Longboat Key Market Update - May 2011 Results
Longboat Key participated in the great May condo liquidation as well. During the month, 46 condominium residences sold. This was the most since 51 sold during March 2005. Five of the sales were over $1 million. While higher than an average month over the past 2 years, it wasn’t any sort of a record. In fact, in the previous month of April, 6 sales were over a million dollars.
The inventory of unsold Longboat condos dropped to just 403. While this is an 18 month low it is nothing remarkable, just the low end of range. Inventory has been chopping around between 400 and 500 since the fall of 2007. The unsold condo inventory on Longboat represents around an 18 month supply based on the prior 12 months of sales, still very high and giving a huge advantage to the buyers.
The single family home story on Longboat is similar. In May, 10 single family homes sold but in April 15 sold. April was the first time more than 9 homes had sold in a single month since March 2010. Unsold single family inventory dropped to 137 residences in May – the lowest level since December 2004. Still inventory is very high for the number of sales being generated. The current inventory level represents 20 months of supply based on the past 12 months of sales.
The charts below illustrate the points discussed above. The source for all data in the charts is Trendgraphix and the My Florida Regional MLS for the property category and months indicated.
