Florida Keys Real Estate Blog

Between January 1st and June 30th 2009 there were 667 sales Keys-wide which was up 5% compared to the same time period in 2008.  We are hoping this signals that more buyers are finally getting off the sidelines and into the home buying game.

Our Broker, Brian Schmitt continues to feel that the biggest challenge facing the Florida Keys real estate market at this time is the inventory number – that is, the number of months it would take at the current pace to sell every home on the market today. Although the months of inventory have decreased by 12% in the Upper Keys to 40 months and has decreased by 21% Keys-wide to 34 months, he feels we still have an inventory problem.    

Foreclosures and Short Sales are creating buying opportunities, both for investors and those who’ve been unable to afford a home in the Keys before. Short sales which are deals where a lender is willing to take less as a payoff to satisfy a loan are also having an effect on the market.

Here are the numbers that were provided to us by our Management at Coldwell Banker Schmitt and taken from the Florida Keys MLS:

Upper Keys: 

Total Number of Sales as of June 30, 2009 - 192 (5% decrease)

Average Days to Sell - 286 (3% increase)

Average Sale Price - $547,000 (14% decrease)

Sale Price to Final List Price - 85.47% (4% decrease)

Sale Price to Original List Price - 69.44% (10% decrease)

Keys-Wide:

Total Number of Sales as of June 30, 2009 - 667 (5% increase)

Average Days to Sell - 242 (6% decrease)

Average Sale Price - $486,000 (22% decrease)

Sale Price to Final List Price - 83.26% (6% decrease)

Sale Price to Original List Price - 69.97% (7% decrease)

Please contact us if you are interested in receiving any additional information on the Florida Keys Real Estate Market.  We have all of the data and statistics compiled onto charts for your review.  Just email us at info@BuyInTheKeys.com with your name, telephone number and email address so we can forward it on.

And remember, if you or someone you know is looking to buy, build, sell or inspect a home in the Keys, please contact us.  We appreciate referrals and offer personalized service with professional results.

Have a great day!