Florida Keys Market Report

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Real Estate in the Florida Keys

 

The important take-aways concerning the first half of 2019: While the market in 2019 has certainly outperformed the early prognostications with more sales, higher average sale prices and shorter marketing times, sellers have had to give ground to buyers to achieve those results in terms of their over-exuberant expectations. Over 80% of the entire inventory of properties for sale suffered a price reduction in the first half of 2019 and the depth of those price reductions increased more than 50% over the prior year. Sellers have had to reduce their expectations of price in unprecedented numbers to an unprecedented degree to attract a buyer in 2019. Overall, average sale prices in the Keys continued to rise largely because of the gains in the luxury market. The second half of 2019 starts with more sellers and fewer pending sales than one year ago which indicates that the improved sales trends for the balance of 2019 will moderate. 

Sales of luxury residential properties listed at $1,000,000+ increased strongly in the Upper Keys over the first six months of 2018 (80 vs 61). They were up marginally in the Lower and Middle Keys, and down in (66 vs 83). The average sale price and median sale price increased in each area of the Keys except for the Upper Keys where they were essentially flat. The Days On Market fell everywhere except the Upper Keys where it increased to 152 from 115. Most dramatically, the Lower Keys DOM went from 219 to 113. Key West, from 150 to 125, and the Middle Keys decreased from 126 to 112.

About Florida Keys : Once you reach the end of the 18-mile stretch of asphalt tethering the Florida Keys to the rest of the world, you’ll find that life moves to the tempo of a reggae song. The archipelago is perched on an ancient coral reef, nestled between the aquamarine waters off the Atlantic Ocean and the Florida Bay. One of America’s most unique motor journeys, the scenic 110-mile Overseas Highway combines ocean views, 42 bridges, natural wonders and history like no other place. Each region of the Keys has its own unique character, worlds away from big cities and theme parks.

