Longboat Key Real Estate Recap - June 2011
Longboat Key Condominiums
Source of all data in this article is Trendgrahix and the My Florida Regional MLS for the products and time periods indicated.
Marking time is about the only way to describe the Longboat condominium statistics. Inventory has declined sharply since the end of April, but it does that every year due mostly to seasonal issues. For the past 2 years, inventory has been range bound between 350 and 450 residences. In fact, except for a minor widening of the range in 2008, Longboat condo inventory has been stuck in this same range since 2007.
Sales results over the past few years tell the same story (or non-story). Since 2006, annual sales have bounced around between 200 and 250 – roughly half the volume that occurred during the gold rush year of 2004 (when 471 residences sold). That being said, sales over the past 12 months are at or just above the top of the 5 year range.
There were 37 sales in excess of $1 million in the past 12 months compared to 45 in the previous 12 months. During the past 12 months there 10 bank owned condos sold along with 21 short sales for a total of 31 distressed property sales or about 11% of total sales (about one fourth the county average).
Longboat Key Single Family Homes
Single family inventory is behaving slightly better. Over the past 3 months, inventory has broken out of the narrow range it has been in for the past 2 years and is now back to summer 2005 levels.
Sales have also been stronger in the past 12 months, moving near the top of the 5 year range. During the past 12 months, 27 homes sold in excess of $1 million compared to 32 homes in the previous 12 month period. There were just 6 bank owned properties sold in the past 12 months along with 8 short sales. Total distressed sales (14) are about 17% of total sales over the past 12 months (one third the county average).
