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