The COVID-19 pandemic is having an adverse effect on most parts of our lives and economy. Even though the stock market continues to climb based on the “light at the end of the tunnel” theory, millions are still out of work and thousands more keep getting infected. However, the real estate market keeps moving forward nationally, in Florida, in Manatee County and especially on Anna Maria Island.
Not only are the economics of housing changing, the face of housing is also evolving. Families are looking for different things in a home than before the pandemic. First on the list heard around the country is “home office,” not just for getting through the pandemic but for a large majority of employees as a permanent or semi-permanent arrangement.
Generations have found themselves living together for the first time in decades. Young singles and married couples, some with children, may be out of work and moving in with parents. Others are leaving major cities and moving back to the suburbs they left years earlier. And seniors worried about moving into independent living and assisted living facilities are moving in with their children.
One of the byproducts of the virus has been changes to the construction industry, which has designed some of its models for multigeneration living. Creating a separate living suite for returning adult children or parents, although not unusual in Europe and Asia, is a concept that no one ever expected to see again in this country. And I wouldn’t be surprised to see some of those design elements being incorporated into all the new construction on the Island.
It’s time for the three-month analysis of $1 million and over properties in the three cities on Anna Maria Island and in Cortez. Closed sales reflect the August, September and October sales from the Manatee County Property Appraiser’s website. Current available listings $1 million and over as of this writing are from realtor.com.
Sales have substantially increased since the last report, both on the Island and in Cortez. Cortez had two closings, one at $1,475,000 and one at $1,250,000; last time there were none. The city of Anna Maria had 42 sales ranging from $5,866,000 to $1,050,000. There were three sales over $3 million and the balance of the sales was between $2 million and $1 million. Last time, there were 28 sales in the city. The combined cities of Holmes Beach and Bradenton Beach had 40 sales ranging from $4,500,000 to $1,029,000. There was one sale over $4 million and one over $3 million, but most of the sales were between $1 million and $2 million. The last time there were 19 sales.
In Cortez, there were eight properties on the market between $2,500,000 and $1,200,000; in the last analysis, there were six available properties. The city of Anna Maria had 42 properties available ranging from $4,875,000 to $1,050,000. There were three listed above $4 million, four listed above $3 million, and the balance between $1 million and $2 million. Last time, Anna Maria had 57 properties listed. The combined cities of Holmes Beach and Bradenton Beach had 70 properties listed with a high of $6,800,000 and a low of $1,079,000. Three were over $4 million, five were over $3 million and the balance was between $1 million and $2 million. The last analysis showed 75 listed.
So, it’s obvious that more sales closed as the industry was adjusting to the new COVID-19 world – a good thing, allowing buyers to complete transactions in spite of regulations. Overall, even though inventory is a little lower in these areas, we continue to be in a good sellers’ market.
We can all start to see the little white light at the end of the COVID-19 tunnel. In the meantime, stay safe.
