The Anna Maria Island Sun Newspaper

Vol. 14 No. 50 - October 8, 2014

REAL ESTATE

The dog days of August are gone

 

August is the month that Florida real estate goes to sleep and this August was no different. With the exception of school children much of Florida is dozing under a shady tree just trying to get through the month so don’t take the following August statistics too seriously.

According to the National Association of Realtors in August sales of previously owned homes fell 1.8 percent from July to an annual rate of 5.05 million with the median sale price at $219,000 up 4.8 percent from a year earlier. This was the lowest rate in four months of gains due in part to fewer purchases by investors. Although home prices continue to go up it is at a more moderate rate when you compare the earlier part of the housing recovery.

The chief economist for the National Association of Realtors, Lawrence Yun, indicated that investors are getting nervous about the prospect of higher interest rates as the Federal Reserve decreases their bond buying program. If this turns out to be true it means that the real estate market will primarily be driven by traditional home buyers, especially first time buyers who have been in short supply for several years.

As of this writing the 30-year fixed rate mortgage average was 4.12 percent and the average 15-year fixed rate was 3.22 percent. However, the interest rates are expected to rise. Mr. Yun also stated that if lending standards were the same as they were in 2000, which he considers normal since it happened before the housing bubble, sales would be 15 percent higher.

Manatee County’s sales numbers are also a little off according to the Manatee Association of Realtors. Although closed sales of single family homes were slightly up - 493 in August this year compared to 488 in August of last year - sales prices were slightly down. The median sale price of single family homes in August this year was $223,000 compared to $225,000 last year and the average sale price was $264,926 this year compared to $275,850 last year. July’s closed sales were 506, June’s 515, May’s 547 and April’s 501.

Townhouses and condo sales were just the opposite with number of sales down and sale price up. In August of this year there were 181 sales compared to 195 last year, the median sale price was up 4.3 percent to $122,000 and the average sales price up 14.5 percent to $173,131. July’s closed sales were 166, June’s 188, May 205 and April 245.

Cash sales were down for both single family homes and condos. Single family cash sales were down 5.1 percent and condo cash sales were down 7.4 percent. Overall 38 percent of Manatee County’s single family sales in August were for cash which is the same as the statewide average.

As I said, don’t be too put off by the numbers especially when the high end market is hitting it out of the park. In August there were nine over $1 million sales in Manatee County. Five of them were on Anna Maria Island, one in Cortez and the other three in the eastern part of the county including Lakewood Ranch and University Park.

When the September statistics come out shortly chances are they’ll be similar to August, but you can never tell. The good news is it's October and everyone is waking up from the summer heat. Visitors and snowbirds will be flocking down pushing monthly statistics up going forward - time to get out from under the tree.

Real Estate Transactions
As of August 31, 2014
Sponsored by Alan Galletto Island Real Estate

Sold Date | List Price | Sold Price | Address | Provision | Property Style

Anna Maria

08/13/2014 649,000 589,000 112 Hammock Rd. 2009 85x112 3 Br/2 Ba SFR
08/15/2014 697,500 660,000 208 Lakeview Dr. 1408 75x110 2 Br/2 Ba SFR
08/15/2014 749,000 725,000 519 South Dr. 1582 60x110 3 Br/2 Ba SFR
08/04/2014 895,000 895,000 316 Tarpon St. 2351 4 Br/3 Ba SFR
08/20/2014 1,195,000 1,079,000 218 Archer Way, 2712 4 Br/3.5 Ba SFR
08/06/2014 350,000 350,000 70 North Shore Dr. 836 54x78 2 Br/1 Ba Half Duplex

Bradenton Beach

08/22/2014 199,000 189,000 1801 Gulf Dr. N. # 215 691 1 Br/1 Ba Condo
08/29/2014 379,000 372,000 117 10th St. N. 121 1027 2 Br/2 Ba Condo
08/23/2014 625,000 625,000 2600 Gulf Dr. N. # 24 1195 2 Br/2 Ba Condo
08/29/2014 199,000 189,000 103 Gulf Dr. N. 1200 53x100 Com
08/18/2014 599,000 599,000 2412 Avenue B 2984 50x100 Inc

Cortez

08/06/2014 165,000 155,000 9604 W Cortez Rd. 224 1218 2 Br/2 Ba Condo

Holmes Beach

08/20/2014 549,900 540,000 218 85th St . 1534 90x100 3 Br/2.5 Ba SFR
08/15/2014 595,000 560,000 210 55th St. 2185 131x105,70,118 3 Br/3.5 Ba SFR

Holmes Beach

08/12/2014 599,900 572,000 4005 5th Ave . 1994 3 Br/3 Ba SFR
08/20/2014 599,000 585,000 312 61st St. B 1707 3 Br/2 Ba SFR
08/29/2014 599,000 585,000 628 Foxworth Ln. 2334 100x115 3 Br/2 Ba SFR
08/22/2014 675,000 627,500 518 Bayview Dr. 1250 75x120 2 Br/2 Ba SFR
08/05/2014 699,000 675,000 6201 Holmes Blvd. 1822 101x78 5 Br/3 Ba SFR
08/01/2014 749,000 705,000 214 82nd St. 1536 90x90 3 Br/2 Ba SFR
08/01/2014 873,500 837,500 514 Bayview Dr. 1841 75x120 3 Br/2 Ba SFR
08/12/2014 965,900 900,000 684 Key Royale D 3003 4 Br/3 Ba SFR
08/13/2014 1,249,000 980,000 8407 Marina D 2164 80x125 3 Br/2 Ba SFR
08/22/2014 1,499,900 1,400,000 3007 Avenue F # 1 & 2 2200 4 Br/4 Ba SFR
08/04/2014 232,000 215,000 4307 Gulf D 206 1027 2 Br/2 Ba Condo, Short Sale
08/13/2014 395,000 370,000 6500 Flotilla D 174 1622 3 Br/2 Ba Condo
08/15/2014 418,000 410,000 5200 Gulf D 508 1169 2 Br/2 Ba Condo
08/13/2014 597,000 573,500 244 S Harbor D 2 1330 2 Br/3 Ba Condo
08/07/2014 649,900 650,000 5608 Gulf D 215 1092 2 Br/2 Ba Condo
08/29/2014 1,725,000 1,700,000 7310 Gulf D 5 1952 2 Br/2.5 Ba Condo
08/22/2014 675,000 627,500 518 Bayview D 75x120 Vac
08/01/2014 425,000 395,000 3004 Avenue C 150x10 Vac
08/21/2014 650,000 405,023.85 8101 Palm D 1971 90x115 3 Br/2 Ba Inc, Short Sale
08/04/2014 519,000 493,000 306 65th St 1300 90x105 3 Br/2 Ba Inc
08/08/2014 419,000 380,000 4603 Gulf Dr # A 1334 50x100 4 Br/2 Ba Inc

Source: Manatee County Property Appraiser’s Office


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