Active Properties
Address Beds Baths Living ft2 List Price Cost per ft2 DOM
10 Cannon Point 10 12 5,000 $95,000,000 $19,000 Unknown
10 Cannon Point 10 11.3 5,000 $95,000,000 $19,000 Unknown
31 Ocean Reef Drive N/A N/A N/A $29,500,000 Unknown Unknown
115 Overseas Highway N/A 0 N/A $22,500,000 Unknown Unknown
103 Andros Road 4 6 4,870 $22,000,000 $4,517 Unknown
75900 Overseas Highway 7 7.1 6,198 $18,000,000 $2,904 Unknown
14 Sunrise Cay Drive 6 7 7,832 $16,000,000 $2,042 Unknown
1740 Overseas Highway Unit 4 7 8 6,432 $15,500,000 $2,409 Unknown
79775 Overseas Highway 5 4 3,104 $15,000,000 $4,832 Unknown
6 West Snapper Point Drive 3 6 6,147 $14,250,000 $2,318 Unknown
90611 Old Highway 44 44.2 N/A $14,000,000 Unknown Unknown
11 Sunrise Cay Drive 5 7 6,736 $13,975,000 $2,074 Unknown
19 Sunrise Cay Drive 5 7 8,057 $13,500,000 $1,675 Unknown
95351 Overseas Highway 7 4 2,489 $13,500,000 $5,423 Unknown
95351 Overseas Highway 7 4 2,489 $13,500,000 $5,423 Unknown
72100 Overseas Highway 6 8 9,737 $12,500,000 $1,283 Unknown
1150 Bulevar De Palmas 8 10.3 11,674 $11,995,000 $1,027 Unknown
1300 Sunset Boulevard 6 6.2 7,720 $11,900,000 $1,541 Unknown
2 Osprey Lane 4 6 3,800 $11,500,000 $3,026 Unknown
97251 Overseas Highway 12 14.2 12,800 $9,900,000 $773 Unknown
100 Corte Del Brisas 8 13.2 13,245 $9,750,000 $736 Unknown
139 Gimpy Gulch Drive 6 7.3 6,573 $9,495,000 $1,444 Unknown
6200 Overseas Highway 9 9 N/A $8,999,000 Unknown Unknown
62250 Overseas Highway 16 13.2 11,000 $8,990,000 $817 Unknown
62250 Overseas Highway 16 13.2 11,000 $8,990,000 $817 Unknown
Average: 3.1 2.5 2,024 $1,274,700 $1,755 N/A day
Viewing 1 - 25 of 2194
Viewing 1 - 25 of 2194
Properties Under Contract
Address Beds Baths Living ft2 List Price Cost per ft2 DOM
97340-360 Overseas Highway 20 22.2 20,084 $6,500,000 $323 Unknown
109 Carroll Street Unit 9 3 1 1,627 $3,899,000 $2,396 Unknown
5 Cinnamon Bark Lane 5 7 5,411 $3,250,000 $600 Unknown
318 & 320 120th Street Gulf 6 6.1 4,416 $2,995,000 $678 Unknown
34 Cannon Royal Drive 4 3.1 5,373 $2,699,000 $502 Unknown
12640 Overseas Highway N/A 0.4 9,972 $2,400,000 $240 Unknown
1401 Tropical Street 4 5 3,358 $2,350,000 $699 Unknown
6 North Drive 4 4.1 4,622 $2,299,990 $497 Unknown
124 Villa Bella Drive 5 5.1 4,063 $2,225,000 $547 Unknown
116 Admirals Lane 4 3 1,940 $2,195,000 $1,131 Unknown
13 Ocean Reef Drive 3 2 2,173 $1,995,000 $918 Unknown
57612 Overseas Highway N/A 0 N/A $1,900,000 Unknown Unknown
160 Harborview Drive 5 4 2,968 $1,899,000 $639 Unknown
48 Cannon Royal Drive 4 4.1 3,710 $1,599,000 $430 Unknown
100 Palo De Oro Drive 4 4 2,510 $1,585,000 $631 Unknown
21 Fisherman's Cove 2 3 1,265 $1,549,000 $1,224 Unknown
729 Love Lane 3 2 2,101 $1,549,000 $737 Unknown
22856 Jolly Roger Drive 3 2 1,953 $1,499,000 $767 Unknown
68 7th Street 3 2.1 2,580 $1,495,000 $579 Unknown
201 Ocean Reef Drive N/A N/A N/A $1,450,000 Unknown Unknown
2 Key Cove Drive Unit 2 4 4 2,400 $1,450,000 $604 Unknown
305 13th Street 3 2.2 2,579 $1,395,000 $540 Unknown
426 Bay Shore Drive 3 2 1,800 $1,375,000 $763 Unknown
113 Oleander Circle 3 3 2,295 $1,349,000 $587 Unknown
1220 2nd Street 8 5 3,190 $1,250,000 $391 Unknown
Average: 2.9 2.3 1,668 $742,875 $485 N/A day
Viewing 1 - 25 of 206
Viewing 1 - 25 of 206
Sold Properties
Address Beds Baths Living ft2 List Price Sold Price Cost per ft2 DOM Sold Date
83080 Overseas Highway 5 5.1 4,503 $5,500,000 $5,000,000 $1,110 Unknown 5/31/19
3420 Northside Drive N/A 0.4 11,731 $4,950,000 $4,950,000 $421 Unknown 5/14/19
128 Madeira Road 4 4.1 3,389 $4,750,000 $4,500,000 $1,327 Unknown 7/31/19
3620-3624 Sunrise Drive 7 6.1 5,324 $4,350,000 $4,350,000 $817 Unknown 8/16/19
17279 Oleander Lane 10 11.1 10,607 $4,500,000 $4,250,000 $400 Unknown 9/19/19
4800 Overseas Highway 8 8 3,920 $4,000,000 $4,000,000 $1,020 Unknown 5/30/19
903-909 Virginia Street 19 14.2 7,411 $4,250,000 $3,950,000 $532 Unknown 4/29/19
725 White Street 13 13.1 N/A $3,800,000 $3,617,500 Unknown Unknown 8/27/19
537 Ocean Cay 6 6.1 6,019 $4,990,000 $3,600,000 $598 Unknown 5/24/19
24 Sunset Key Drive N/A N/A N/A $3,800,000 $3,520,000 Unknown Unknown 8/23/19
75851 Overseas Highway 5 5.1 3,978 $3,800,000 $3,450,000 $867 Unknown 6/14/19
165 Bayview Drive 6 4 4,381 $3,950,000 $3,400,000 $776 Unknown 9/6/19
95706 Overseas Highway 5 5.1 5,421 $3,995,000 $3,400,000 $627 Unknown 5/23/19
214 Plantation Boulevard 5 5 3,768 $3,600,000 $3,300,000 $875 Unknown 5/6/19
52 Front Street 5 6 3,353 $3,295,000 $3,295,000 $982 Unknown 7/16/19
1617 White Street 4 3.2 3,386 $3,495,000 $3,285,000 $970 Unknown 4/29/19
1026 Von Phister Street 4 4 2,671 $3,295,000 $3,195,000 $1,196 Unknown 8/15/19
320 Admirals Lane 4 4 2,496 $3,300,000 $3,100,000 $1,241 Unknown 10/8/19
124 Sunrise Drive 5 5 5,200 $2,999,990 $2,750,000 $528 Unknown 5/16/19
54 Front Street 3 3.1 3,024 $2,950,000 $2,637,500 $872 Unknown 6/19/19
200 Key Haven Road 4 4.1 3,651 $2,849,000 $2,575,000 $705 Unknown 7/11/19
213 Plantation Drive 5 4 3,553 $2,795,000 $2,522,000 $709 Unknown 4/22/19
1273 Mills Road 4 3.1 4,148 $2,500,000 $2,500,000 $602 Unknown 7/24/19
551 W Point Drive 4 3.1 2,749 $2,675,000 $2,500,000 $909 Unknown 6/27/19
200 Treasure Harbor Drive N/A 0 1,069 $3,500,000 $2,500,000 $2,338 Unknown 4/23/19
Average: 2.8 2.1 1,540 $688,208 $651,200 $455 N/A day
Viewing 1 - 25 of 1401
Viewing 1 - 25 of 1401