Florida Keys Real Estate Sales Statistics for October 2020 are still showing buyer urgency before the build out...some Year over Year highlights:
Single family homes:
- Dollar volume +97.7%
- Paid in Cash +60%
- Closed sales +89.7%
- Pending inventory +21.5%
- Active listings inventory -37.2%
- Months supply of Inventory -50%
- Closed sales +50%
- Paid in Cash +50%
- Dollar Volume +94.8%
- New Pending Sales +100%
- Pending inventory +200%
- Active listings inventory -35.6%
Condos and Town homes:
- Closed Sales +360%
- Paid in Cash +550%
- Dollar volume +338.4%
- New Pending Sales +135.7%
- Pending Inventory +54.5%
More WOW...the Florida Keys Real Estate Rush just keeps on going...about 33% to 36% of all Florida Keys Real Estate for sale is under contract right now !! Inventory and Months of supply numbers are way down across the board, as buyers compete for the dwindling supply of homes in Paradise, as the looming build out here in the Keys approaches in 2023.
What does "build out" mean? It means no more new building permits for new dwellings in the Florida keys ! Renovations will be permitted, but the number of dwellings is capped. Some areas already are close to having the remining available new dwelling permit slots open filled with the application line up...
What's going on? Demand from just about every demographic and geography for all possible reasons has lit a fire under Florida Keys Real Estate. I think Covid has also changed attitudes towards work, retirement, health, safety, and quality of life, in a manner that has made owning Florida Keys Real Estate even more attractive than it already was.
Investors, second home buyers, retirees, local families, all are putting pressure on the remaining homes in the Florida Keys as the consequences of the Looming build out in a few short years sink in ... NO MORE SUPPLY.
Average sales prices are now starting to reflect the inevitable price appreciation, for example Manufactured homes have seen a 52.3% YOY increase in median sales price ! Relatively speaking, the Florida Keys remain "undiscovered" to a certain extent on a Global basis, but that is now rapidly changing. Compare Florida Keys waterfront home prices to Key Biscayne near Miami, and you can see that Keys prices are a mere fraction of those prices.
Contact us now to find out how owning Florida Keys Real Estate can fit into your plans !