Market Demand Upbeat on Longboat Key Homes for Sale
Market demand for residences in Longboat Key and Sarasota as a whole appears firmly on an upward momentum. The Judy Kepecz-Hays Team captured this upbeat mood in selling a luxury 3-bedroom condominium in Longboat Key this February at the Water Club.
The rising demand forLongboatresidences became evident starting in June 2020, beating the economic uncertainties of the coronavirus pandemic. There has been a sustained rise in the number of Longboat homes sold moving onward in fourth quarter of 2020.
This strong uptrend tremendously helped the Judy Kepecz-Hays Team emerge #1 in 2020 with closed sales in Southwest Florida of over $125million and over $60million in pending sales.
Top dollars await home sellers
Based on our current market reading, aspiring sellers shouldn’t hesitate to engage the market, Sarasota’s especially. Buyers’ demand here is quite strong and inventory very low. Sarasota home sellers are hence well-positioned to get the top dollars from their listing.
As of end-2020, active listings of single-family homes in Sarasota totaled just 1,253 residences, down 50.4 percent from end-2019. Sarasota’s condo inventory during the same comparative period also declined, with active listings down 35.7 percent to 1,019 from 1,560 condos.
The same thin inventory was evident in Longboat Key wherein active listings for single-family homes and condos dropped consistently in 2020. As of September, there were just 197 active inventory of Longboat single-family homes and condos for sale, down 24.2 percent from a year earlier.
Sellers’ hedge on home valuation
Selling your residence under these low inventory levels puts you in a good position to get the maximum value from your property. The median sale price of residences in Sarasota has been posting healthy gains, with a 12.1 percent increase for single-family homes and an 8.1 percent gain for condos sold in 2020.
In Longboat for example, the median sale price for single-family homes and condos in September was estimated at $737,000 up 41.7 percent on a year-on-year comparison. This median sale price was notably the peak level during the first nine months of 2020.
Demand from buyers remained strongdespite the higher prices, as seen in the increased number of Sarasota residences sold in 2020. Unit sales of single-family homes in Sarasota rose 8.9 percent, while an 11.8 percent gain was posted for condos during the year.
Buying demand in Longboat Key mirrored the same strength in the town’s market for single-family homes and condos. The total number of Longboat residences sold from January to September rose 15.8 percent to 448 from the 387 sold a year earlier.
Sarasota home sellers in 2020 reaped much advantage from the market’s strong demand and low inventory. The median percent of original list price these sellers hit 97 percent. This was a 1.8 percent improvement from the 95.3 percent median percent of original list price sellers got in 2019.
We at The Judy Kepecz-Hays Team believe there is no other way but up for the real estate market this 2021. Prospective home buyers, wiser from lessons learned during the coronavirus outbreak, seek locations like Sarasota and Longboat with lower population density.Contact our Team to get the most out of selling or buying a single-family home or condo in the vibrant local market.