The Anna Maria Island Sun Newspaper


Vol. 16 No. 37 - July 13, 2016

REAL ESTATE

May real estate flowers

 

Chances are after you read to the end of this column you'll be very happy about where the real estate market in Manatee County is headed. However, you're not alone because as happy as you'll be, the property appraiser's office may even be happier, since it reported on July 1 that Manatee County's property values have risen to almost $30.6 billion, slightly more than the June 1 estimate.

May was a good month for property values, not as good as April was, but since April always reflects property closings, which were the result of the busy winter buying season, it's very understandable. During May, we closed 0.3 percent fewer single-family homes, but condo closings were up 12.6 percent. The median sale price of single family homes rose 7 percent to $275,000 from last year, and the average for single family homes rose 8.7 percent to $357,240 from last year. The median price for condos rose 4.2 percent from last year to $166,750, and the average rose 5.2 percent to $230,591 from last year.

As a comparison, in April the single family median sale price was up 8.9 percent, and the single-family average was up 13.4 percent. The condo median sale price in April was up 14.1 percent, and the average was up 58 percent, a definite outlier.

Getting back to May, active single-family listings were up 20 percent, and active condo listing were up 17.4 percent. The supply of properties for both single family and condos were about 4.6 months still below the norm, but the listing to sale price for single-family homes was 95.5 percent and for condos 94.4 percent.

Manatee County also is still doing better than the rest of the country. The national median sale price for a previously owned single-family home was $239,700, which is 4.7 percent higher than last year. Manatee County's single family median was $275,000 and 7 percent higher than last year. After years of ups and downs, the national home values have increased at a rate of about 5 percent since early 2015. In May, sales of existing homes around the nation rose to their highest level in more than nine years in both number of sales and price of properties, according to the National Association of Realtors.

And again the lingering downside of the real estate market is the low inventory that is being experienced in Manatee County, as well as around the country. This, in particular, hits first time buyers hard, as they may be priced out of the market.

The lack of inventory as well as slow financial growth, is reflected in the homeownership rate that has been declining since the peak of the housing bubble. The national rate is down to a four decade low of 63.5 percent, according to the Commerce Department. Canada, our neighbors to the North, are experiencing just the opposite with their home ownership rate of 69 percent surpassing us. In addition, the average Canadian now has about 74 percent of his home's value in equity, compared with 50 percent for the average American. Since Canadians cannot deduct interest paid on their home mortgages, they are not encouraged to borrow against their homes, therefore, creating more equity.

Nothing makes me happier then when our local government is happy. Well, almost nothing. With property values on the increase, the county's revenue also will be increasing. Let's hope all that extra money will be used wisely and some of it put away for the inevitable rainy day when property values level off.

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

2016-05-12 525,000 502,500 315 Hammock Cir 1652 3 Br/2 Ba SFR
2016-05-19 749,000 693,000 315 Hardin Ave 1472 2 Br/2 Ba SFR
2016-05-19 995,000 900,000 733 Holly Rd 2678 75x110 5 Br/4 Ba SFR
2016-05-09 949,000 925,000 311 Pine Ave 2160 3 Br/2 Ba SFR
2016-05-27 1,395,000 1,350,000 107 Willow Ave 2880 50x110 5 Br/3 Ba SFR
2016-05-02 1,595,000 1,500,000 115 Park Ave 2120 4 Br/3.5 Ba SFR
2016-05-12 1,849,000 1,700,000 812 Jacaranda Rd 2635 5 Br/2.5 Ba SFR
2016-05-06 1,950,000 1,750,000 913 N Shore Dr 2421 4 Br/3 Ba SFR
2016-05-02 3,195,000 2,700,000 810 S Bay Blvd 4008 4 Br/4 Ba SFR

