Florida Keys Real Estate Blog

FLORIDA KEYS REAL ESTATE MARKET STATS JAN-MAY 2008 COMPARED TO THE SAME TIME PERIOD IN 2007

If you are a numbers type of person we think you will like this week's blog! It is filled with numbers and stats that we have been put together by our Broker - Brian Schmitt and our General Manager - Ed Anderson and are based on the numbers that have come from the Florida Keys Board of Realtors Multiple Listing Service. The following numbers are for the Upper Keys (Lower Matecumbe - MM74 to Key Largo - MM106) only.  The following numbers are based on the time period of January 1, 2008 to May 31, 2008 as compared to January 1, 2007 to May 31, 2007 for the Upper Keys Real Estate Market only:

There have been 153 sales in 2008 as compared to 203 sales in 2007.  This is a 24.6% decrease in the number of sales. 

The average sale price was $662,373 as compared to $781,954 in 2007.  This is a 15.3% decrease in the sale price.

The Average Number of Days on the Market for a property to sell was 226 as compared to 242 in 2007.  This is a 6.6% decrease in the number of days it took to sell a property. 

There are 772 New Listings that have come on the market as compared to 918 in 2007.  This is a 15.9% decrease in the number of new listings from January 1 to May 31st.

There are 1,567 Listings on the Market as compared to 1,559 in 2007.  This is a 0.5% increase of listings on the market to sell.

We currently have 51 Months of Inventory on the market to sell as compared to 38 months in 2007 during this same time period.  This is a 34.2% increase in months of inventory.

So, in a nutshell, there have been 24% less sales at an 15% lower average sale price with 6% less days on the market to sell a home in 2008 as compared to 2007.  There are 15% less new listings that have come on the market at a 4.5% lower average listing price. And there is a 34% increase in the months of inventory on the market to sell.

If you would like a copy of the complete statistics for all of the Florida Keys,  just email us and we will be happy to provide them to you.

Anyway you look at it - it's a GREAT time to BUY a home in the Florida Keys.  There is a lot of inventory and some great deals to choose from.