Longboat Key is a beautiful barrier island located on the west coast of Florida, in Manatee and Sarasota counties. It is between the Gulf of Mexico and Sarasota Bay and is connected to the mainland by The New Pass Bridge and The John Ringling Causeway.
Longboat Key is a luxury residential community with a relaxed and upscale atmosphere. It is known for its gorgeous waterfront estates, posh condominiums, and gated communities. Life here offers residents and visitors a unique perspective of convenient yet secluded island life, with easy access to Sarasota and only one hour commute to Tampa's International Airport.
With so much to love and adore, you may be thinking about Longboat Key real estate. This blog post will provide insights into the current real estate trends, what to expect moving through the remainder of 2023, and what could impact the market. Let's dive into everything you need to know about the Longboat Key real estate market.
Current Longboat Key Real Estate Market Trends
One reason for this shift is because of the national impacts of inflation and interest rate changes. While the market is slowing down, it is likely a sign of stabilization after the red-hot market trends experienced in the last few years. While the number of available single-family homes on the market has increased in average sale time from 2022, this could be a sign of the timing more than anything. Real estate listings generally see a slight dip in certain parts of the year and a rise in others. Listings overall are up from 2022; however, homes were sold under the asking price recently. Overall, Longboat Key trends in real estate show no signs of an impending collapse.
What Does This Mean for Longboat Key Sellers in 2023?
Still, there is no sign of a sudden impending bust. As a seller, the great news to take to heart is the steady growth Longboat Key continues to experience. The 2020 census recorded a 2.4% population increase, and the area has enjoyed a steady 1% increase since. Despite a shifting market, the desire for luxurious oceanfront living in Longboat Key remains strong.
Ensure all repairs are made beforehand to increase your property's likelihood of selling. Consider adding some incentives in the sale agreement, working with a professional home staging company, and showcasing the landscaping, as the pristine beach life is a primary reason for buyers to move to Longboat Key.
What Does This Mean for Longboat Key Buyers in 2023?
If you're planning to buy here in 2023, ensure all the necessary steps are taken ahead of time to avoid any delays. These include getting pre-approved, working with a great realtor, not skipping inspections, and researching first-time homebuyer incentives you may qualify for.
What Does This Mean for Longboat Key Investors in 2023?
Factors That Could Impact the 2023 Longboat Key Real Estate Market and Beyond
Another factor to consider is the Gulf Coast weather. Hurricane season kicks off in the beginning of June, and Longboat Key is forecasted to receive fourteen named tropical storms this year. The last severe hurricane happened in 2005, but generally, Longboat doesn't see major damage. However, hurricanes and tropical weather are unpredictable. One storm could change the real estate market for years to come.
Supply and demand of housing inventory are always factors that impact the real estate market. A seller's market indicates a limited supply of housing. Still, with the slowing market, it could flip into a buyer's market later in the year. While the Longboat Key real estate market currently sits on the cusp of sellers versus neutral market, there is no way to know exactly how much inventory there will be later in the year.