Florida Real Estate News & Market Trends

Our Florida Keys blog offers information from Key Largo to Key West including market statistics, home values, Keys events and more.  We care and want to help you find your best place in the Florida Keys. Please reach out if you have any questions at all. An easy way is to visit ScheduleJim.com.  We’d love to speak with you!

Nov. 21, 2023

Tips to Make the Holiday Season Easier

Summer flew by, Halloween came and went, and before we knew it, we are prepping for the upcoming holiday season. As magical as the holidays are, with friends and loved ones coming together, it’s also a time of stress and never-ending to-do lists. There are plenty of things you can do to keep you and your families sane during the last two months of the year!

Keep yourself in check with lists. Instead of a last-minute dash to the store for gifts or last forgotten ingredients, start now by making thorough lists. Write out the names of those you want to acknowledge during the holidays and why—figuring out what you really appreciate about someone can make gift buying easier. 

Stay on schedule. As much as you possibly can, try to stick with your normal routine during the holidays. Don’t stay out at late at holiday parties. Don’t pull an all-nighter wrapping presents or baking pies for Thanksgiving. Disrupting your schedule and losing out on sleep can make your mood deteriorate.

Do something different. This year, does the prospect of the usual routine fill you with holiday dread rather than holiday joy? If so, don’t surrender to it. Try something different. Have Thanksgiving at a restaurant. Spend Christmas day at the movie theater. Donate gifts instead of keeping them.

Keep your expectations modest. Don’t get hung up on what the holidays are supposed to be like and how you’re supposed to feel. If you’re comparing your holidays to some abstract greeting card ideal, they’ll always come up short.

Make room for those that matter most. It’s easy to feel the weight of social obligations during the holidays. We can get caught up in a fear of pleasing others and do what seems “right”. If you can’t make your boss’ party, maybe you can take him out for coffee or get a small gift instead.

As with everything, if you stay present in the moment and appreciate the experience, you won’t be overwhelmed with too much stress this holiday season.


Nov. 21, 2023

Positive Surge in Single Family Home Sales Sweeps the Florida Keys: October 2023 vs. October 2022

A Positive Month For Buyers & Sellers

The Florida Keys has been experiencing a significant uptick in the single-family home market, showing positive trends in key metrics. The data from October 2023 compared to the same period in 2022 paints a picture of growth and increased demand, highlighting the region's resilience and desirability in the real estate market.

Closed Sales: Soaring to New Heights

The most striking indicator of the thriving real estate market in the Florida Keys is the substantial increase in closed sales. In October 2023, the region recorded an impressive 23.3% surge in closed sales compared to October 2022. The figures speak volumes about the growing interest in single-family homes, emphasizing the enduring appeal of the Florida Keys as a dream residential destination.


Median Sale Price: A Testament to Value

The median sale price for single-family homes in the Florida Keys also witnessed a substantial upswing, with a remarkable 35.9% increase from $975,000 in October 2022 to $1,325,000 in October 2023. This surge not only reflects the region's appreciation but also underlines the value that homebuyers place on the unique lifestyle and amenities offered by the Florida Keys.


Dollar Volume: Surging Ahead

The total dollar volume of single-family home sales in the Florida Keys experienced a staggering 69.8% increase, reaching $151.6 million in October 2023, compared to $89.3 million in the same period in 2022. This substantial growth in dollar volume reinforces the sustained momentum in the real estate market, indicating heightened investor confidence.


Median Time to Contract: Steady Pace

While the median time to contract showed a modest 16.7% increase, rising from 54 days in October 2022 to 63 days in October 2023, it is important to note that this increase is still within a reasonable range. The uptick may be attributed to the increased demand and competition, reflecting a market where buyers are thoughtful and deliberate in their decision-making processes.


Pending Sales and New Listings: Building Momentum

The positive trends extend to pending sales and new listings, showcasing the sustained growth in the Florida Keys' real estate market. Pending sales experienced a 10.9% increase, signaling a continued appetite for single-family homes, while new listings surged by an impressive 59.2%, providing prospective buyers with an expanding array of options to choose from.


Active Listings: Meeting Demand

With a 26.1% increase in active listings from October 2022 to October 2023, the Florida Keys market is working to meet the growing demand for single-family homes. The rise in active listings indicates a healthy balance between supply and demand, fostering a dynamic and competitive market environment.


The Florida Keys' single-family home market has demonstrated remarkable resilience and growth in October 2023, as evidenced by the significant positive changes in closed sales, median sale price, dollar volume, pending sales, new listings, and active listings. These encouraging statistics not only reflect the region's enduring allure but also suggest a thriving real estate landscape, making the Florida Keys an exciting and robust market for both buyers and sellers alike. As we move forward, these trends position the Florida Keys as a beacon of opportunity in the real estate realm.

For more information on buying or selling in the Florida Keys MESSAGE US today. You can also READ the full report from the Florida Board of Realtors.

Oct. 6, 2023

Income Properties Are Trending, But Is Landlord Life for You?

If the thought of investing your money into brick and mortar—or perhaps some stylishly-painted siding—excites you, join the club. 

