Well, here we are again; three more months have passed as we fight our way through the biggest pandemic in more than a century, but Anna Maria Island’s real estate market hasn’t blinked.
The price point on the Island and in little Cortez is holding steady and even growing, especially in the over $1 million range, but how did we get here? Before we analyze the $1 million and over sales and listings for the next three months, let’s review what has happened in the state of Florida this year.
The real estate market all over the country is booming, but Florida in particular is doing great, with thousands of people moving into the state every week. Apparently, U-Haul is the authority on migration trends in the country, and according to their 2020 report, Florida is number three in the country for one-way U-Haul rentals. This is in addition to many airlines adding direct flights to Florida during the winter. Practically every day, Sarasota-Bradenton International Airport reports either another airline flying out of Sarasota or added flights to existing schedules.
Although we have one of the largest senior populations, the Florida death rate from the virus is in the middle of the country’s rates, and well below California and New York – two other states with large populations, but fewer seniors. This plus having the state mostly or partially open during this time is encouraging people to relocate.
In addition, business migration to Florida, particularly in the finance industry, is increasing because of taxes, weather and the ability of people to work remotely. The state reports that 35 large businesses have moved to Florida since the pandemic began. All of this has increased home sales 20% statewide in the last six months of 2020 while raising the median sales price by 14.4%.
So, let’s take a look at the $1 million and over sales and current listings as of this writing in Cortez and the three cities on Anna Maria Island for November, December and January. Closed sales are from the Manatee County Property Appraiser’s website and those currently on the market or pending are from realtor.com.
Cortez closed two sales, one at $2,500,000 and one at $1,215,000; in the last comparison, Cortez also closed two properties in this price range. The city of Anna Maria closed 41 properties, one over $4 million, two over $3 million, 15 over $2 million with the balance $1 million or over. Last time, Anna Maria closed 42 sales. The combined cities of Bradenton Beach and Holmes Beach closed 39 properties, one over $6 million, one over $4 million, one over $3 million, 12 over $2 million and the balance $1 million or over. Last time, there were 40 sales.
On the market or pending as of this writing in Cortez, there are three properties over $1 million; the last time there were eight. The city of Anna Maria has 31 available or pending; one over $6 million, four over $4 million, seven over $3 million, five over $2 million and the balance over $1 million. Last time, Anna Maria had 42 in this category. The combined cities of Holmes Beach and Bradenton Beach have 81 properties on the market or pending, three over $5 million, two over $4 million, six over $3 million, 20 over $2 million and the balance $1 million or over. Last time, there were 70 properties.
Two other impressive numbers are that almost half of the properties listed on realtor.com for Cortez and the Island are pending. In fact, in the city of Anna Maria, there were only two properties below $1 million and both were pending.
See you in three months for another update. Happy St. Patrick’s Day. Stay safe.