The Real Estate Market in Longboat Key
Over the past two years we have seen unprecedented growth in the Longboat Key real estate market but we are now seeing a shift. We’ve moved beyond the frenzied multiple-offer situation and things are beginning to slow.
So what does that mean for the future of real estate? Nobody can predict the future but we can make some educated predictions based on recent market data.
Our July 2022 Longboat Key real estate market report will assist you in making well-informed decisions regarding your future real estate transactions.
At the end of June 2022, there were 215 active listings. This is a slight increase from June 2021 with 201 active listings.
Average List Price
The average list price for June 2022 was $1,465,359, which was 11.37% higher than the previous year’s figure of $1,315,239.
Number of Sales
In June 2021, there were 82 sales with a median sale price of $782,000. What’s interesting to note is that in June 2022 there were only 39 sales with a median sale price of $1,060,000. That’s an increase of $277,500 in the median sales price over the past year in the Longboat Key real estate market.
Median Sale Price
At the end of June 2022, the median sales price increased to $1,060,000 which is a 35.4% increase from June 2021.
The median price is the middle value of a set of real estate values. It’s not the same as the average price. The median price represents the price in the middle of a data set, with half of the properties priced lower and half the properties priced higher.
The average sales price may be skewed by unusual sales that influence the calculations. For example, a property that sells considerably above the list price would skew the average sold price.
With the median sale price, different sales types don’t affect the resulting figures.
Close Price to List Price Ratio
Over the past year we have seen a decrease in the number of sales in the Longboat Key real estate market. There were 82 sales in June 2021. It dropped to 39 sales in June 2022.
Although the number of sales has decreased since last June, we are still seeing properties close at 100% of the ask price.
Sold Price By Square Foot Ratio
The June 2022 end of month data shows an increase of of 28.21% in the sold price per square foot ratio since June 2021.
Currently, homes continue to sell for more than the list price per square foot in the Longboat Key real estate market.
Take note, the June 2022 list price per square foot ratio was $533; the sold price by square foot ratio was $718.
Months supply of Inventory
A month’s supply of inventory (MSI) is a statistic that measures the link between supply and demand in a real estate market. How long would it take to burn through all of the houses currently for sale if new homes stopped entering the market? This graph provides an answer to this question.
As of the end of June 2022 the months supply of inventory is 4, which indicates Longboat Key, FL is still in a seller’s market. A six months supply is a balanced market. Anything over 6 months is a buyer’s market.
The supply of inventory for Manatee County and Sarasota County is as follows:
Manatee County is at a 1.8 month supply.
Sarasota County is at a 1.7 month supply.
Longboat Key’s Increasing Home Values Over the Past 10 Years
Here’s a brief summary of some intriguing Longboat Key, Florida real estate market statistics.
Over the past 10 years there has been a 115.7% increase in the median values in Longboat Key, Florida.
Ten years ago the median home value in Longboat Key was $479,250. An interesting comparison — as of June 2022 the median price for Sarasota County is $500,000.
As of June 2022, the Longboat Key median value is $1,034,000.
Sarasota & Manatee County Stats
Let’s compare the town of Longboat Key stats to our local county stats.
Manatee County saw a 35.7% increase year over year with a median sale price of $550,000. Sarasota County saw a 25% increase, (a record high), with a median sale price of $500,000.
The monthly supply of inventory for Manatee County is at 1.8 months, which is a 200% increase from June 2021. Sarasota County is at a 1.7 months supply, which is a 142.9% from last year. Both counties are experiencing a seller’s market.
The average days on market for both Manatee and Sarasota Counties is seven days or less.
Where is the real estate market headed?
With the exception of a few select properties, multiple offers and appraisal waivers have mostly evaporated. Sellers who came late to the party and tried to catch the wave with an aggressive list price, are now having to consider price reductions.
Although the market has pulled back the supply is still below pre-pandemic numbers.
With the Longboat market predominately retirees or near retirees, the hike in interest rates do not affect these buyers like they do with the younger generations.
For these reasons, it is believed the Longboat Key area will weather the shift better than some of the other markets.
Longboat Key Real Estate For Sale