Longboat Key's Halfway Report
We are halfway through 2019. Let’s have a look at what is happening in our local real estate market so far this year:
Longboat Key Market Data: 2018 vs. 2019
Average Sale Price - Longboat Key Home = $942,000
Average Sale Price - Longboat Key Condo = $462,000
2018 Home Average = $1,496,000
2018 Condo Average = $462,000
Inventory is Up.
The number of houses currently on the market is up 12% from last year.
Sales are Down.
Home sales are down over 33% from this time last year.
Days on Market Is Up.
Properties have been sitting on the market for 20% longer in 2019 to a whopping 139 days. That’s nearly 5 months before going to contract.
List to Sale Price Ratio is Down.
Sellers are getting less of their asking price this year — 6% less to be exact. Last year, the average ratio was 91%, and this year, we’ve stooped to 85%.
The Quick Analysis
All the above statistics are merely showing a side effect of the Greater Sarasota real estate market shifting to a buyer’s market. What does that mean for you?
Well, if you are looking to buy on Longboat Key anytime soon, you’re in good shape! You’ll likely have a lot of selection from which to choose and sellers will be more likely to negotiate as long as you stay reasonable in your offers. (I can help with that, by the way.)
If you are interested in selling your Longboat Key property, prepare to be realistic. The market has shifted towards buyer-advantage so you will need expert help to price your property competitively to get a sale. Having a strong negotiating Realtor like me by your side couldn’t hurt either, as there will likely be a few rounds of offers and counter-offers before an agreement is reached.
If you aren’t buying or selling anytime soon, now is a good time to make property improvements that will help your overall home value in the long run.
Highest & Best
Most Expensive Sale in First Half of 2019
891 Longboat Club Road
5 bedrooms - 6 bathrooms - 5,974 sq ft - Sold in March for $7.5 million
Most Expensive Currently on the Market
845 Longboat Club Road (Neighbor of the highest sale)
6 bedrooms - 6 full & 2 half bathrooms - 19,300 sq ft - Offered for $22.5 million
Most Expensive Condo Sale in First Half of 2019
#3C3 in Vizcaya
4 bedrooms - 4.5 bathrooms - 3,895 sq ft - Sold in May for $3.6 million
Most Expensive Condo Currently on the Market
Penthouse #501 in Aria
4 bedrooms - 4.5 bathrooms - 3,921 sq ft - Offered for $6.1 million
Sarasota in general and Longboat Key particularly has seen a shift over the last 6 months — it’s a great time to be a buyer! While the market shifts to and fro, up and down, and in and out like the waves we watch every day, it is easy to remember why so many of us choose to live here and love it. As the sea breeze and a summer storm blow in this afternoon, I can’t wait to help more clients find their dream home or condo right here on Longboat.
Whether you are buying or selling, having a trusted Realtor to guide you is so important. If you are considering making a change, give me a call today and let’s go over your options, 941-504-3303, or comment below.