Investing in real estate has long been one of Americans' favorite ways to grow their wealth. In fact, over 70% of single-family rental properties are currently owned by individual investors rather than corporations, according to Census data.1 

Moreover, a decade's worth of Bankrate surveys has found that Americans often prefer real estate for long-term wealth building over other investments. According to Bankrate's latest survey, for example, Americans have historically embraced real estate, in part, because of the strong return on investment it can offer—especially to investors willing to stick with a property over time.2 It’s also a popular way to hedge against inflation since both rental income and property values tend to rise in tandem with overall prices.3

Now, as higher interest rates continue to push priced-out homebuyers to the sidelines, a new crop of “mom and pop” investors are eyeing the mushrooming rental market as a potential goldmine.4 Interest in buying a home to both live in and rent is also on the rise, especially amongst cash-strapped buyers looking to supplement their mortgage payments.5

But how do you know if you’re well-suited to take advantage of these real estate investment opportunities? Here are three signs that owning a rental property could be right for you.



If you're looking for a creative way to buy a home without overspending, “house hacking” could be the answer. Increasingly popular with first-time homebuyers and budget-conscious investors, house hacking simply means buying a home that you intend to live in while renting out a portion of it to one or more tenants.5 

House hacking also tends to be easier to break into than traditional real estate investing since you don't need as high a credit score or as large a down payment to qualify for a mortgage. In fact, some government-backed mortgage programs will let you buy a primary residence with little to no money down.6 Buying a home you don't plan to live in, by contrast, may require you to put down as much as 15% to 25% to qualify for a loan.7  

If you house hack, the money you collect for rent each month can help cover your mortgage and other homeownership expenses. Depending on your setup, you may also be able to save on utility bills by splitting them with your tenant or tacking a portion onto their monthly rent. Another major advantage of house hacking is that it entitles you to certain tax benefits and deductions available only to landlords.8

When it's time to start your search, we can help you find a property that's ideal for house hacking, such as a house with a walkout basement, a multifamily unit, or a home with enough outdoor space to build an accessory dwelling unit or garage apartment.



If you’re not crazy about the idea of a live-in tenant but still desire an additional stream of income, a dedicated long-term rental property could be a better option for you. Besides the monthly proceeds, purchasing a rental home can also add diversity and long-term stability to your investment portfolio and help you build wealth over time.9

According to data from the Federal Reserve, real estate owners have historically prospered. In early 2020, for example, the median home was worth almost triple what it was 30 years prior. Then, during the pandemic-era real estate boom, average home prices grew at an especially frenzied clip, climbing by nearly 50%, on average, in just two and a half years.10 

However, the rate of appreciation can be hard to predict, so it’s prudent to invest in a property that also offers positive cash flow, which means the rent you take in exceeds your expenses. This strategy helps to ensure that you’ll put money in your pocket each month, even if the property’s value takes time to grow.

While today’s higher mortgage rates can make it more challenging for landlords to turn a profit, investment opportunities aren’t reserved for cash buyers. In fact, currently, almost 60% of real estate investors take out a loan to finance their purchase, according to Thomas Malone, an economist at the real estate data firm CoreLogic.4  He also notes that more small investors are stepping in to meet demand for rental housing, which has grown since many would-be buyers remain priced out of the purchase market.4 

If you want to explore opportunities for a residential rental property that's good for your wallet and attractive to renters, we can help. Reach out with questions or to schedule a free consultation. 



Another increasingly popular way to draw income from an investment property is to convert it to a short-term vacation rental. But beware: This strategy can be riskier as some municipalities have tightened rental restrictions and others are suffering from market oversaturation.11,12 

With that said, if you're an experienced investor who can afford to take on some uncertainty, then investing in a short-term rental could make sense for you. 

If you find the right property, for example, you could earn significantly more renting it short-term on a platform like Airbnb than if you rented the home to a long-term tenant.11

The key is to keep it occupied as much as possible at a premium nightly rate. To do that, you’ll need some marketing savvy, hospitality skills, and business acumen. Of course, you can always hire a professional property manager, but you’ll need to factor the cost into your budget.

The vacation rental market enjoyed a boom during the pandemic, and some inexperienced investors are finding they bit off more than they can chew. As a result, there's an opportunity to snap up some of these properties, but you'll need some cash on hand and a willingness to learn the business.12

We can help you scout opportunities in our local market or, if you’re interested in investing in another area, we can refer you to an agent there for assistance.


Investing in real estate can be a great way to build your wealth long-term and earn some extra income. But to make the most of your investment, it pays to be strategic. 

Call us for a consultation (305) 451-2111, so we can discuss your goals and budget. We'll help you discover neighborhoods with the best income potential, point out the homes most suited to renting, and help you brainstorm the best investment strategy for you.  


Before you take the plunge, make sure you can answer “YES” 

to these three questions:


1. Are you ready to be a landlord?

Owning a rental property can take a lot of time and energy. You're not just buying passive income, you're also building sweat equity since the time you spend maintaining, marketing, and managing your rental can add up quickly. So be prepared to do some soul-searching to ensure you’ll not only flourish as a landlord, but actually enjoy it. 

If you want to invest in real estate but aren’t prepared to put in the day-to-day effort required, we can refer you to a property management service for help. 


