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
10 Cannon Point 10 14 5,000 $95,000,000 $19,000
101910 Overseas Highway 18 22 3,872 $23,600,000 $6,095
80999 Old Highway 6 8 7,522 $23,000,000 $3,057
89375- 89351 Old Highway 5 5 3,455 $12,800,000 $3,704
170 Sapodilla Drive 4 4 4,512 $12,500,000 $2,770
88011 Old Highway 5 6 6,652 $10,900,000 $1,638
20 Avacado Street 6 8 6,680 $10,750,000 $1,609
89375 Old Highway 5 5 3,455 $8,900,000 $2,575
89625 Old Highway 4 4 5,848 $8,700,000 $1,487
1 Beach Road 4 5 4,778 $8,500,000 $1,778
Average: 4.1 4.0 2,857 $4,359,297 $1,370
Viewing 1 - 10 of 114
Viewing 1 - 10 of 114
Properties Under Contract
Address Beds Baths Living ft2 List Price Cost per ft2
81486 Overseas Highway 7 9 6,318 $8,450,000 $1,337
427 Harbour Drive 4 5 4,200 $4,995,000 $1,189
251 Plantation Avenue 5 8 7,281 $4,995,000 $686
44 W Plaza Del Lago 4 5 4,463 $4,495,000 $1,007
195 Lorelane Place 5 4 2,997 $3,590,000 $1,197
75333 Overseas Highway 3 3 2,288 $3,400,000 $1,486
111 Spoonbill Road 4 4 3,817 $3,000,000 $785
133 Stromboli Drive 4 3 2,880 $2,999,999 $1,041
241 Atlantic Boulevard 3 3 1,755 $2,600,000 $1,481
150 Anglers Way 3 3 1,621 $2,399,999 $1,480
Average: 3.6 3.5 2,442 $2,082,970 $851
Viewing 1 - 10 of 34
Viewing 1 - 10 of 34
Sold Properties
Address Beds Baths Living ft2 List Price Sold Price Cost per ft2
94100 Overseas Highway 8 14 8,949 $17,500,000 $16,500,000 $1,843
75900 Overseas Highway 7 8 6,616 $14,900,000 $14,350,000 $2,168
89301 Old State Road 6 6 6,050 $13,999,000 $13,999,000 $2,313
320 Key Honey Lane 10 10 7,983 $13,500,000 $12,500,000 $1,565
62400 Overseas Highway 10 12 N/A $9,000,000 $9,000,000 Unknown
146 Bayview Drive 6 7 6,913 $9,250,000 $8,800,000 $1,272
95601 Overseas Highway 4 6 5,590 $7,750,000 $7,600,000 $1,359
95410 Overseas Highway 4 4 4,126 $8,000,000 $7,550,000 $1,829
89635 Old Highway 5 5 4,400 $6,900,000 $6,900,000 $1,568
89389 Old Highway 3 3 2,928 $5,500,000 $5,300,000 $1,810
Average: 3.7 3.4 2,377 $2,274,386 $2,187,151 $861
Viewing 1 - 10 of 206
Viewing 1 - 10 of 206