Something for every buyer
I had every intention this week of writing about something a little less intense. After three weeks of covering really serious stuff like hurricanes, foreclosures and property values, I felt it was time to take a break. Maybe evaluate the age old question of white verses brown grout on the kitchen floor or the more politically correct topic of low flow toilets, but alas that was not meant to be.
What changed my mind was the result of my monthly review of local residential property sales transactions. Since I’ve been hearing that April was shaping up to be a turn-around month, I was expecting to find an increase in closings. However, not only was I blown away with the number of transactions, but also with the stability of the sale prices. Another interesting fact I uncovered is where the buyers are coming from.
First of all, the sales period I’m working with was from March 24 through April 19. During that time, the Manatee County Appraiser’s office recorded 22 sales in Holmes Beach, seven sales in Anna Maria and eight sales in Bradenton Beach. Poor little Cortez only had one recorded transaction. Now this may not sound earth shaking, but take my word for it, it is.
The average sale price for the 11 single family homes in Holmes Beach was $696,364 with a high of $1,300,000 and a low of $335,000. The eight closed condos averaged $535,125 with a high of $1,550,000 and a low of $215,000. The two duplexes sold at $269,900 and $435,000, and the residential building lot closed at $205,000.
The city of Anna Maria had an encouraging five single family homes close for an average of $509,000 with the high being $685,000 and the low $385,000. Anna Maria also had one condo close for $290,000 and one building lot for $213,900.
Bradenton Beach closed one single family for $195,000, one mobile for $200,000 and six condos averaging $608,083. The condos had a high of $1,250,000 and a low of $240,000. Cortez’s one sale was for a townhouse closing at $575.000.
Thirty-eight sales may not make you swoon, but you have to crawl before you can walk and we’re slowly crawling and clawing our way back up the real estate ladder. It also is pretty obvious that suddenly there is real estate available for just about every buyer in every price range.
Something that is almost more interesting than the numbers and price levels of these sales is where the buyers are coming from. I reviewed each transaction to determine the buyer’s previous or permanent address. Thirteen states were represented and three foreign countries. Anna Maria Island now has transplants from Georgia, New Hampshire, Missouri, Maryland, Oklahoma, Indiana, Virginia, West Virginia, Wisconsin, California, South Carolina, Massachusetts and of course other cities in Florida. Belgium, United Kingdom and Germany were the European countries represented.
When you boil all of this down what it means to me is that prices are holding much better than I would have thought a year ago, sales are obviously up and people from all over the country and the world are in motion despite gas prices and a jittery stock market.
I for one are feeling much better. In fact, I’m feeling so good that I think I’ll finally get to the column highlighting recommended feng shui colors, sub zero refrigerators and low flow toilets.