 2. Can you afford to invest in real estate?

The last thing you want is to get over-extended with your new real estate venture. Besides the cost of purchasing the property, you’ll need to consider additional expenses, like property taxes, insurance, administrative costs, and maintenance and repairs. You will also need a cash reserve for unexpected issues or potential vacancies.

We can help you run the numbers to determine whether you can charge enough rent to offset your expenditures.


3. Have you found the right income property?

Even if you’ve got your finances in order and are emotionally ready to invest, your success as a landlord will also depend on the property you buy. The criteria for a good rental home and a good family home are often different, so it’s important to lean on professionals for advice. 

We can help you find an ideal rental property, taking into account your budget, risk appetite, and investment goals. If you decide to invest in a different area, we'll connect you with an agent who's more plugged into that community. Reach out today to schedule a free consultation.

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.



1. PR Newswire - https://www.prnewswire.com/news-releases/census-data-show-individuals-continue-to-own-largest-share-of-single-family-rental-homes-301725024.html

2. Bankrate - 


3. Forbes -


4. MarketWatch -


5. Realtor.com - https://www.realtor.com/advice/buy/on-the-house-house-hacking-your-way-into-your-first-home/ 

6. NerdWallet - 


7. LendingTree - 


8. Quicken Loans - 


9. Investors Business Daily - https://www.investors.com/etfs-and-funds/personal-finance/rental-properties-investing-experts/

10. St. Louis Fed FRED Economic Data - 


11. Story by J.P. Morgan - https://story.jpmorgan.com/real-estate-news/thinking-about-investing-in-short-term-rentals-heres-what-to-know 

12. Skift - 



Sept. 29, 2023

Analyzing The Florida Keys Single Family Homes: August 2023 VS August 2022

The real estate market is a dynamic entity, constantly shifting and responding to a multitude of factors, from economic conditions and interest rates to demographic shifts and natural disasters. The Florida Keys, renowned for their stunning beauty and appealing lifestyle, possess a housing market that is no exception to this dynamism. In this analysis, we'll delve into the key statistics of the single-family homes housing market in the Florida Keys for the months of August 2023 VS August 2022

Closed Sales: A Significant Decrease

In August 2023, the Florida Keys witnessed a notable decrease in closed sales for single-family homes. There were 83 closed sales, marking a 38.1% decrease compared to August 2022, which saw 134 closed sales. This reduction in closed sales indicates a shift in demand as well as decreased supply.


Cash Transactions: A Dip in the Cash Market

The proportion of cash transactions in the market also experienced a decline. In August 2023, there were 37 homes purchased with cash, reflecting a 19.6% decrease from the 46 cash transactions recorded in August 2022. This might imply changes in the prevalence of cash transactions compared to financing methods. This trend is the opposite of what we would expect with higher interest rates, this is a trend to keep an eye on.


Median Sale Price: A Decrease in Value

The median sale price for single-family homes in the Florida Keys saw a decrease of 10.3% from August 2022 to August 2023. In 2023, the median sale price stood at $1,616,315, while it was notably higher at $1,802,433 in August 2022. This reduction might imply a potential adjustment in property values and reduced buying power with higher interest rates.


Time Factors: A Change in Market Dynamics

The median time to contract and the median time to sale both exhibited noteworthy shifts. The median time to contract in August 2023 increased by 32.4% compared to the previous year, jumping from 34 days in 2022 to 45 days in 2023. Similarly, the median time to sale also increased by 24.3%, rising from 74 days in 2022 to 92 days in 2023. These changes highlight alterations in market dynamics and buyer-seller interactions.


Listings and Inventory: A Mixed Bag

The number of new listings in August 2023 decreased by 11% compared to August 2022. In 2022, there were 129 new listings, whereas in 2023, this number dropped to 145. On the other hand, pending inventory saw a 19.5% decrease, falling from 174 in 2022 to 140 in 2023. In contrast, the active inventory experienced a 16.4% increase, rising from 524 in 2022 to 610 in 2023. These variations suggest a complex interaction of factors affecting listing activity and available housing inventory.


In conclusion, the Florida Keys single-family homes housing market witnessed shifts and adjustments in various key metrics from August 2022 to August 2023. The decrease in closed sales, cash transactions, median sale price, and new listings, alongside an increase in median time to contract, median time to sale, and active inventory, reflect a changing landscape in the real estate market. Understanding these changes is crucial for both buyers and sellers in navigating the market effectively and making informed decisions. As we move forward, it will be intriguing to monitor how these trends evolve and influence the housing market in the Florida Keys.


For more information on buying or selling in the Florida Keys you can call (305) 451-2111 or message us.  You can also read the FULL REPORT provided by the Florida Realtors.

Sept. 19, 2023

Top 7 Tips To Attract the Best Offers for Your Home

Not long ago, home sellers were in their heyday, as historically-low mortgage rates triggered a real estate buying frenzy. However, the Federal Reserve shut down the party when it began raising interest rates last year.1  

Now, it’s not as simple to sell a home. While pandemic-era homebuyers were racing the clock—trying to lock in a low mortgage rate and gain a foothold in the market—current buyers are more discerning. Higher prices and mortgage rates have pushed their limits of affordability, leading them to prioritize cost, condition, and overall value.2

The reality is, home inventory remains low, so most properties will still sell with some basic prep, the right price, and a good real estate agent. But owners who go the extra mile are more likely to sell faster and for a higher amount.

