Since last week’s report relayed the growing number of sales in Manatee County, this week I am concentrating on MLS data as it relates to Anna Maria Island. Interestingly, the Island currently shows four more sales in November this year than the five that closed last year for the same three week period. However, the big difference is in the inventory: last year, 8 properties came on the market in the
first three weeks of November, while this year, the number is…..37! How many properties are currently pending and going to close soon? This year, the number is 15. Last year there was 1! What’s a more important indicator about market activity, however, relates to median and average price sales. Both have climbed since November, 2007, which is a positive sign for investment in Island real estate. The average sales price of a residence this month is $725,000, while the median price is $475,000. Compare this to last November, when the median sales price was $430,000 and the average sales price was $528,000, and we can safely bet that Island property is recovering, as is the rest of the market.
These signs are all positive for the Island, but I’m still cautioning sellers to be realistic about pricing their properties, and I continue to tell them to sell ONLY if they are willing to price with the market.
Last week, I happily announced we are out of the gate. This week, I’d say the Island is ahead on the first turn.