Longboat Key Condo Market Update – February 2025

The Longboat Key condominium market continues to show dynamic shifts as we move through the early months of 2025. While inventory is increasing, pending sales are on the rise, and median sale prices are holding steady year-over-year, some key metrics suggest a cooling in buyer demand compared to last year. Let’s dive into the latest numbers.

Inventory and Pending Sales on the Rise

The number of properties for sale has steadily increased, rising from 306 in January to 329 in February—a 5% increase year-over-year. This suggests more sellers are entering the market, potentially giving buyers more choices and negotiating power.

Pending sales, a strong indicator of future closings, also show a notable increase. February saw 51 pending transactions, up from 48 in January—a 36% jump compared to 2024. This could indicate growing buyer interest despite some softening in closing numbers.

Closings Declining Year-over-Year

One of the more striking trends in 2025 is the decline in actual closings. February saw 20 closed transactions, down from 30 in February 2024, marking a 33% drop. Year-to-date, total closings stand at 38, which is 28% lower than last year at this time. This slowdown could be attributed to a combination of higher inventory, changing buyer sentiment, or economic factors affecting purchasing power.

Median Sale Price Holding Steady

Despite a decline in closings, median sale prices remain relatively stable. The median sale price in February 2025 was $815,000, down from $847,000 in 2024, a slight 4%

dip. However, when averaged across January and February, the year-to-date median sale price sits at $939,000, almost identical to 2024’s $934,000.

Price Per Square Foot Declining

A notable shift is occurring in price per square foot (PSF). February’s PSF was $593, down 11% from $667 in 2024. Year-to-date, the average is $626 PSF, a 12% decline from last year’s $710. This suggests that while median sale prices remain stable, buyers may be getting

more space for their money.

Days on Market: Volatility Continues

The median days on market (DOM) are fluctuating significantly. January saw 60 DOM, a sharp increase from 33 in 2024, suggesting slower sales. However, February’s 32 DOM showed a vast improvement

compared to last year’s 53 DOM, signaling increased buyer activity. On average, year-to-date DOM is 43 days, up from 33 in 2024, a 24% increase overall.

Months of Supply Growing

The supply of condos, measured in months of sales, has jumped by 44% compared to last year. This increase from 10 months in February 2024 to 16 months in 2025 suggests a shift toward a more balanced or even buyer-favored market.

What This Means for Buyers and Sellers

• For Buyers: With inventory rising and price per square foot decreasing, buyers may have more room to negotiate. However, pending sales are increasing, meaning competition could pick up in the coming months.

• For Sellers: The market still holds strong with stable median sale prices, but homes are taking longer to sell. Proper pricing and strategic marketing will be key in securing a sale.

Final Thoughts

The Longboat Key condo market is evolving, with rising inventory, fewer closings, and a more balanced dynamic between buyers and sellers. While demand appears softer than last year, strong pending sales indicate that activity is still present, and pricing remains relatively stable.

As we move into spring, it will be important to watch whether pending sales convert to closings and how inventory trends impact overall market conditions. Whether you’re looking to buy or sell, staying informed is crucial in making the right real estate decisions.

Thinking about buying or selling in Longboat Key? Contact me today for expert guidance!

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