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
69401 Overseas Highway Unit #4-10 8 10 N/A $22,200,000 Unknown
94100 Overseas Highway 8 14 8,949 $17,500,000 $1,955
75900 Overseas Highway 7 8 6,616 $14,900,000 $2,252
89301 Old State Road 6 6 6,050 $13,999,000 $2,313
320 Key Honey Lane 10 10 7,983 $13,500,000 $1,691
88011 Old Highway 5 6 6,652 $10,900,000 $1,638
95351 Overseas Highway 7 4 2,489 $10,000,000 $4,017
146 Bayview Drive 6 7 6,913 $9,800,000 $1,417
62400 Overseas Highway 10 12 N/A $9,000,000 Unknown
95410 Overseas Highway 4 4 2,001 $8,990,000 $4,492
Average: 4.5 4.2 3,161 $3,799,682 $1,190
Viewing 1 - 10 of 119
Viewing 1 - 10 of 119
Properties Under Contract
Address Beds Baths Living ft2 List Price Cost per ft2
10 Cannon Point 10 14 5,000 $95,000,000 $19,000
80639 Old Highway Unit #102 4 5 2,997 $3,450,000 $1,151
70 Ocean Front Drive 4 4 3,934 $3,395,000 $862
108 Vista Lane 3 4 2,789 $2,950,000 $1,057
75485 Overseas Highway 3 4 2,124 $2,700,000 $1,271
124 Palo De Oro Drive 4 3 2,960 $2,499,000 $844
620 Santa Anita Lane 5 5 3,250 $2,449,000 $753
80909 Old Highway 4 3 1,562 $2,299,000 $1,471
161 Canal Street 3 3 2,310 $2,200,000 $952
265 Saint Thomas Avenue 6 5 4,067 $2,150,000 $528
Average: 4.0 3.8 2,238 $4,657,593 $1,398
Viewing 1 - 10 of 32
Viewing 1 - 10 of 32
Sold Properties
Address Beds Baths Living ft2 List Price Sold Price Cost per ft2
75900 Overseas Highway 7 8 6,198 $13,900,000 $12,975,000 $2,093
79775 Overseas Highway 5 4 3,104 $13,000,000 $10,000,000 $3,221
158 Key Heights Drive 7 8 6,183 $8,700,000 $8,550,000 $1,382
75992 Overseas Highway 3 5 5,003 $8,880,000 $8,150,000 $1,629
139 Gimpy Gulch Drive 6 10 6,573 $8,490,000 $8,000,000 $1,217
80101 Overseas Highway 6 5 2,635 $5,950,000 $5,750,000 $2,182
89389 Old Highway 3 3 2,928 $5,500,000 $5,300,000 $1,810
97340-360 Overseas Highway 20 22.2 20,084 $6,500,000 $5,250,000 $261
253-254 Gulfview Drive 7 7 4,652 $5,365,000 $5,200,000 $1,117
200 Harbor Drive 7 8 6,108 $4,600,000 $4,500,000 $736
Average: 4.0 3.7 2,650 $2,190,885 $2,023,175 $795
Viewing 1 - 10 of 165
Viewing 1 - 10 of 165