Longboat Key Condominium Sales Volume
Longboat Key condo sales were up 4% in the current period, compared to the previous year. New construction sales accounted for 26 sales, about an 8% increase over the previous year. The price points for new construction sales ranged from $2.9 M to $5.1M. Given that only 5 resales closed for more $2.9 M or more, with the highest being $4.2M, it is unlikely these sales took much away from the resale market. That means resales on the Key dropped about 4% during the year.
Click to Download Recent Longboat Key Condominium Sales Addresses/Prices
Looking at sales by price point confirms this. The decrease in sales came from the under $1 M price point (down 10%). If anything, new construction brought more lookers to the Key in the higher price points, as the resales priced over $2 M increased by 50% (from 12 last year to 18 this year).
Longboat Key Condominium New Listings
New Longboat Key condominium listings increased to 491 during the current period, compared to 404 during the previous year, for a 21% increase. While the under $1 M price point showed the smallest increase in listings, there were still 19% more listed this period than last, implying a shortage of inventory was not to blame for the fall in sale.
Median Sales Price- Longboat Key Condominium Sales
The median sales price increased to $575,000 for the current period, compared to $510,000 for the previous period or about 12.7%. The high values of the 26 new construction sales (ranging from $2.9M to $5.1M) accounted for more than $50,000 of the increase. Without new construction sales, the median price would have come in at $525,000 or just a 2.9% increase.
Longboat Key Condo Median Sale Price
Unsold Longboat Key Condominium Inventory at September 30th
Unsold inventory at the end of September stood at 180 listings, up 50% over the 121 available for sale at the end of September 2015. The increase is largely the result of an increase in new listing offset by a few more sales and expired/withdrawn listings.
While the increase looks huge, it’s only because of the unusually low inventory on-hand during the second half of 2015. The 121 listings available for sale last September was a 10-year record low for any month. If you compare 2016 to the number of unsold listing on-hand at the end of September 2013 and 2014 (190 and 172, respectively), things look more normal.
The median asking price of ending inventory dropped 11.7% to $849k at the end of September 2016 from $961 at the end of 2015.
Click box to see current Longboat Key Condominiums listed for sale by price point
Under $500k $500k-$1,000k $1,000k-$2,000k over $2,000k
Other Miscellaneous Longboat Key Condominium Stats
- During the current period, 34% of all listings that sold were on the market for 30 days or less. In the previous period, only 24% of listings were on the market for 30 days or less.
- Median days on the market for a sold listing was 69 this year, compared to 89 last year.
- The average listing sold for 96% of the listing price this year, compared to 95% last year.
- There were 5 distressed sales (foreclosure or short sale) this year, compared to 12 last year.
- Expired and withdrawn listings totaled 119 this year or about 24% of all new listings, compared to 104 last year or 25% of all new listings.