Longboat Key Real Estate Market Forecast 2023

Longboat Key Real Estate Market Forecast 2023

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 Homes real estate market.

Current Longboat Key Real Estate Market Trends

Before diving into where the market is currently, let's explore where the market has been in recent years. Throughout 2021 and 2022, Longboat Key experienced a competitive seller's market. Like almost everywhere else in the nation, the market has since shifted. While still favoring sellers, it is closer to a more neutral market that will favor neither buyers nor sellers.

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?

With the market teetering between a seller's market and a neutral market, it could mean more competition for sellers. Considering the real estate sales that came in under the asking price earlier this year, the best way to navigate it now is with an expert realtor and a comprehensive marketing strategy.

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?

Though Longboat Key is still a seller's market, the increasing time properties spend on the market could be great for buyers. A slower selling time can mean less competition for buyers looking to cash in on the shifting market. Sellers may be more likely to accept offers to avoid spending more time on the market. As the data suggests, it is possible to close on a home below the asking price.

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?

Investors can take comfort in the tourism industry of Longboat Key. Because of its location in Manatee and Sarasota counties, the island welcomes visitors all year long. Another draw to the island to consider for real estate investors is the world-class golf that draws golf enthusiasts and professionals during peak seasons. The Resort at Longboat Key Club is home to Harbourside and Links on Longboat courses. With plenty of opportunities for investment properties, 2023 may be the year to make a move.

Factors That Could Impact the 2023 Longboat Key Real Estate Market and Beyond

Of course, the real estate market forecast would only be complete by considering the potential factors that could impact Longboat Key. Like other real estate markets across the nation, Longboat could be affected by changing federal and local laws, interest rate hikes, or changes in the economy.

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.

Next Steps

If you're looking for homes for sale in Longboat Key, Anna Maria Island, or any of her sister islands, contact Becky Sirigotis. Both a local and an expert in luxury real estate, Becky delivers white-glove service that exceeds expectations. View her portfolio, recent sales, and testimonials to get started on your search.

Connect With Becky

Becky understands the importance of balancing the business aspect of the process with compassion and sensitivity. She is relationship-oriented and the value she brings to her customers continues long after the real estate transaction has closed.

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