Saturday, October 5, 2013

So what is the real estate market in the Florida Keys doing? It is moving and moving fast. The Keys market is driven by retirees and working class people who want to play and live in a warm climate and enjoy the warm tropical waters that are not present in any other part of the continental US. Most of our demand is from people wanting this lifestyle. In 2012 there were 2218 sales an increase of 8% compared to 2011 which saw a 13% rise over 2010. This was the first time since 2005 that sales numbers had exceeded 2000 units or properties. The average sale price was 422K which is 5% higher than 2011 when it was 403K. On the supply side the inventory decreased by 7% to 3138 at the end of 2012 from 3359 which is the number of properties on the market at the end of December 2011. That is also down 32 % from the high of 4628 which occurred at the end of 2006. The numbers of short sales is at 319 which is less than half of what they peaked at in 2010 when it was hovering around the 800 mark. Bank owned or foreclosures are also down in numbers. Today there are 90 bank owned properties on the market 36 are under contract. This number too is about half of what it was in 2010 when inventory of bank sales peaked. Want to know about the Florida Keys Real Estate Market?