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.