Market Snapshot: Longboat Key Condos

One of my favorite niche markets in Sarasota is the Longboat Key Condo market. This market is one that has a wide variety of properties, all with close proximity to one of southwest Florida's most pristine beaches. My data here shows me that the pace of sales is slowing in most areas of our market right now- including Longboat Key. Keep in mind that these statistics include all of Longboat Key, and are for condominiums only.

September 2005
New Listings: 38 Sales: 20 Average Sale Price: $955,450 Average List Price: $936,039 Average Days on the Market: 124

March 2005
New Listings: 55 Sales: 55 Average Sale Price: $947,346 Average List Price: $1,111,645 Average Days on the Market: 136

September 2004
New Listings: 25 Sales: 33 Average Sale Price: $649,415 Average List Price: $716,892
Average Days on the Market: 170

Notice that this month lacks the equilibrium in listings and in sales that caused Sarasota's extreme seller's market over the past couple of years. While prices on Longboat Key continue to hit all time highs, the frequency of these sales seem to slowing. Time will tell if this is seasonal, but after looking at the stats from '04, I would say things are slowing.