Is Longboat Key, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Longboat Key has remained a Seller's Market.
Key Takeaway
Longboat Key is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Longboat Key, FL
How much do homes in Longboat Key, FL cost?
Median Sold Price
$1,150,000
$710/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Longboat Key have sold for 1.7% less than they did a year ago.
Summary: The median home sold price in Longboat Key was $1,150,000 in May 2024, down 1.7% from last year, and the median price per square foot was $710.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $547.4K | $549.5K | 0.4% |
| 2 Bedrooms | $892.5K | $848.5K | -4.9% |
| 3 Bedrooms | $1.7M | $1.7M | -2.3% |
| 4 Bedrooms | $4.1M | $3.2M | -22.0% |
| 5+ Bedrooms | $6.0M | $5.3M | -11.4% |
Summary: Longboat Key housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.4%, 2 bedroom homes decreased by 4.9%, 3 bedroom homes decreased by 2.3%, 4 bedroom homes decreased by 22%, and 5+ bedroom homes decreased by 11.4%.
Median Sold Price Compared To Nearby Cities
| Bradenton Beach | $660K | $755K | +14.4% |
| Sarasota | $515.8K | $521.3K | +1.1% |
| Longboat Key | $1.1M | $1.1M | -1.7% |
| Longboat Key | $1.2M | $1.1M | -11.0% |
Housing Supply in Longboat Key, FL
How many homes are available in Longboat Key, FL?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 372 | 340 | -8.6% |
Summary: The Longboat Key real estate market had 340 homes for sale in May 2024, a 8.6% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 14 | 17 | +21.4% |
| 2 Bedrooms | 188 | 171 | -9.0% |
| 3 Bedrooms | 119 | 104 | -12.6% |
| 4 Bedrooms | 42 | 40 | -4.8% |
| 5+ Bedrooms | 9 | 8 | -11.1% |
Summary: The Longboat Key housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 21.4%, 2 bedroom homes decreased by 9%, 3 bedroom homes decreased by 12.6%, 4 bedroom homes decreased by 4.8%, and 5+ bedroom homes decreased by 11.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 60 | 58 | -3.3% |
Asking Price vs. Sold Price
47 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Longboat Key, you may be able to get a good deal. 81% of homes here sold below asking price last month.
Summary: A total of 58 homes were sold or pending in Longboat Key in May 2024, down by 3.3% month-over-month. Of the 58 sold homes, 81% were sold under asking, 16% were sold at asking, and 3% were sold over asking.
Days on Market for Longboat Key, FL
How long does it take to sell a home in Longboat Key, FL?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 36 Days | 96 Days | +161.5% |
Summary: Homes in Longboat Key had an average of 96 days on market in May 2024, up by 161.5% compared to last year.
Breakdown of Home Sale Times
17 Homes Were Sold
Under 30 Days
17 Homes Were Sold
In 30 - 90 Days
24 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Longboat Key are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During May 2024, 58 homes were sold in Longboat Key; 29% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 41% of homes were sold over 90 days.
Listings courtesy of Stellar MLS as distributed by MLS GRID.
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