If you have plans to sell your home and want to net the most money possible, this list is for you. Here are our top seven strategies to attract the best offers and maximize your real estate returns.


Many homebuyers hire a professional to complete a home inspection before they close. But did you know that a seller can order their own inspection, known as a pre-listing inspection, before they put their home on the market?\

Having a pre-listing inspection on hand and ready to share shows interested buyers that you’re committed to a transparent transaction. This can help you market your home, strengthen your negotiating position, and minimize roadblocks to closing.3

Of course, it’s always possible that a pre-listing inspection—which looks at the home’s major systems and structures, among other things—could turn up a significant problem. This does carry some risk, as you’ll be required to either fix or disclose any issues to potential buyers. However, in most cases, it’s better to know about and address deficiencies upfront than to find out mid-transaction, when it could cost you more in the form of concessions, a delayed closing, or a canceled sale.

We can help you decide if a pre-listing inspection is right for you. And if it identifies any concerns, we can advise on which items need attention before you list your home.



Embarking on major renovations before putting your home on the market doesn’t always make financial (or logistical) sense. However, certain upgrades are more likely to pay off and can help elevate your home in the eyes of buyers.

For example, refinishing hardwood floors results in an average 147% return on investment at resale and new garage doors typically pay for themselves.Similarly, research shows that professional landscaping can boost a home’s value by as much as 20%.5

Often, even simpler and less expensive fixes can make a big difference in how your home comes across to buyers. A fresh coat of paint in a neutral color, modern light fixtures and hardware, and new caulk around the tub or shower can help your property look its best.5 

But before you make any changes to your home, reach out. We know what buyers in your neighborhood are looking for and can help you decide if a particular investment is worthwhile.



To get standout offers, you need potential buyers to fall in love with your home—and they’re much more likely to do so if they can envision themselves in the space.

That’s where home staging comes in. Staging can include everything from decluttering and packing away personal items to bringing in neutral furniture and accessories for showings and open houses.

According to the National Association of Realtors, home staging can both increase the dollar value of home offers and help a property sell faster. In fact, 53% of seller’s agents agree that staging decreases the amount of time a home spends on the market, and 44% of buyer’s agents see higher offers for staged homes.6

There’s plenty of strategy and research behind the process, so it’s smart to consider a professional. Reach out for a connection to one of our recommended home stagers who can help your property show its full potential.



While it’s tempting to list your property at the highest possible price, that approach can backfire. Homes that are overpriced tend to sit on the market, which can drive away potential buyers—and drive down offers. 

Alternatively, if you price your home competitively, which is either at or slightly below market value, it can be among the nicest that buyers see within their budgets. This can ultimately lead to a higher sales price and fewer concessions.

To help you list at the right price, we will do a comparative market analysis, or CMA. This integral piece of research will help us determine an ideal listing price based on the amount that comparable properties have recently sold for in your neighborhood.

Without this data, you risk pricing your home too high (and getting no offers) or too low (and leaving money on the table). Combined with our local market insights, we’ll help you find that sweet spot that will attract the best offers while maximizing your profit margin.



Sometimes, sweetening the deal with buyer incentives can help you get the best possible offer. Incentives are especially helpful in the current market, when many buyers are struggling with affordability and concerned about their monthly payments.

Options that can pay off include:

     Buying down their interest rate – You can pay an upfront sum to reduce the buyer’s mortgage rate. This approach can save far more than that cost over the life of the loan, meaning it’s worth more to the buyer than a simple price reduction.8

     Offering closing cost credits – You might pay a set amount or a certain percentage of the buyer’s closing costs.

     Paying HOA costs – You could cover homeowner association or condominium fees for a set period of time.

     Including furniture or appliances in the sale – If your buyer is interested, throwing in the furniture or appliances that they want and need can make your property more appealing.

Buyer incentives vary and valuing them can get complicated. We’re happy to talk through the options that might make sense for you. 



Gone are the days when it was enough to put a “for sale” sign in your yard and place a listing on the MLS. A strategic marketing plan is now essential to get your home in front of as many interested and qualified buyers as possible.

The truth is, buyers who don’t know about your house can’t make an offer. That’s why we utilize a multi-step approach to marketing that starts with identifying your target audience, effectively positioning your home in the market, and communicating its unique value. We then use a variety of distribution channels to connect with potential buyers and performance-based metrics to monitor and improve our campaign results.

Our proven approach can have a big impact on the success of your sale. Reach out to learn more about our multi-step marketing plan and discuss how we can use it to generate interest and offers for your home. 



To get the best offers possible, you need a real estate agent who knows your area inside and out.

Any agent can pull comparable sales data, but in a quickly-evolving market, even the latest comps can lag the current market reality. We have our fingers on the pulse of the local market because we’re working directly with sellers like you. We also represent local buyers who are active in the market, searching for homes like yours.

That puts us in an ideal position to help you price your home for a quick sale and maximum profit. And since we hear first-hand what local buyers want, we can help you prep your home to broaden its appeal and highlight its most-coveted features. Additionally, we can use our extensive network of local agents to solicit feedback and get your home in front of more potential buyers.

