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Longboat Key Real Estate Overview
As of September 2023, the Longboat Key real estate market shows a notable decrease in home prices compared to the previous year, with the median sale price now standing at $960,000. This represents a significant decline of 46.8% from last year's figures. The average price per square foot also witnessed a slight decrease, now at $688, indicating a 1.1% drop since last year.
Homes in Longboat Key are currently less competitive and stay on the market for longer periods. The average home sells after about 68 days on the market, contrasting sharply with last year's faster pace of 32 days. Despite this slower pace, the number of homes sold has increased, with 32 homes sold in September 2023 compared to 22 in the same period last year.
Homes in Longboat Key typically sell for around 6% below the listed price. However, the most sought-after properties, or "hot homes," can sell closer to their asking price, with a mere 1% below the list price and going pending in approximately 28 days.
Between August and October 2023, 38% of Longboat Key homebuyers looked to move out of the area, while a significant 62% aimed to remain within the metropolitan region. Interestingly, there has been a national interest in moving to Longboat Key, albeit small, with 1% of homebuyers from outside metros, particularly from New York, Chicago, and Boston, showing interest in relocating here. Conversely, for those moving out of Longboat Key, Asheville, Greenville, and Knoxville have been the top destinations, with 62% preferring to stay within the metropolitan area.
Understanding the current real estate trends in Longboat Key is crucial for making informed decisions. Whether you are looking to invest or find your dream home in this serene and beautiful location, our team is here to help. We provide personalized advice and insights tailored to your unique needs. For more information or to start your home buying journey in Longboat Key, please contact us.
Kathy Callahan wants to help each of her customers with everything they might need when it comes to buying or selling a home. She cares about each of her clients as a friend, and her services reflect that dedication. Give her a call today to see what she can do for you.