot continues to decline for both condo and home sales, with both numbers off 15 percent in the year ended September 30. Only in multifamily sales for that same period do we see any increase, up 13 percent (even though there have been no sales in the last two months.
For now, we must believe that the increase in numbers of sales is due to the great values represented by homes and condos at current pricing. Though there are many, many residential properties listed at prices above the amount to even generate an inquiry, much less an offer, more competitively priced homes and condos are getting offers, some of which are becoming contracts and even sales.
Those owners who are stuck with a high payoff and low value are limited in their options: wait until the market improves, attempt a short sale, or had the keys back to the bank. Tough choices in a down market.
Could be some time before this market improves. The numbers will show it, when it does.
Numbers once again show mixed results in month-to-month sales figures for homes, condos and multifamily properties on Anna Maria Island.
There have been more sales, 23 vs. 14 in 2008, an increase of 64 percent. Yet there have been no multi-family sales and the average price per square foot is down to $273 vs. $389 on single family sales, a decrease of 30 percent. Only condos have shown an increase in average price per square foot, with a blip of an increase of 29 percent on six sales, averaging $345 per square foot.
Looking at longer trends, the 12 months ending August 31, 2009 vs the same period in 2008 demonstrates a continuing decline in average price of residential properties (down 17% to $327), condos (down 14 percent to $288), and numbers of multifamily sales, (down from 24 units to 11 units in '09). Only the average price per square foot for multi-family has shown an increase year to year, up six percent to $243.
Total unit sales numbers are down 28 percent from the prior year, but recent sales are showing an uptick in total numbers. Clearly, it's still a buyer's market.