All of these factors can add up to a significant difference in your profit: In 2021, the typical home sold by owner went for $225,000 compared to a median price of $330,000 for agent-assisted home sales.9



Are you ready to get a great offer for your home? Our multifaceted approach can help you maximize your real estate returns. Reach out for a free home value assessment and customized sales plan to get started!


Call Jim (305) 394-4449 or Kerry (305) 517-1187 to schedule an in person consultation.

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.



1.     U.S. Bank -

2.     National Association of Realtors -

3.     Bankrate -

4.     National Association of Realtors -

5.     Bankrate -

6.     National Association of Realtors -

7.     The Balance -

8.     U.S. News & World Report -

9.     National Association of Realtors -

Sept. 19, 2023

To Improve or Not To Improve

One of the biggest common misconceptions when it comes to your home is that all improvements will give you the value back and then some.

This is TOTALLY untrue.

I’ve met with homeowners that believe their home is worth $4,000 more than the others because they just replaced the air conditioner. No, your home is worth exactly as much as the others because it now has a working air conditioner. You’ve simply brought it up to par. Nobody would buy it at all when it wasn’t working and the only reason you replaced it is because it was broken or near broken.

It’s ridiculous to think I would get $6,000 more for my used car because the engine blew up and I spent $6,000 on a new one. No, now it’s worth the same as everyone else’s working car of similar specs.

If you spend $5,500 to put a beautiful deck on the back of your home, of course that increases the marketability and it increases the desirability. But that doesn’t mean you’ll get an additional $5,500 for the home. You won’t in most cases.

To be clear, you may get a little bit more money for the house, but you’ll also be getting your own enjoyment while you are living there. 

I recently read a story about an owner that spent $13,000 for a privacy fence in his huge backyard and he was shocked to learn when he sold the next Summer that the home would be MUCH more desirable than the others, but he will only get an additional $5,000 for the home based on the beautiful fenced yard.

When you replace a roof or a hot water tank or any other mechanicals in a home, of course that’s an outstanding improvement. They would choose your home over those that have NOT done that improvement. But the fact is, you didn’t replace it to increase the value. You replaced it because the last one was bad, meaning the home was in ill repair. Yes, the buyers would choose yours, but they wouldn’t pay you dollar for dollar as to what you’ve invested.

On the flip side of that coin, most generally you’ll find that nearly ALL cosmetic or minor repairs will pay back huge dividends and may actually pay you back a multiple of what you’ve invested. 

You already know that fresh paint and carpet goes a LONG way in creating more value within the home. I don’t know that I’ve ever seen one case where they didn’t get their investment back in terms of price and marketability.

The same is usually true for countertops, window repairs, punch-out items and many other minor issues. That’s why we often recommend a pre-market home inspection so you can knock out any minor issues to avoid scaring off the buyer when they have their inspections done.

Be sure you get with me on any improvements so that you can have a bit of professional advice before you pull the trigger on the project. There are two things to look at. One is resale value and the other is your own enjoyment of those items which is really your main goal to begin with, even if you won’t get your investment back. But remember, there are several things you can do to INCREASE the value and get a multiple of what you’ve invested in repairs or upgrades. 

Call Jim (305) 394-4449 or Kerry (305) 517-1187 to schedule an in person consultation.

Aug. 25, 2023

A Comparative Analysis

 July 2023 vs. July 2022 Single Family Home Market in The Florida Keys

The real estate market is known for its fluctuations, driven by a multitude of factors that influence buying and selling decisions. In this blog, we'll be comparing the Florida Keys single-family home market statistics of July 2023 with those of July 2022. By examining key indicators such as closed sales, cash transactions, median sale prices, time to contract and sale, pending sales, new listings, and active listings, we aim to uncover trends and insights that shed light on the state of the market.

**Closed Sales:**

In July 2023, there were 88 closed sales, a 7.4% decrease from the 95 closed sales in July 2022. This decline suggests a potentially less active market in 2023 compared to the previous year. Higher interest rates and continued low inventory are the biggest contributors to the decrease.


**Paid in Cash:**

Cash transactions saw a significant decline in July 2023, with 34 transactions (33.3% decrease) compared to 51 transactions in July 2022. This decrease in cash purchases might indicate a shift in financing trends or continued effects of low inventory and pickier buyers.


**Median Sale Price:**

The median sale price for single-family homes in July 2023 was $1,079,750, reflecting a 6.1% decrease from $1,150,000 in July 2022. This reduction in median sale price could be attributed to a variety of factors, including changes in demand, property values, or economic conditions. This is one of the first times we've seen a decrease in this category over the last few years.


**Median Time to Contract and Sale:**

The median time to contract in July 2023 was 58 days, a stark increase of 152.2% from the mere 23 days seen in July 2022. Similarly, the median time to sale also experienced an upward trend, taking 92 days in 2023 compared to 65 days in 2022, indicating a potentially more prolonged selling process for homeowners.


**Pending Sales:**

Pending sales, a key indicator of future closed sales, showed a decline of 27.5% in July 2023, with 87 pending sales compared to 120 in July 2022. This drop could suggest a slowdown in buyer interest or a lag in finalizing transactions.


