The CBSREC YTD Market Report through November 2020 for Days on Market
One of the more frequently asked questions from home sellers is "how long does it typically take to sell a property in the Keys?" According to the report, the average days on market has remained very steady and is currently 121 days or roughly 4 months. So, for the purposes of answering the question, looking at the graphic we can safely say the time to sell has been between 4 - 5 months since at least 2016.
When we dig deeper, we see the number is largely influenced by the sellers themselves. Many have a natural tendency to price high and "test the market" only to later adjust to the market before the home sells. The timing of this adjustment is what affects days on market.
Our luxury home market (those priced over $1 million) skews the number upward as well in that many of these owners have less of a need to sell and are more likely to be driven by potential profit on the sale - testing the market. You will see in the statistics for Luxury Homes in the Keys that the average days for this submarket has ranged from 135 to 202 over the past five years.
No matter the price range, with the number of buyers currently looking for property in the Keys, sellers who choose to price at or near market value from the beginning should have good results.
Here is the complete November 2020 real estate market report for the Florida Keys