The latest statistics were just released for Sarasota County (includes 1/2 of Longboat Key the other 1/2 is in Manatee County) and shows not only an upward trend in sales and prices but also shows reduced inventory. Single Family home sales are stronger than condos. The average discount off the asking price remaining stable over the last year between 7 and 8% according to the Sarasota Association of Realtors. We may have witnessed the bottom of the market over last winter but it looks like we'll continue to bounce along the bottom over the summer
Typically, the summer season is the slowest on Longboat Key, Florida with both sales volume and prices dropping because the population plummets when the snowbirds leave in April. They leave behind a surplus of contracts in the closing queue and reported sales (closings) continue for the next few months. But, that is just a fading reflection and by the time August rolls around the stats are showing depressed sales and depressed values. It happens every year, good years and bad. Uninformed sellers who haven't had much action over the summer are becoming desperate. Smart bottom feeders enter the market during this time.
I can't speak for mainland Sarasota, but I know this is especially true on Longboat Key, the Village of Longbeach, Anna Maria Island, Bradenton Beach, Holmes Beach, Lido Key, St. Armands Key and Bird Key, the areas in which I specialize.
Joseph P. Vermeren, Broker
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