Holmes Beach Canal Home Prices Falling and Rising

In Holmes Beach on Anna Maria Island, there are two main areas where homes are located on deep-water canals, with direct access to Tampa Bay and the Gulf of Mexico.

One area is knows as Bay Palms, the other, a more exclusive community called Key Royale, has a higher-end reputation. Many who own boats, from skiffs to good-sized sailboats, make these homes their residences.

And like so many other properties in these perilous times, some have lost value, though perhaps not as much as in some other areas on Florida's West Coast. Others are back at about the highest prices they fetched in 2005!

Here's a chart that shows the last several years of sales data in BayPalms, based upon the average sold price per square foot, taken from the Mid-Florida Regional Multiple Listing Service.

Selling Price Analysis
Bay Palms Area
Canal Homes
2005 through 2008
Based upon Average Price per Square Foot
By John van Zandt
Source: Manatee Multiple Listing Service
2008	Listing $	SqFt	Listing Pr/SqFt	DOM	Sale $	Selling Pr/SqFt	Change Prior Year
Sales 13	$716,992	1892	$389	353	$630,307	$340	-0.09
2007
Sales 17	$823,511	1916	$410	273	$739,191	$374	-0.24
2006
Sales 4	$1,468,250	2674	$533	135	$1,349,000	$494	0.01
2005
Sales 17	$960,023	1937	$509	111	$922,957	$489

We can see that after the heyday of 2006, when prices were at their peak, that we've seen a steady decline through 2008. Note that with only four sales in 2006, each of which was, on average, much larger than the norm, with prices to match, that the data shows an aggregate decline in price per square foot of about 31 percent.

On the other hand, Key Royale, which offers more homes with big-water views of Tampa Bay, has seen a recent resurgence in value. In the year just ended, a complete rebound in average selling price per square foot has taken place. The total loss in value is only about five percent!

Selling Price Analysis
Key Royale
Canal Homes
2005 through 2008
Based upon Average Price per Square Foot
By John van Zandt
Source: Manatee Multiple Listing Service
2008	Listing $	SqFt	Listing Pr/SqFt	DOM	Sale $	Selling Pr/SqFt	Change Prior Year
Sales 16	$1,180,931	2372	$477	356	$1,014,968	$414	0.24
2007
Sales 10	$802,200	2125	$371	242	$713,900	$334	-0.23
2006
Sales 7	$1,201,142	2348	$485	203	$1,062,142	$434	0.03
2005
Sales 11	$699,745	1631	$440	86	$675,854	$423

It takes longer to sell a Key Royale home, averaging just about a year, but the values are still there sellers trying to reach people who need a nice home for themselves and their boat.

If you'd like to discuss these sales results, and the surprising news contained therein, send me an email at John@calltheislanders.com

Or if you want more insightful data like this, go to my website: www.CallTheIslanders.com and check out my blog there.

Thanks,

John