The Florida Keys real estate market has continued to impress setting new higher benchmarks since our last report at the
end of March. YTD sales are up 102% vs. 66% at the end of the frst quarter. Likewise, the average sale price is up 29% vs.
25% at the end of March while the listing inventory is down 47% vs. 31.4% on March 31, 2021. The sale price-to-original list price ratio has also tightened up with sellers discounting their original list price by only 5.5% vs. 7.0% with virtually nonexistent list price reductions averaging only 1.4% during the current average 96-day marketing time. All of these metrics represent new highs and lows never before experienced in our market. The vast majority of these unprecedented changes are due to sales of residential properties which account for 82.7% of all Keys sales, up from 76.9% last year. While the overall average sales price for all product types is $844,722; for residential, the average is $935,689, up from $735,105 a year ago. The fundamental basis of these dramatic increases is a combination of factors
including low interest rates and lifestyle changes brought about by COVID-19. The lifestyle changes related to vacation
home markets like the Keys have been most profoundly impacted. While the National Association of Realtors reports that sales of existing homes are up 20% year-over-year, vacation home sales jumped 57.2% during that time period.
Clearly, the motivation to purchase a vacation refuge away from more heavily-populated urban areas is very strong.
With 6.5 million people living in the adjoining Miami-Dade, Broward and Palm Beach Counties — accessible within a 3-
hour drive — the Keys have a huge reservoir of prospective buyers. The following page will provide a 5-year historic perspective on the changes to this market which should continue to fuel sales through the end of the year.
Click HERE to See the Entire Florida Keys Homes for Sale
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