Longboat Key has gone through a pandemic and back again. We have had threats from hurricanes and tropical storms, but none of those things could stop our booming real estate market. People are still moving to our island paradise.
In July 2023, on Longboat Key we have 170 residential listings. I know we feel like the inventory is low, especially since today we only have 144 active listings totaling in an estimated $368,086,518.00 in possible sales. However, if we compare it to the last two years where in July 2022, we had 106 active listings and in July 2021, we only had 89 active listings then it looks like our cup runneth over with listings. Of course, those were the crazy and unpredictable pandemic numbers. If you look back further, before the pandemic you will see that in July of 2020, we had an inventory of 305 active listings. In July 2019, we had 364 active listings and in July 2018, we had 331 active listings. According to Steller MLS. Apparently, in the 300’s is what we are accustomed to. We are getting there, but we are just not back there yet. There could be a number of contributing factors. Everything from the higher interest rates, home owners wanting to hang on to the current low interest rates, and the unknown that comes with the upcoming election. It cold be one thing or a combination of many things. I know we feel like the interest rates are high now, but who remembers paying 18+ percent interest rates on the home mortgage?
Yes, it may appear that Longboat Key currently has a low inventory. However, when compared to other places in the country we have an overwhelmingly healthy and thriving real estate market. According to the 2020 U.S. Census Longboat Key has a population of 7,510 residents which is a 8.8% increase over the 2010 U.S. Census. The town that I moved from to live in this tropical paradise was Chesterfield, Missouri. Chesterfield has a population of 50,000 residents according to the U.S. Census. In July 2023, Chesterfield had 18 active listings. In July 2022 they only had 19 active listings. In July 2021 they had 33 active listings and only 64 in July 2020, 101 active listings in July 2019 and 95 active listings in July 2018. According to Maris MLS. A colleague of mine in Chesterfield told me that she had recently been trying to help a family find a home. They wrote offers on 8 different homes. All of the homes had multiple offers. One home had as many as 22 offers on it. Her clients were offering over list price by up to $100,000.00. They were waiving contingencies like home inspections and financing left and right. Yet they were still not winning the bidding wars. She was finally able to get them into a home on the 9th house that they wrote an offer on. This give me flashbacks of what was happening on Longboat Key mid pandemic. It appears that other parts of the country are still stuck there. I am so thankful that we have moved on from that. Comparatively, we are not doing so bad. In fact, I would say we are doing pretty darn good.
Longboat Key is not just a destination location, it is a special place in its own rite. It’s a way of life, a point of relaxation, and a tropical paradise. When other places in the country have fluctuating and stagnate real estate markets the Longboat Key real estate market is staying strong.
