Florida Keys Real Estate Blog

*Last Sunset of 2008 taken by Jamie Engel at Sunset Acres (MM92 on the Oceanside)*

Florida Keys Real Estate Market 2008 vs. 2007 – How’d we do?

Overall in the Upper Keys Real Estate Market between January 1, 2008 and December 31, 2008 the number of sales and the average sale price was down and it took longer to sell a property. However, we had less new listings come on the market at a lower average list price and our inventory of properties was reduced. Here is how it broke down:

359 Total Sales, which was 13% less than the same time period in 2007

The average number of days to sell a property was 271, which was 5% more than 2007.

The average sales price was $607,000, which was 18% less than 2007.

The original list price to sale price was 76.5%, which was 0.6% less than 2007.

There were 1,590 new listings in 2008 in the Upper Keys which was 17% less than 2007.

The average list price of properties for sale was $965,000 which was 12% less than 2007.

There were 48 months of inventory as of December 31, 2008, which was 12 % more than the same time in 2007.

As of December 31, 2008 there were 1,448 properties for sale which was 2% less than the same date in 2007.

Not surprisingly, the Residential properties lead the market by a large percentage. In the Upper Keys:

28% of the sales were single family waterfront homes;

25% were single family non-waterfront homes;

17% were waterfront condos / townhouses;

less than 1% were non-waterfront condos / townhouses;

6% were waterfront mobile homes;

7% were non-waterfront mobile homes;

less than 1% were duplex;

11% were vacant land

2% were commercial sales.

We hope you found this information helpful. And remember, if you or someone you know is looking to buy or sell a property, or if you would like to build, remodel or inspect a home to purchase of for insurance purposes – call us!

We are here to serve you offering personalized service with professional results!

*Source: Tri-Services Multiple Listing Service (MLS) Board Key Largo To Key West*