Florida Keys Real Estate Blog

Here’s a look at a Year Over Year Comparison of Residential properties for September 2008 vs September 2009 for the Upper Florida Keys Real Estate Market by zip code:

In Islamorada (33036) in September 2009 there were 300 active listings as compared to 368 active listings in September 2008, which is an 18% decrease in the number of listings. There were 17 new listings taken in both 2009 and 2008. There were 5 properties put under contract in 2008 as compared to 6 properties in 2009 which is a 20% increase. There were 6 sales in 2008 and 8 sales in 2009, which is a 33% increase in sales. The average sale price in 2008 was $1,501,833 and the average sale price in 2009 was $944,595, which is a 37% decrease.

In Key Largo (33037) in September 2009 there were 684 active listings as compared to 581 active listings in September 2008, which is a 15% decrease in the number of listings. There were 50 new listings taken in 2008 and 51 taken in 2009, which is a 2% increase in the number of listings taken. There were 13 properties put under contract in 2008 as compared to 23 properties in 2009 which is a 76% increase. There were 15 sales in 2008 and 20 sales in 2009, which is a 33% increase in sales. The average sale price in 2008 was $736,167 and the average sale price in 2009 was $363,845, which is a 50% decrease.

In Tavernier (33070) in September 2009 there were 235 active listings as compared to 192 active listings in September 2008, which is an 18% decrease in the number of listings. There were 12 new listings taken in both 2008 and 2009. There were 6 properties put under contract in 2008 as compared to 7 properties in 2009 which is a 16% increase. There were 7 sales in 2008 and 6 sales in 2009, which is a 14% decrease in sales. The average sale price in 2008 was $794,000 and the average sale price in 2009 was $448,958, which is a 43% decrease.

So overall in the Upper Florida Keys real estate market comparing residential properties from September 2008 to September 2009 - the number of new listings is down; the number of properties put under contract is up; the number of sales is up; and the average sale price has down.

What does this mean to you? If you are thinking of selling your home, you need to understand that it is very important to position your property on the market in such a way that you will get the attention of prospective buyers and their real estate agents. This means you will want to position your property in the top 5 lowest priced properties in your area.

If you are thinking of buying a property, you need to understand that this is a great time to buy in the Keys, but the inventory is slowly moving off the market and you need to be prepared to make an offer on a property that you want as soon as possible.

For more information on the Florida Keys real estate market or on what we can do to assist you in buying or selling a home in the Keys, please contact us. We are here to help offering personalized service with professional results.

* All information was obtained from the Florida Key Board of Realtors Multiple Listing Service Statistics on October 7, 2009 *