Bradenton Beach

2016-05-11 699,900 680,000 100 7th St S 1452 3 Br/2 Ba SFR
2016-05-24 1,495,000 1,450,000 2119 Avenue C 2946 5 Br/4 Ba SFR
2016-05-12 1,895,000 1,700,000 2310 Canasta Dr 2669 3 Br/3 Ba SFR
2016-05-20 1,870,00 162,000 1603 Gulf Dr N #30 380 1 Br/1 Ba Condo
2016-05-20 199,990 190,000 1603 Gulf Dr N #16 540 1 Br/1 Ba Condo
2016-05-19 259,900 249,900 117 7th St N #10 864 2 Br/1.5 Ba Condo
2016-05-31 279,000 275,000 1325 Gulf Dr N #126 675 2 Br/1 Ba Condo
2016-05-31 289,000 291,000 1325 Gulf Dr N #123 675 2 Br/1 Ba Condo
2016-05-26 379,900 355,000 1801 Gulf Dr N #175 1080 2 Br/2 Ba Condo
2016-05-24 539,000 485,000 2319 Avenue C #200 1698 3 Br/2 Ba Condo
2016-05-20 740,000 675,000 2600 Gulf Dr N #44 1179 2 Br/2 Ba Condo
2016-05-16 289,900 280,000 2601 Gulf Dr N #S21 520 3 Br/2 Ba Mobile

Cortez

2016-05-26 1,395,000 1,268,600 12914 Yacht Club Pl 4039 4 Br/4.5 Ba SFR
2016-05-26 1,750,000 1,450,000 12901 42nd Ter W 3287 3 Br/3.5 Ba SFR

Holmes Beach

2016-05-02 489,900 442,000 226 85th St 1689 3 Br/3 Ba SFR, REO / Bank Owned
2016-05-02 659,000 600,000 216 68th St 1258 2 Br/2 Ba SFR
2016-05-03 635,000 635,000 304 60th St #A 1150 3 Br/2 Ba SFR
2016-05-03 675,000 655,000 524 69th St 1803 80x113 3 Br/2 Ba SFR
2016-05-24 679,000 665,000 309 58th St #A 1487 3 Br/2 Ba SFR
2016-05-02 739,000 689,000 309 59th St #B 2083 3 Br/2 Ba SFR
2016-05-12 735,000 715,000 313 58th St #B 1254 4 Br/3 Ba SFR
2016-05-09 749,000 725,000 514 56th St 1930 3 Br/2 Ba SFR
2016-05-20 829,000 790,000 604 Baronet Ln 1948 4 Br/2.5 Ba SFR
2016-05-12 1,124,999 1,025,000 520 72nd St 2647 3 Br/3 Ba SFR
2016-05-27 1,200,000 1,050,000 3109 Avenue E 2329 4 Br/3.5 Ba SFR
2016-05-13 1,199,000 1,150,519 603 Baronet Ln 2717 95x130 4 Br/4 Ba SFR
2016-05-16 1,379,000 1,255,000 205 79th St 2600 5 Br/4.5 Ba SFR
2016-05-20 1,399,900 1,300,000 691 Key Royale Dr 2055 3 Br/3 Ba SFR
2016-05-04 1,550,000 1,550,000 119 81st St 2196 Br/5.5 Ba SFR
2016-05-11 250,000 225,000 600 Manatee Ave#208 888 1 Br/1 Ba Condo
2016-05-23 237,000 225,000 600 Manatee Ave #11 4896 1 Br/1 Ba Condo
2016-05-27 279,000 269,000 6300 Flotilla Dr #81 1151 2 Br/2 Ba Condo
2016-05-17 295,000 270,000 600 Manatee Ave #220 1187 2 Br/2 Ba Condo
2016-05-13 359,900 354,000 3705 E Bay Dr #109 1121 2 Br/2 Ba Condo
2016-05-06 480,000 455,000 6309 Gulf Dr 1301 3 Br/2 Ba Townhome
2016-05-16 519,900 505,000 6250 Holmes Blvd #69 1536 3 Br/2.5 Ba Townhome
2016-05-20 698,000 667,500 303 64th St #B 85x110 3 Br/2 Ba Villa
2016-05-31 449,000 380,000 202 Haverkos Ct #A 1863 97x80 Duplex
2016-05-06 1,700,000 1,625,000 2812 Avenue E #A 1680 50x100 Duplex

 

 

Source: Mid Florida Multiple Listing Service


AMISUN ~ The Island's Award-Winning Newspaper