Longboat Key Condo Sales Hit a Six Year High
Over the past 6 months, 189 Longboat Key condominiums have sold. The last time more sold during any six consecutive month period was the 6 months that ended in September 2005.
The 48 residences that were sold in May of 2011 were the most single month sales since 51 sold in March 2005. The increase in sales are all coming in the lower price points, below $700k.
In fact, sales at the higher price points are actually falling. In the $700k to $1 million range, sales were down nearly 41% during the last 12 months compared to the previous 12 month period. The over $1 million price point group was down 25% over the same period.
Longboat Key Condominium Inventory Levels
As of the end of July 2011, inventory levels were generally down. The exceptions were the under $300k price point where inventory was up 11.9% and the $700k to $1 million group where inventory is up 2.3%.
Overall, the months of supply statistic has improved over the past 12 months. The $300k to $699k has nearly been cut in half due to both an 18% reduction in inventory and a 67% increase in sales. The $700k to a million price point increased from 12 to 20 due to a 40% fall off in sales and a 2.3% increase in inventory.