As I’m sure you’ve heard, our residential Florida Keys real estate market has been extremely busy.
Pending transactions are up tremendously. We’re even on pace to break a record this year; we haven’t seen numbers like this since 2004. This is partially attributable to the fact that everything shut down for a couple of months earlier in the year and created a rush of pent-up demand. Interest rates are also extremely low, which is increasing buyers’ purchasing power.
Here’s a quick statistical overview comparing the first nine months of this year to the first nine months of 2019 (based on all property types):
- Sales increased 7% from 2,177 to 2,329
- The average sale price rose 6.4% from $620,338 to $660,216—we’ve seen many properties fetch multiple offers and close near their original list price, which has aided this increase
- The average list price rose 8.9% from $981,021 to $1,067,918
- The average days on market rose 2.5% from 120 to 123 days—we’re a big secondary-home market, so this metric can change depending on when buyers are in our market
- The properties for sale dropped 10.3% from 2,318 to 2,080
When inventory drops like this, it creates demand and boosts sales. Also contributing to this demand are low-interest rates. I recently checked, and Freddie Mac is offering rates as low as 2.81% for a 30-year fixed mortgage. This has greatly increased buyers’ purchasing power. Getting a mortgage rate that low means more money goes toward the principal than the interest itself. If you’d like to dive deeper into the Keys-wide market stats, you can view the Coldwell Banker Schmitt’s Real Estate Report here.
If you have questions about our Florida Keys market or are thinking of buying or selling a home soon, don’t hesitate to call or email me. I look forward to speaking with you soon.
Marathon is a 10-mile-long family-oriented island community conveniently situated in the middle of the Keys island chain, comprised mainly of Vaca Key, Fat Deer Key, and Grassy Key.
Residents, snowbirds, and visitors enjoy Marathon's fishing heritage, an old-Keys lifestyle and seafaring traditions, a theme celebrated in the area's accommodations, such as private waterfront vacation homes, small hotels, beachside inns and tropical, family-style resorts; and annual seafood festivals and waterside restaurants that harvest fresh fish, lobster and stone crab claws from local waters.
Marathon is one of the Keys' most marine-friendly cities with nearly 1,200 wet slips, 1,200 dry slips, and major facilities to accommodate transient cruisers.
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Coldwell Banker Schmitt Real Estate
International President's Circle
11050 Overseas Highway
Marathon, Fl 33050