Anna Maria Island - Look at the Market June 2024

Anna Maria Island, Single Family Home Sales, 5 Year Look, All Price Points

A spate of super positive news about national home prices mixed with reports of prices significantly decreasing in areas that had been considered hot is sending a mixed message to the real estate consumers.  Let’s take a look at the local market compared to some national trends to understand a little more about the Anna Maria Island real estate market for single family homes.

National Market

First, let’s look at the reluctance of sellers in many states to put their homes on the market, especially if that seller is going to have to finance their next purchase. Many of these potential sellers currently have a very nice, low loan rate. Even if they sell their home above market value, the difference often isn’t enough for them to justify moving. This reluctance to sell is creating a challenging issue for buyers who must purchase a new home. 

Most buyers who must purchase are still finicky about what they are purchasing. With decreased buying power from both a financing and an inventory perspective, they are ignoring properties they feel are overpriced and are focusing on homes that are updated and in the location they desire.  A home perfectly situated in updated condition will sell fast, but not sell at 100% of list price as buyers dig in their heals about value.

Here in Florida

Florida real estate homes for sale began accumulating at the end of 2022 and have continued to increase in the subsequent months.  Looking locally, Anna Maria Island is following that trend but also shows a steady increase of contracts since the beginning of 2023.  While the pace of the contracts being written is not as fast as what we experienced in 2020 through most of 2022, there are some very positive signs in the market.

Comparing the last twelve months (from June 2023 through May 2024) for single family home sales on AMI we see strong increases in all categories:

• 40% increase in the number of homes currently for sale (194)
• 23% increase in the number of new listings (449)
• 29% increase in the number of closed sales (181)
• 24% increase in the number of contracts written (186)
• Average Home Sales Price increased 13% (to $2.6M)

The difference between the new listings number and the contracts number increases the overall inventory we are carrying.  While it is a sign of a healthy market to have excess inventory and more buyer choices, buyers from states where  inventory is lower and the market is more competitive can view the number of choices as a danger sign.   This sometimes contributes to a slower pace of contracts.

Here are the Year to Date numbers:

• 22% increase in active inventory (191)
• 22% increase in new listings (230)
• 2% increase in closed sales (100)
• 6% increase in written contracts (107)
• Average Home Sales price increased 18% this year to date versus last year to date and is $2.6M.

This tighter time frame highlights the increased pace of closed sales so far this year compared to last year at this time. Keep in mind that every price point is different and sellers may find themselves in a price point with a lot of competition and hesitating buyers.  In those cases, and depending on the seller’s personal goals, this may be a time to position your home as favorably as possible to attract ready buyers.

This is a great real estate market with excellent choices for buyers. Over the past five years, the average home sales price for a single family home on the island has increased 143% from $1.084M to $2.6M. While there may be small price corrections that take place, buyer confidence is still strong and home purchases on Anna Maria Island are viewed very favorably by buyers in all price points.

Interested in talking about the real estate market on Florida’s Gulf Coast? Contact me today!