Mike's Market Update: June 11, 2018
A "Real Time" View of the Bay Side Longboat Key Club Golf Course
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My Current Coverage Plan:
First Monday: City of Sarasota
Second Monday: City of Longboat Key
Third Monday: City of Bradenton
Fourth Monday: Sarasota County
Fifth* Monday: Manatee County
Property Sales (Sold)
April property sales were 67 units
- Down 4.3% from 70 sales last month
- Up 28.8% from 38 sales last year
Current Inventory (For Sale)
Total Units available for sale at the end of May were 357
- Down 2.2% from 365 units from last month
- Down 17% from 430 units from last year
Property Under Contract (Pended)
Total Units Under Contract at the end of May were 41
- Down 46.1% from 75 units from last month
- Up 7.9% from 38 units from last year
The Average Sold Price per Square Footage is Appreciating*
The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the 'mix' of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values.
The May 2018 Average Sold Price per Square Footage of $488 was
- Up 3.2% from $473 last month
- Up 10.7% from $441 last year
The Days on Market
The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market.
The DOM for May 2018 was 153, which is
- Up 19.5% from 128 days last month
- Up 29.7% from 118 days last year
The Average For Sale Price
The Average For Sale Price in May was $1,077,000 which is
- Down 2.3% from $1,102,000 from last month
- Down 4.6% from $1,129,000 from last year.
The Average Sold Price
The Average Sold Price in May was $936,000 which is
- Up 15.4% from $811,000 from last month
- Up 19.8% from $781,000 last year.
A comparatively lower Months of Inventory is more beneficial for sellers while a higher months of inventory is better for buyers.
Buyer’s market: more than 6 months of inventory
Seller’s market: less than 3 months of inventory
Neutral market: 3 – 6 months of inventory.
Months of Inventory based on Closed Sales, The May 2018 Months of Inventory based on Closed Sales of 5.3 was
- Up 1.9% from 5.2 last month
- Down 36.3% from 8.3 last year
Absorption Rate measures the inverse of Months of Inventory and represents how much of the current active listings (as a percentage) are being absorbed each month.
Buyer’s market: 16.67% and below
Seller’s market: 33.33% and above
Neutral market: 16.67% - 33.33%
Absorption Rate based on Closed Sales
The May 2018 Absorption Rate based on Closed Sales is 18.8%
- Down 2.1% compared to 19.2% last month
- Up 55.4% compared to 12.1% last year
City of Longboat Key
Published: May 2018*
Property Types: All Res. Proptype - All Properties - All Properties -
All Property Statuses
All reports are published May 2018, based on data available at the end of April 2018, except for the today stats. All reports presented are based on data supplied by the Mid-Florida MLS. The Mid-Florida MLS does not guarantee or is not in anyway responsible for its accuracy. Data maintained by the Mid-Florida MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
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