Florida Keys Real Estate Sales Statistics for November 2020 continue to show buyer urgency before the looming "build out" some Year over Year highlights:
Single family homes:
Median Sales Price +41.8%
Average Sales Price +29%
Closed sales +89.7%
Pending inventory +58.9%
Active listings inventory -43.1%
Months supply of Inventory -51%
Closed sales +200%
Paid in Cash +200%
New Pending Sales +125%
Pending inventory +142.9%
Active listings inventory -33.3%
Condos and Town homes:
Median Sales Price +27.7%
Average Sale Price +15.8%
Paid in Cash +200%
Dollar volume +15.8%
New Pending Sales +58.3%
Pending Inventory +114.3%
Active listings Inventory -27.8%
Still 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 to 2026.
What does "build out" mean? It means no more new building permits for new dwelling units 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 remaining open filled with the application line up...
What's going on? Demand from just about every demographic and geography for all possible reasons is keeping a fire burning under Florida Keys Real Estate. 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 and median sales prices are now starting to reflect the inevitable price appreciation. 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, or waterfront in California, and you can see that Keys prices are a fraction of those prices.
Of course, there are always those that will try and "call a top". Who knows? Interest rates are ridiculously low, decent safe investment yield is hard to find, REAL inflation is happening in risk assets, and the printing presses are running flat-out 24/7 ! Real estate has always been an excellent investment during times like this, and what might look like a top today, but looking back in a few years will look like an excellent buying opportunity and a decent entry into a market with a known and mandated limited supply.
Contact us now to find out how owning Florida Keys Real Estate can fit into your plans !