The Anna Maria Island Sun Newspaper


Vol. 16 No. 27 - May 4, 2016

REAL ESTATE

March – in like a lion, out like a lamb

 

March is typically the beginning of the end of the strong Florida selling season – in like a lion out like a lamb. Potential buyers have either made a decision, an offer and are getting ready to close on a property for next season or they are leaving with their real estate hand empty.

However, the real estate lamb has been more aggressive in recent years, encouraging buyers to make property decisions before prices go up again and before they encounter more buyer competition in the fall. Accordingly, the March sales and listing statistics for Manatee County are starting to lean in the direction of buyers, which may result in the lamb buyers sticking around a little longer.

The big news resulting from the March statistics compiled by the Manatee Association of Realtors is that inventory of available properties has increased. For a very long time, inventories were way down putting pressure on the marketplace and increasing prices, but we may be seeing a slight change in that dynamic.

Active single family home listings increased 5 percent from March last year and active condo listings have increased 21.5 percent from March last year. This results in a 4.8 month supply of single-family properties and a 5.2 month supply of condo properties. Generally a 6-month supply of available properties is considered balanced.

Similarly, active listings for both single family and condo also have increased in Sarasota County 5.6 percent and 22.1 percent, respectively. That said, we could be seeing a change based purely on inventory and price changes that do normally happen this time of year.

What about selling prices? March sales still reflect what was sold earlier during the busy winter season and for single family homes are up 3.6 percent for the average sale price of $342,722 for March this year. The condo average sale price is actually down 3.0 percent at $199,816 in March this year.

The number of closed sales for single family homes was also down 5.4 percent at 522, as were pending sales down 16.1 percent ending at 444 in March of this year. Closed sales for condos were up 11 percent at 273 for March this year and pending sales ended down in March by 4 percent at 242.

There are two other set of numbers that sometimes play a very import part when you analyze real estate sales, and that's the percentage of original list price compared to the price they actually sell for and the number of days it took to achieve that sale. For single- family homes, the median list to sale price in March was up slightly at .5 percent to a very substantial 95.6 percent, and the median time to sale was down slightly by 4 percent to 96 days for March. Condo median list to sale price was up 4 percent to another respectable number of 95.1 percent with the median time to sell down 11.6 percent to 76 days.

The good news obviously is fewer days on the market benefits sellers, and getting within 5 percent of asking price is also a very desirable position for sellers to be in. The other good news is the slight uptick in inventory, which really points to a healthy real estate market and more opportunity for first time buyers to get in.

Anna Maria is always a real estate market unto itself, but it's still important to track what is going on in the county as a whole since there is definitely a trickle down affect. If you see any of those March lambs around, tell them it looks like the time to jump in is upon them. Check back next month for the April numbers.

Real Estate Transactions
Real estate transfers of January-February 2016

Sponsored by Alan Galletto Island Real Estate

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

Anna Maria

2016-03-10 599,000 575,000 705 N Bay Blvd 911 50x100 2 Br/2 Ba SFR
2016-03-03 630,000 600,000 506 N Bay Blvd 1621 4 Br/2 Ba SFR
2016-03-15 699,000 610,000 318 Magnolia Ave 1440 3 Br/2 Ba SFR
2016-03-31 699,000 620,000 238 Oak Ave 1420 75x149.56 2 Br/2 Ba SFR
2016-03-23 774,900 765,000 307 Hardin Ave 1360 75x139 3 Br/2 Ba SFR
2016-03-31 1,149,900 985,000 727 Jacaranda Rd 2055 3 Br/2.5 Ba SFR
2016-03-21 1,195,000 1,100,000 214 Lakeview Dr 3181 100x1473 Br/3 Ba SFR
2016-03-04 2,190,000 2,050,000 812 S Bay Blvd 2150 75x145 3 Br/2 Ba SFR
2016-03-11 509,000 465,000 520 Kumquat Dr 75x141 SFR Use
2016-03-09 269,900 260,000 522 Pine Ave #4a 822 2 Br/1Ba Condo

Bradenton Beach

2016-03-21 749,000 685,000 2501 Avenue B 1728 50x100 3 Br/2 Ba SFR
2016-03-01 485,000 485,000 2414 Avenue 1788 50x100 Condo
2016-03-23 275,000 250,000 1325 Gulf Dr N #231 675 2 Br/1Ba Condo
2016-03-15 249,500 217,000 2412 Gulf Dr N #120 432 1 Br/1Ba Condo
2016-03-31 649,900 635,000 1900 Gulf Dr N #4 1212 3 Br/2 Ba Condo

Cortez

2016-03-11 129,900 105,000 12305 Baypointe Ter Irregular SFR Use
2016-03-08 705,000 705,000 4110 Marina Ct#4110 2307 3 Br/2 Ba Condo
2016-03-30 799,995 790,000 4130 Marina Ct #511 2594 3 Br/2 Ba Condo
2016-03-07 399,000 400,250 2703 Gulf Dr 1100 2 Br/1.5 Ba SFR
2016-03-25 474,000 465,000 2903 Gulf Dr 1402 3 Br/2 Ba SFR, REO/Bank Owned
2016-03-18 669,900 600,000 501 68th St 2044 3 Br/2.5 Ba SFR
2016-03-29 699,000 681,500 310 61st St #B 2114 45x101 3 Br/2.5 Ba SFR
2016-03-14 719,000 700,000 520 56th St 2452 3 Br/3 Ba SFR
2016-03-21 749,000 710,000 610 Emerald Ln 1969 3 Br/2 Ba SFR
2016-03-08 1,100,000 965,000 108 72nd St 2330 3 Br/2.5 Ba SFR
2016-03-31 1,499,900 1,275,000 103 75th St 2737 4 Br/4 Ba SFR
2016-03-30 1,750,000 1,625,000 697 Key Royale Dr 4584 100x150 5 Br/4.5 Ba SFR
2016-03-04 3,000,000 3,000,000 202 35th St 3224 100x100 4 Br/4 Ba SFR
2016-03-21 479,000 481,000 308 65th St #A&B 1458 99x94 Duplex
2016-03-31 1,190,000 1,040,000 104 29th St #3 2474 55x100 Triplex
2016-03-07 469,000 445,000 5405 Gulf Dr #B 1080 2 Br/2 Ba Half Duplex
2016-03-16 224,700 220,000 3805 E Bay Dr #301 917 1 Br/1Ba Condo
2016-03-28 499,000 499,000 6250 Holmes Blvd#62 1536 3 Br/2.5 Ba Condo
2016-03-04 749,000 719,000 6935 Holmes Blvd 1490 3 Br/2 Ba Condo
2016-03-31 350,000 350,000 458 63rd St 1248 2 Br/2 Ba Villa

 

Source: Mid Florida Multiple Listing Service


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