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
94100 Overseas Highway 8 13 8,949 $21,850,000 $2,441
75900 Overseas Highway 7 8 6,198 $13,900,000 $2,242
90611 Old Highway 42 44 N/A $13,750,000 Unknown
88011 Old Highway 5 6 7,813 $11,900,000 $1,523
95351 Overseas Highway 7 4 2,489 $10,000,000 $4,017
62250 Overseas Highway 16 20 12,400 $9,999,999 $806
139 Gimpy Gulch Drive 6 10 6,573 $8,490,000 $1,291
81486 Overseas Highway 7 9 6,318 $8,450,000 $1,337
89707 Old Highway 5 6 6,269 $8,300,000 $1,323
Average: 4.8 4.8 3,347 $4,401,915 $1,204
Viewing 1 - 10 of 108
Viewing 1 - 10 of 108
Properties Under Contract
Address Beds Baths Living ft2 List Price Cost per ft2
79775 Overseas Highway 5 4 3,104 $13,000,000 $4,188
88987 Old Highway 7 7 5,839 $6,645,000 $1,138
97340-360 Overseas Highway 20 22.2 20,084 $6,500,000 $323
101 Oleander Circle 6 7 2,890 $5,999,000 $2,075
550 Ocean Cay Drive 4 5 5,422 $4,900,000 $903
248 Tarpon Street 5 6 4,368 $3,799,000 $869
65760 Overseas Highway 5 5 5,048 $3,200,000 $633
427 Harbour Drive 4 5 4,200 $3,200,000 $761
139 Stinger Road 4 5 4,085 $3,200,000 $783
426 Harbour Drive 5 5 4,164 $3,140,000 $754
Average: 4.2 3.9 2,941 $2,137,445 $764
Viewing 1 - 10 of 55
Viewing 1 - 10 of 55
Sold Properties
Address Beds Baths Living ft2 List Price Sold Price Cost per ft2
75300 Overseas Highway 4 5.1 4,610 $7,500,000 $7,100,000 $1,540
162 Key Heights Drive 5 5 2,557 $4,950,000 $4,450,000 $1,740
102 Plantation Boulevard 6 4 2,839 $4,875,000 $4,200,000 $1,479
298 South Drive 4 4 3,938 $3,800,000 $3,700,000 $939
402 Harbour Drive 4 4 5,845 $3,700,000 $3,500,000 $598
95551 Overseas Highway 5 6 8,308 $4,250,000 $3,500,000 $421
234 Corsair Road 4 5 5,497 $3,995,000 $3,500,000 $636
552 Ocean Cay 3 3 3,442 $3,699,000 $3,470,000 $1,008
77001 Overseas Highway 6 7 4,696 $3,750,000 $3,450,000 $734
49 Mutiny Place 4 3 3,681 $3,175,000 $3,125,000 $848
Average: 3.7 3.3 2,552 $1,612,142 $1,516,838 $609
Viewing 1 - 10 of 182
Viewing 1 - 10 of 182