Real Estate Report

The CBSREC Winter 2021 Report is out!

2020 was certainly full of surprises and real estate in the Florida Keys was no exception.  If you are a visual numbers person, you will enjoy the charts in the report, particularly how the market was affected near the early part of the COVID-19 pandemic, a time period in which the Keys were effectively locked down.  

Keyswide, the number of properties available for sale is down 31.4% and is at a 15-year low.  Combined with the surge in the number of pending sales, the forecast is for a strong market until some of these fundamental indicators change.

View the entire Florida Keys Market Report

As has happened since 2004, Coldwell Banker Schmitt Real Estate Company continues to lead the market, most recently selling more properties than the next 5 companies combined.  CBSREC was involved in 23% of all sales in the Keys.

What's happening so far in 2021?

The new year is beginning with a continuation of the trends we experienced in the past year: More sales and fewer listings.

While still early in the year, there are still no signs of the market slowing down.  Interest rates for buyers who get mortgages remain low, increasing their purchasing power.  Unfortunately for these borrowers, the inventory remains low.  January and February are the two months in which, historically, we see a bump in the number of properties for sale - not so much at this point as keys-wide we are down 29.3% as compared to January 2020.

The bottom row sums it up where the number of pending sales is up 40.4% as compared to January 2020.

Look for our quarterly real estate report which will be coming soon.

End of year listings are down

Keys-wide listing inventory drops 23.9%

The number of listings for sale in the Florida Keys continued to decline in 2020 as compared to the past four years.  With 1,871 properties for sale at the end of the year, the total number of listings is the lowest it has been for 15 years.

As compared to 2019, Key West had the smallest drop in properties for sale at -3.8% while the Upper Keys inventory dropped by 40.5%.  With the exception of Key West which generally has a more dense population, the Keys have been identified by many buyers as a "safe haven" during the COVID-19 pandemic.  

The lower listing inventory combined with the higher number of sales has resulted in an increase in the average sale price in the Keys.

View the Coldwell Banker Schmitt Real Estate Company market report for 2020.

Average Days on Market is 120

Time frame remains steady over the past two years

For the second consecutive year properties that sold in the Florida Keys have been on the market for 120 days on average. This is just a slight drop from 2018 when the average time period was 123.75 days.

The Keys are still continuing to experience a strong seller's market.  The 120 average can serve as a guideline but sellers may experience shorter or longer times based on their own pricing strategy.  

Remains steady in 2020 with just a small increase from 94.4% to 94.6%

The year-end market report from Coldwell Banker Schmitt Real Estate Company in the Florida Keys shows the sales price to final listing price ratio has increased 0.2% Keys-wide.  This would indicate that on average, because of continued high demand and increasingly low inventory, sellers who priced their properties to sell were able to hold relatively firm on price during 2020.

In the complete market report for the Florida Keys, we can see the sales price to original list price ratio Keys-wide was 89.99%.  The simple explanation is that while some sellers choose to price their properties at market value and sell at full price, others elect "test the market" and eventually receive market value.

My sellers received an average of 97.1% of the final listing price in 2020, giving them a 2.5% advantage as compared to the overall Florida Keys market.  Experience pays. 

The average sale price in the Florida Keys for 2020 was up 8.5% as compared to 2019

2020 average price was $671,793

The lower number of homes for sale in the Florida Keys combined with continued demand and lower interest rates has contributed to the rise in the average sale price.

The Upper Keys which includes Key Largo and Islamorada had a lower average sale price.  However, the year over year increase at 11.6% exceeded the overall average increase.

View the market statistics for 2020 in the Florida Keys.

Regatta to be held February 27-28

"Without the support of local businesses like Coldwell Banker Schmitt, the largest real estate company serving the Florida Keys, pulling off this event wouldn't be possible."

New Year, new venue, and an amazing new sponsor but still the most awesome youth sailing regatta in the Florida Keys! We're ecstatic and so grateful that the 2021 Buccaneer Blast Regatta will set sail Feb. 27-28 at beautiful Rowell's Waterfront Park in Key Largo. Without the support of local businesses like Coldwell Banker Schmitt, the largest real estate company serving the Florida Keys, pulling off this event wouldn't be possible. Expect to see our local kiddos battling it out on the water together with 200 other youth sailors from around the country that weekend. Thank you Coldwell Banker Schmitt Real Estate for your support!

More information about the regatta: https://msysp.org/buccaneer-blast/

2020 sales volume was $2,209,904,119

As suggested in November, the Florida Keys Real Estate market did, in fact, surpass $2 billion in sales volume, despite the challenges experienced in the early part of 2020.  In comparison to 2019, the total sales volume increased by 26.5% for the entire Florida Keys.

In the Upper Keys which includes Key Largo through Islamorada, the dollar volume increased by 33.2%.  With gross sales of $746,096,639, this was the largest submarket in terms of volume.

View the complete 2020 December real estate report

Just Listed in Key Largo

Concrete Block, Ocean View and Boat Slip!

Your chance to own a sought after CBS 3/2 house in a desired oceanside neighborhood.  Great price at $650,000.  This is a brand new listing - when the complete set of photos is available, you may view them here: 239 S Ocean Shores Dr, Key Largo

Click to view all homes for sale in Key Largo Ocean Shores

The total number of sales in the Florida Keys is up 16.6% for 2020

After a slow first quarter due to COVID-19, the real estate market bounced back in a big way according to the Coldwell Banker Schmitt Real Estate Company market report for 2020. 

The number of sales in the Keys had been relatively consistent through the previous four years, ranging from 2,621 to 2,822.  Despite the many challenges during 2020, the report shows a year over year increase of 468 units for a total of 3,290.

A major contributing factor to the growth was the all-time low interest rates.  The perception of the Keys as a "safe haven" in South Florida as it relates to the spread of the coronavirus was another reason.  As you can read in the chart below, Key West as a more densely populated area did not experience the same growth.  

2021 is positioned for a strong start based on the number of pending sales.  View the complete 2020 Market Report for the Florida Keys