**New Listings:**

July 2023 saw 125 new listings, a decrease of 35.9% from the 195 new listings in July 2022. This reduction in new listings might reflect a lower number of homeowners looking to sell their properties, possibly due to market uncertainties and sellers wanting to hold onto their lower mortgage rates.


**Active Listings:**

Active listings increased by 16.6% in July 2023, with 610 listings compared to 523 in July 2022. This rise in active listings could point toward a higher inventory of homes available for purchase down the road.


Comparing July 2023 with July 2022 in the Florida Keys single-family home market, it's evident that the market underwent several notable shifts. While closed sales, pending sales, and new listings saw decreases, the time to contract, time to sale, and active listings witnessed increases. The decrease in cash transactions suggests changing buyer preferences or financial trends. The increase in median time to contract and sale could be attributed to various factors, including a more cautious approach from buyers or increased complexities in the selling process. The rise in active listings might provide more options for buyers but could also indicate a potentially saturated market in the future. Overall, these statistics paint a nuanced picture of a market that has experienced shifts in supply, demand, and buyer behavior over the course of a year.

Read The Full Single Family July 2023 Report

Aug. 18, 2023

Exploring Mobile Home Affordability in the Florida Keys: A Path to Paradise

Navigating the Path to Mobile Home Living in the Florida Keys

The allure of the Florida Keys is undeniable – clear blue waters, swaying palm trees, and a sense of serenity that captivates all who visit. Yet, for many, the high cost of living in this tropical haven has remained a roadblock to calling it home. Enter mobile homes – a potential solution that offers a more affordable way to embrace the Keys' lifestyle. In this blog, we'll dive into the world of mobile home affordability, uncovering insights that shed light on the market's dynamics.

*Unlocking Opportunities: Closed Sales Trends:*

Over the past quarter, the mobile home market in the Florida Keys saw 48 closed sales, indicating a shift from the 66 closed sales recorded in the same period last year. This change aligns with the broader real estate trend, suggesting a possible temporary slowdown in market activity. This also allows for more room for buyer negotiations.


*Embracing Value: Median Sale Price Insights:*

In Q2 2023, the median sale price for mobile homes in the Florida Keys climbed to $415,000, reflecting a 9.2% increase from $380,000 in Q2 2022. While the price has risen it still remains the most affordable option in the Florida Keys and still attracting those who seek an entry point into the Keys' lifestyle. 


*Taking Time: Median Time to Contract:*

Interestingly, the median time to contract for mobile homes during Q2 2023 extended to 90 days, a significant departure from the 32 days seen a year earlier. This change suggests a more thoughtful approach from both buyers and sellers, indicating that parties are taking their time to make informed decisions.


*Supply and Demand: New and Active Listings:*

In the latest quarter, the market saw 48 new listings for mobile homes, a decrease of 33.3% compared to the 72 new listings in the same period in 2022. This shift points to a tighter supply of available mobile homes, potentially fostering a more competitive market environment. Conversely, the number of active listings rose to 77 in Q2 2023, reflecting a 10% increase from 70 active listings in Q2 2022. This uptick in active listings could signify heightened competition among sellers, all vying to capture the attention of potential buyers.

The allure of owning a piece of the Florida Keys remains strong, and mobile homes provide a more accessible avenue to achieve that dream. While statistics offer insights into the market's shifts, potential homeowners must approach the market with a comprehensive understanding of its nuances. Mobile homes present an opportunity for affordable living in this paradise, but a well-informed approach will ensure that the journey toward ownership is both fulfilling and successful. 

If you think a mobile home is an option, there is a wide selection available throughout the Florida Keys. If you have questions and would like to discuss your options, you can reach us at (305) 451-2111. 

Aug. 11, 2023

Take Advantage of Your Home Equity

A Homeowner's Guide

Homeownership offers many advantages over renting, including a stable living environment, predictable monthly payments, and the freedom to make modifications. Neighborhoods with high rates of homeownership have less crime and more civic engagement. Additionally, studies show that homeowners are happier and healthier than renters, and their children do better in school.1 

But one of the biggest perks of homeownership is the opportunity to build wealth over time. Researchers at the Urban Institute found that homeownership is financially beneficial for most families,2 and a recent study showed that the median net worth of homeowners can be up to 80 times greater than that of renters in some areas.3

So how does purchasing a home help you build wealth? And what steps should you take to maximize the potential of your investment? Find out how to harness the power of home equity for a secure financial future.



Home equity is the difference between what your home is worth and the amount you owe on your mortgage. So, for example, if your home would currently sell for $250,000, and the remaining balance on your mortgage is $200,000, then you have $50,000 in home equity.

    $250,000 (Home’s Market Value)

-   $200,000 (Mortgage Balance)


   $50,000 (Home Equity)

The equity in your home is considered a non-liquid asset. It’s your money; but rather than sitting in a bank account, it’s providing you with a place to live. And when you factor in the potential of appreciation, an investment in real estate will likely offer a better return than any savings account available today.



A mortgage payment is a type of “forced savings” for home buyers. When you make a mortgage payment each month, a portion of the money goes towards interest on your loan, and the remaining part goes towards paying off your principal, or loan balance. That means the amount of money you owe the bank is reduced every month. As your loan balance goes down, your home equity goes up.

