Islamorada Real Estate Market
Islamorada Waterfront Real Estate Market Update: Canal-Front Properties
If you’re thinking about buying or selling a waterfront home in Islamorada, understanding the current market trends can help you make the most informed decisions. Canal-front properties are highly sought after in this tropical paradise, but pricing, inventory, and time on market play key roles in shaping the real estate landscape. Here’s a breakdown of the latest market insights for canal-front homes in Islamorada as of September 22, 2024.
Market Overview: Active, Pending, and Contingent Listings
The market for canal-front homes in Islamorada is competitive. There are currently 27 active listings with a combined list volume of $52.7 million. The average list price sits at approximately $1.95 million, with prices ranging from $1.1 million to $3.4 million.
- Contingent/Show Properties: Two properties are currently contingent, with average list prices of $1.3 million.
- Pending Properties: There are also three properties pending, with average list prices of $1.77 million, ranging from $1.55 million to $2.15 million.
These statistics demonstrate a healthy demand for homes priced appropriately within this market segment.
What Are Buyers Paying? Closed Sales and Pricing Trends
In the current year, 38 properties have closed, totaling a sold volume of $63.4 million. The average sale price was $1.67 million, with sale prices ranging from $950,000 to $3.42 million. Notably, the sale-to-list price ratio stands at 93%, meaning sellers are getting close to their asking prices.
For sellers, this means that while the market remains competitive, buyers are negotiating—but not drastically. Accurate pricing remains crucial for a quick sale.
Price per Square Foot Insights:
- Active Listings: The average list price per square foot is $1,031, with a range from $660 to $2,544.
- Closed Sales: The average sold price per square foot is $885, with a range from $577 to $1,242.
This price difference between active listings and closed sales highlights the importance of listing a property competitively. While it’s possible to set higher prices, the final sale price per square foot tends to be more moderate, meaning strategic pricing can lead to faster closings.
How Long Are Homes Staying on the Market?
The average days on market (DOM) for closed sales is 82 days, with some properties selling in as little as 4 days and others taking up to 261 days. Active listings are currently averaging 120 days on the market, which suggests that homes at higher price points are taking longer to sell.
- Pending properties have been on the market for an average of 103 days, so while well-priced properties are attracting buyers, they are not flying off the market instantly. Sellers need to be mindful of this timeline when planning their listings.
Inventory and Absorption Rate: What It Means for Sellers
Inventory levels have increased slightly, which impacts both buyers and sellers. The absorption rate, which measures how quickly homes are selling compared to the number of available listings, indicates a more balanced market in Islamorada.
For buyers, this means more choices, but for sellers, this can mean slightly longer selling times.
Key Trends and Seller Takeaways
- Competitive Pricing Is Essential: With homes selling at 93% of their list prices on average, setting a realistic price is key to avoiding a prolonged time on the market. Sellers should consider pricing their homes in line with the current market trends to attract serious buyers.
- Days on Market Are Trending Longer: With an average of 120 days on the market for active listings, higher-priced homes are taking a bit longer to sell. Sellers need to be patient but also prepared to adjust their pricing if their home lingers on the market.
- More Inventory Means More Competition: The increase in available listings means that buyers have more options, making it even more important to stand out. Sellers should focus on pricing competitively and presenting their homes in the best light to secure a quicker sale.
Final Thoughts
The canal-front real estate market in Islamorada remains strong, but it’s important for both buyers and sellers to stay informed about current market conditions. For sellers, pricing your property competitively and being mindful of the average days on market will help ensure a smoother selling process. For buyers, the increasing inventory presents more options and negotiating power, but you still need to act fast when a well-priced home becomes available.
If you’re thinking about selling or buying a canal-front home in Islamorada, our team at The Florida Keys Home Team is ready to help you navigate the market with ease. With our in-depth knowledge of the local market and commitment to excellence, we’ll guide you every step of the way. Contact us today for more information!
