How did the Longboat Key real estate market fare in 2023?

How did the Longboat Key real estate market fare in 2023

How did the Longboat Key real estate market fare in 2023?

Increased inventory and less frenzied purchasing began to stabilize Longboat Key real estate last year.

Bruce Myer was recently interviewed by The Observer discussing the local real estate market

A view from the back of 6877 Gulf of Mexico Drive, which sold Aug. 18, 2023, for .45 million
A view from the back of 6877 Gulf of Mexico Drive which sold Aug 18 2023 for $945 million

The real estate market on Longboat Key is calming down, and that’s a good thing according to some local real estate experts.

Data from the Realtor Association of Sarasota and Manatee shows that the median sales price for Longboat Key single-family homes in 2023 was $2,275,000, which was a decrease of 1.09% from 2022.

For townhomes and condos, the median sale price in 2023 for Longboat Key was $978,750, marking a 0.13% decrease from 2022.

At the county level, the median sale price for single-family homes was $515,000 in Sarasota, a 4.5% increase over 2022, and $509,240 in Manatee, which was a decrease of 2.1% from 2022.

Townhome and condo prices continued to climb across both Sarasota and Manatee counties in 2023, with a median sales price of $363,620 in Manatee (a 5.5% increase) and a median sale price of $410,000 for  Sarasota County (a 6.5% increase).

While it wasn’t the strongest year for some Realtors, several said an increase in inventory has influenced the market the most last year and overall 2023 was a solid year.

“(Last year) was still a very strong year for me,” Longboat Key Realtor Reid Murphy said. “It wasn’t my best year, but it was still very strong.”

There was a 20% increase in newly listed townhomes and condos in Longboat Key from 423 listings in 2022 to 509 in 2023, according to statistics from the Realtor Association of Sarasota and Manatee.

An increase of 9.87%, was seen in newly listed single-family homes, from 152 in 2022 to 167 in 2023.

 

Longboat Key real estate by the numbers

2022 Single Family2023 Single Family2022 Townhomes
& Condos
2023 Townhomes
& Condos
Closed sales104108365338
Cash sales8577287273
Median sales price$2.3M$2.275M$980,000$978,750
Dollar volume$290.2M$282.3M$466.6M$486.1M
Median days to contract21501033
New listings152167423509

 

But the standout stat was a sharp increase in median time to contract.

In 2022, the median days to contract for single-family homes was 21 days.

Last year, the median was 50 days. That’s a 138% increase.

For townhomes and condos, the median went from 10 days in 2022 to 33 days in 2023 — an increase of about 230%.

Total closed sales remained steady between 2022 and 2023.

For single-family homes, there were 104 in 2022 and 108 in 2023. For townhomes and condos, it was 365 closed sales in 2022 and 338 in 2023.

The home at 683 Mourning Dove Drive sold for .5 million.
The home at 683 Mourning Dove Drive sold for $115 million

Getting back to normal

Across the board, it seems like the market is equalizing after a turbulent pandemic environment.

Michael Moulton, with Michael Saunders & Co., said that in the COVID-19 pandemic, sales were crazy.

“Everything was a frenzy, multiple offers, things selling overnight,” Moulton said. “We’re not seeing that anymore.”

Now, he said, the area is returning to somewhat normal market conditions.

“I felt in 2023 there wasn’t a sense of urgency by the buyers,” Moulton said. “I think there’s starting to be a little more now … and I think that’s a very positive trend going forward.”

Bruce Myer with Coldwell Banker agreed, and said last year he saw people returning to the more normal pattern of traveling back and forth seasonally, compared to previous years in the pandemic.

During COVID, he said at a given time there might have been 20 active condo listings. Now there’s almost 180 active condo listings.

“That’s the highest inventory it’s been in a few years,” Myer said.

One factor he attributed to higher inventory is an aging population. He said as more people move to places like the Sarasota Bay Club and Plymouth Harbor, more listings are going on the Longboat Key market.

Myer also agreed that he’s seen the median time to contract increase, and that days on the market are longer than during COVID, when people would pay full price and often above asking price in shorter amounts of time.

Outside influences

The real estate professionals shared some insight as to other factors that they’re keeping an eye on.

First is insurance.

“Insurance is a big issue right now. It’s affecting a lot of things, whether that’s homes or condos,” Murphy said.

When working with buyers, insurance is something that Myer said is something that the Realtors are looking at more closely as an outside influence.

“I would say there are a lot of moving parts that we as agents have to really pay close attention to,” Myer said.

Myer and Moulton both said that the St. Regis Longboat Key will also be big for the real estate market, and something people are looking forward to.

“I think that’s going to drive prices more upward,” Moulton said.

A crucial part in that, Myer said, is the clientele that the St. Regis will bring. The resort will have restaurants and bars open to the public, along with high-end hotels and condos.

622 S. Owl Drive on Bird Key sold for .25 million in June 2023.
622 S Owl Drive on Bird Key sold for $1125 million in June 2023

Key interests for buyers

Moulton said that listings that have been recently remodeled are commanding a premium. “Move-in ready” is the bottom-line term, he said.

“What makes the big, big difference in this market is if something’s renovated and done really nicely in a good location … that’s getting the most attention,” Myer said.

Other attractive amenities vary.

Murphy said some of his buyers are looking for higher quality, especially in kitchens and bathrooms. Outdoor space is also something he’s seen increase in popularity.

According to Moulton, an open floor plan is something that buyers are interested in. Separate living rooms and family rooms aren’t as popular anymore, he said.

Impact resistant windows and newer roofs are also things buyers are looking for, especially in this area.

And just because the pandemic retreat isn’t as big of an influence now doesn’t mean that’s keeping people away from Longboat Key.

All three agreed that the Longboat Key lifestyle still has prominent appeal.

Having pristine golf courses, tennis courts and stores like Publix and CVS on the island contribute to the island’s unique feel.

“It becomes a lifestyle … I call it our own little bubble out here,” Myer said.

Myer also said the town’s restrictions on short-term rentals is something that draws people in to make Longboat Key their home.

“That, I think, is a huge factor,” Myer said. “It makes it more of a community.”

 

Records broken in 2023

The 2023 real estate market broke numerous Longboat Key records.

In June, the highest single-family home sale ever was recorded on Bird Key for $9.75 million. That home only had a couple hours in the spotlight, because that same day, another single-family home sold for $11.25 million.

Then, in December, another single-family home sale broke the Bird Key record when it sold for $12 million.

On Longboat Key, the highest single-family home of the year was sold in August. The home sold for $9.45 million.

 

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