Additionally, unlike other assets that you borrow money to purchase, the value of your home generally increases, or appreciates, over time. For example, when you pay off your car loan after five or seven years, you will own it outright. But if you try to sell it, the car will be worth much less than when you bought it. However, when you purchase a home, its value typically rises over time. So when you sell it, not only will you have grown your equity through your monthly mortgage payments, but in most cases, your home’s market value will be higher than what you originally paid. And even if you only put down 10% at the time of purchase—or pay off just a small portion of your mortgage—you get to keep 100% of the property’s appreciated value. That’s the wealth-building power of real estate.



Now that you understand the benefits of building equity, you may wonder how you can speed up your rate of growth. There are two basic ways to increase the equity in your home:

1) Pay down your mortgage.

We shared earlier that your home’s equity goes up as your mortgage balance goes down. So paying down your mortgage is one way to increase the equity in your home.

Some homeowners do this by adding a little extra to their payment each month, making one additional mortgage payment per year, or making a lump-sum payment when extra money becomes available—like an annual bonus, gift, or inheritance.

Before making any extra payments, however, be sure to check with your mortgage lender about the specific terms of your loan. Some mortgages have prepayment penalties. And it’s important to ensure that if you do make additional payments, the money will be applied to your loan principal.

Another option to pay off your mortgage faster is to decrease your amortization period. For example, if you can afford the larger monthly payments, you might consider refinancing from a 30-year or 25-year mortgage to a 15-year mortgage. Not only will you grow your home equity faster, but you could also save a bundle in interest over the life of your loan.

2) Raise your home’s market value.

Boosting the market value of your property is another way to grow your home equity. While many factors that contribute to your property’s appreciation are out of your control (e.g. demographic trends or the strength of the economy) there are things you can do to increase what it’s worth.

For example, many homeowners enjoy do-it-yourself projects that can add value at a relatively low cost. Others choose to invest in larger, strategic upgrades. Keep in mind, you won’t necessarily get back every dollar you invest in your home. In fact, according to Remodeling Magazine’s latest Cost vs. Value Report, the remodeling project with the highest return on investment is a garage door replacement, which costs about $3600 and is expected to recoup 97.5% at resale. In contrast, an upscale kitchen remodel—which can cost around $130,000—averages less than a 60% return on investment.4

Of course, keeping up with routine maintenance is the most important thing you can do to protect your property’s value. Neglecting to maintain your home’s structure and systems could have a negative impact on its value—therefore reducing your home equity. So be sure to stay on top of recommended maintenance and repairs.



When you put your money into a checking or savings account, it’s easy to make a withdrawal when needed. However, tapping into your home equity is a little more complicated.

The primary way homeowners access their equity is by selling their home. Many sellers will use their equity as a down payment on a new home. Or some homeowners may choose to downsize and use the equity to supplement their income or retirement savings.

But what if you want to access the equity in your home while you’re still living in it? Maybe you want to finance a home renovation, consolidate debt, or pay for college. To do that, you will need to take out a loan using your home equity as collateral. 

There are several ways to borrow against your home equity, depending on your needs and qualifications:5

1)Second Mortgage - A second mortgage, also known as a home equity loan, is structured similar to a primary mortgage. You borrow a lump-sum amount, which you are responsible for paying back—with interest—over a set period of time. Most second mortgages have a fixed interest rate and provide the borrower with a predictable monthly payment. Keep in mind, if you take out a home equity loan, you will be making monthly payments on both your primary and secondary mortgages, so budget accordingly.

2)Cash-Out Refinance - With a cash-out refinance, you refinance your primary mortgage for a higher amount than you currently owe. Then you pay off your original mortgage and keep the difference as cash. This option may be preferable to a second mortgage if you have a high interest rate on your current mortgage or prefer to make just one payment per month.

3)Home Equity Line of Credit (HELOC) - A home equity line of credit, or HELOC, is a revolving line of credit, similar to a credit card. It allows you to draw out money as you need it instead of taking out a lump sum all at once. A HELOC may come with a checkbook or debit card to enable easy access to funds. You will only need to make payments on the amount of money that has been drawn. Similar to a credit card, the interest rate on a HELOC is variable, so your payment each month could change depending on how much you borrow and how interest rates fluctuate.

4)Reverse Mortgage - A reverse mortgage enables qualifying seniors to borrow against the equity in their home to supplement their retirement funds. In most cases, the loan (plus interest) doesn’t need to be repaid until the homeowners sell, move, or are deceased.6

Tapping into your home equity may be a good option for some homeowners, but it’s important to do your research first. In some cases, another type of loan or financing method may offer a lower interest rate or better terms to fit your needs. And it’s important to remember that defaulting on a home equity loan could result in foreclosure. Ask us for a referral to a lender or financial adviser to find out if a home equity loan is right for you.



Wherever you are in the equity-growing process, we can help. We work with buyers to find the perfect home to begin their wealth-building journey. We also offer free assistance to existing homeowners who want to know their home’s current market value to refinance or secure a home equity loan. And when you’re ready to sell, we can help you get top dollar to maximize your equity stake. Contact us today to schedule a complimentary consultation!


The above references an opinion and is for informational purposes only. It is not intended to be financial advice. Consult a financial professional for advice regarding your individual needs.


