Florida Keys Real Estate Sales Market 1998 thru Nov 2010: As we are waiting for the 2010 Market Report Data to be compiled for 2010 I thought ya all (tossed in alittle southern slang) might be interested in getting refreshed on what the Florida Keys Market Place has done since 1998. We all want to know where the Florida keys Market Place is Headin! Should be buy? Should we Wait? Have we Hit " BOTTOM? What about all that " Shadow Inventory " that has not been released by the banks yet, or is there really any? All these are questions that are spuring people to buy, and wait as well! Guess if I had those answers I wouldn't be writing this blog, that's for sure; but since we are here, what do you think? Below are the Florida Keys Real Estate Sales # from 1998 thru November of 2010. While you look at the graph (below), first you need to remember the Fabulous Florida Keys " ARE NOT " the rest of the country and while you see that our Sales #'s dropped like a rocket (so some say) for the last three years. Try this on for size, most would agree that healthy real estate growth is a few % per year. We also know that in other places in the country, Central Florida being one of them, that Brand New Homes that were selling for 500K are being sold at 250K and under. Now back to the Keys, let's look at it this way. Looking at the graph, make years 2005, 2006, and 2007 disappear, and run the numbers. You will first notice when the rest of the country was tanking in 2008 we actually continued to grow, as we usually lag a year behind. Then we dropped 23% and short cutted the following year to 7%. My point being, sure we are feeling the effects of the economy, who isn't, but we saw three years when people made allot of money and now things are getting back to normal. 
Running with our current train of thought " The Florida Keys Really Only Saw 3 years of Artificial Inflation " lets start looking at the inventory #'s. We were Selling (In Nov) less then 50% of the sides that we were in 2004 yet our price differential is only off by 27%. We do know that there is only so much property here to go around. Now let's look at that same 2008 period and compare sales that way, up 28% and continuing to climb????????? Interesting. All this data was derived from our M.L.S. Data base and this nice little chart was provided to me by a good friend a cbrec. With the fed's telling us that interest rates are going to continue to climb it is going to be interesting what the New Year will bring us. If you have any questions or would like any more information, you can e-mail me at keyspropertyguy@gmail.com or call me direct anytime at 305-393-3004
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