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 11.3 5,000 $95,000,000 $19,000 Unknown
94100 Overseas Highway 8 13 8,949 $24,500,000 $2,737 Unknown
75900 Overseas Highway 7 8 6,198 $17,900,000 $2,888 Unknown
79775 Overseas Highway 5 4 3,104 $15,000,000 $4,832 Unknown
72100 Overseas Highway 6 8 9,737 $14,500,000 $1,489 Unknown
90611 Old Highway 42 44.2 N/A $14,000,000 Unknown 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
97251 Overseas Highway 12 16 12,800 $9,900,000 $773 Unknown
62250 Overseas Highway 16 18 12,400 $9,500,000 $766 Unknown
Average: 4.6 4.2 3,149 $3,103,348 $902 N/A day
Viewing 1 - 10 of 231
Viewing 1 - 10 of 231
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
80221 Overseas Highway 4 4 3,195 $5,700,000 $1,784 Unknown
301 Ixora Drive 5 7 5,102 $5,490,000 $1,076 Unknown
91 Iroquois Drive 3 3 4,004 $2,595,000 $648 Unknown
149 Stromboli Drive 5 4 3,884 $2,200,000 $566 Unknown
75475 Overseas Highway 4 3 1,825 $1,975,000 $1,082 Unknown
1102 S Indies Drive 3 4 3,488 $1,950,000 $559 Unknown
141 Canal Street 5 6 5,691 $1,850,000 $325 Unknown
129 Villa Bella Drive 3 3 1,659 $1,740,000 $1,048 Unknown
74051 Overseas Highway 6 4 3,390 $1,695,000 $500 Unknown
Average: 4.3 4.0 3,119 $1,776,112 $635 N/A day
Viewing 1 - 10 of 31
Viewing 1 - 10 of 31
Sold Properties
Address Beds Baths Living ft2 List Price Sold Price Cost per ft2 DOM Sold Date
94225 Overseas Highway 7 8.1 6,529 $7,199,999 $6,500,000 $995 Unknown 4/21/20
76188 Overseas Highway 4 5 2,968 $2,950,000 $2,950,000 $993 Unknown 3/20/20
160 Stromboli Drive 5 5 4,353 $3,500,000 $2,950,000 $677 Unknown 5/26/20
402 Harbour Drive 3 5 5,845 $2,999,500 $2,925,000 $500 Unknown 2/7/20
153 Sunset Drive 4 3 2,618 $2,999,000 $2,750,000 $1,050 Unknown 2/14/20
106 Coastal Drive 5 4 3,126 $3,125,000 $2,725,000 $871 Unknown 3/24/20
104 Buena Vista Court 4 5 2,903 $2,999,789 $2,650,000 $912 Unknown 6/29/20
557 Ocean Cay Drive 3 3 3,734 $2,899,000 $2,575,000 $689 Unknown 6/17/20
161 Palo De Oro Drive 8 6.1 6,308 $2,990,000 $2,500,000 $396 Unknown 5/26/20
101956 Overseas Highway 4 4 4,039 $2,575,000 $2,495,000 $617 Unknown 3/26/20
Average: 3.7 3.3 2,532 $1,537,872 $1,407,500 $572 N/A day
Viewing 1 - 10 of 92
Viewing 1 - 10 of 92