1.National Association of Realtors -https://www.nar.realtor/blogs/economists-outlook/highlights-from-social-benefits-of-homeownership-and-stable-housing

2.Urban Institute -https://www.urban.org/urban-wire/homeownership-still-financially-better-renting

3.Census Bureau -https://www.census.gov/library/stories/2019/08/gaps-in-wealth-americans-by-household-type.html

4.Remodeling Magazine -https://www.remodeling.hw.net/cost-vs-value/2019/

5.Investopedia -https://www.investopedia.com/mortgage/heloc/home-equity/

6.Bankrate -https://www.bankrate.com/mortgage/reverse-mortgage-guide/



Aug. 7, 2023

Florida Keys Board of Realtors Report: Q2 2023 vs. Q2 2022

Monroe County, Florida Q2 Real Estate Report

The Florida Keys real estate market experienced notable changes in the second quarter of 2023 compared to the same period in 2022. Let's delve into the statistics provided by the Florida Keys Board of Realtors to gain insights into the trends and developments in single-family homes, mobile homes, and townhouses/condos.


Single Family Homes:

Closed Sales:

In Q2 2023, there were 375 closed sales for single-family homes, marking a significant decrease of 24.4% compared to the 496 closed sales in Q2 2022. This drop in closed sales indicates a slowdown in the market activity during the second quarter of this year.

Median Sale Price:

The median sale price for single-family homes in Q2 2023 was $1,052,500, showing a marginal increase of 0.2% from the median sale price of $1,050,000 in Q2 2022. While the increase may seem minimal, it demonstrates a steady and stable appreciation of property values in the region.

Median Time to Contract:

The median time to contract in Q2 2023 increased significantly to 63 days, compared to just 25 days in Q2 2022. This represents a substantial 152% increase in the time taken to finalize contracts. The longer time to contract may indicate a more cautious and deliberate approach from buyers and sellers in the current market conditions.

New Listings:

In Q2 2023, there were 445 new listings for single-family homes, experiencing a decline of 26.6% compared to 606 new listings in Q2 2022. This decrease in new listings indicates a reduced influx of properties onto the market during this period.

Active Listings:

The number of active listings in Q2 2023 increased to 605, representing a significant 28.7% rise from 470 active listings in Q2 2022. The higher number of active listings suggests that more properties are available for potential buyers, contributing to the competitive market landscape.

Read The Full Single Family Q2 Report


Mobile Homes:

Closed Sales:

For mobile homes, Q2 2023 saw 48 closed sales, which is 27.3% lower than the 66 closed sales in Q2 2022. This decline in closed sales suggests a similar trend to single-family homes, where market activity softened during this quarter.

Median Sale Price:

The median sale price for mobile homes in Q2 2023 rose to $415,000, reflecting a robust 9.2% increase compared to $380,000 in Q2 2022. This growth in median sale price indicates a positive appreciation in the value of mobile homes.

Median Time to Contract:

In Q2 2023, the median time to contract for mobile homes soared to 90 days, significantly higher than the 32 days seen in Q2 2022. This notable 181.3% increase suggests a lengthier and more cautious decision-making process among buyers and sellers in the current market climate.

New Listings:

There were 48 new listings for mobile homes in Q2 2023, representing a decrease of 33.3% compared to the 72 new listings in Q2 2022. This decline in new listings indicates a reduced supply of mobile homes coming onto the market.

Active Listings:

The number of active listings in Q2 2023 rose to 77, showing a 10% increase from 70 active listings in Q2 2022. This rise in active listings points to a potentially more competitive market for mobile homes.

Read The Full Mobile Home Q2 Report


Townhouses and Condos:

Closed Sales:

In Q2 2023, there were 114 closed sales for townhouses and condos, marking a substantial 39% decrease from the 187 closed sales in Q2 2022. Similar to the other property types, this reduction in closed sales indicates a market slowdown.

Median Sale Price:

The median sale price for townhouses and condos in Q2 2023 declined slightly to $692,500, showing a decrease of 1.1% from $700,000 in Q2 2022. While this decrease is relatively small, it reflects a possible stabilization in the market after previous growth.

Median Time to Contract:

The median time to contract in Q2 2023 increased significantly to 48 days, compared to just 14 days in Q2 2022. This represents a substantial 250% increase in the time taken to finalize contracts, suggesting a slower pace in the transaction process.

New Listings:

In Q2 2023, there were 137 new listings for townhouses and condos, which declined by 19.4% compared to the 170 new listings in Q2 2022. This decrease indicates a reduced influx of properties into the market.

Active Listings:

The number of active listings in Q2 2023 rose to 166, marking a substantial 66% increase from 100 active listings in Q2 2022. This higher number of active listings may lead to increased competition among sellers.

Read The Full Townhouses and Condos Q2 Report 


In conclusion, the Florida Keys real estate market witnessed various changes in Q2 2023 compared to Q2 2022. While closed sales and new listings declined across all property types, median sale prices generally saw slight increases. The time taken to finalize contracts significantly increased in all categories, reflecting a more deliberate and cautious approach from both buyers. The rise in active listings indicates a potentially competitive market in the Florida Keys, however the decrease in inventory is still having it's effects on the market as a whole. For more information on buying or selling in the Florida Keys you can call (305) 451-2111 or message us.