The primary aspects of the Q1 sales for all property types are an overall 23% decrease in the number of sales, while the average sales price increased 28% . In order to understand what caused these changes in the Keys Market, we researched the sales and sales prices for the following property types: Single family waterfront (SFW), single family non-waterfront (SFNW), condo/townhome/duplex/half-duplex (CTD), mobile homes (MH), lots and land (LL) commercial properties and boat slips (BS). We did this for each of the four Keys market areas for 2016 compared to 2015, and for the percentage contribution for each property type in each market area to the total.
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From the foregoing, we know that all property types in all markets experienced declines or no changes in the number of sales with the exception of Single Family Waterfront (SFW) properties in the Middle Keys and Key West, which uniquely experienced increases. Additionally, we understand that the increase in ASP for SFW properties, which make up 31% of the Keys market is the result of significant increases in number of sales of $1M+ properties in the UK (56%), MK (57%) and for the LK (33%) due to increases in sales and average sales price. The exception being Key West which, as noted above, has a relatively small number of SFW properties. The increases in the luxury market continue the trend starting in 2015. The $1M+ residential market from April 2015 to March 2016 also had a 16% increase in number of sales and a 6% increase in ASP. For more details on the luxury market see our Luxury Island Property Report newsletter which publishes at the end of the first and third quarters each year. If you would like a copy, just email lela@CBschmitt.com or call us 305-395-0814 or visit www.SearchFloridaKeysHomes.com
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Coldwell Banker Schmitt Real Estate
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