The Florida Keys housing market split into two different stories this August. Single-family buyers are chasing a shrinking pool of homes, while the condo and townhouse market cooled off more broadly. One report cannot capture both accurately, so this month's numbers are broken out by property type. All figures below compare August 2026 directly to August 2025, a year-over-year read rather than a single-month snapshot.
August 2026 Key Takeaway: Single-family inventory is down 15% compared to last August while pending sales are running 18% ahead of last year's pace, a tightening market even as new demand held flat. Condo and townhouse activity cooled overall against last year, though closed sales ticked up 3.6%, with median price down 31% on a thin sample of just 29 closings, a number that reflects small sample size more than a real shift in value.
Single-Family Homes: August 2026 vs. August 2025
Florida Keys Single-Family Market Report: August 2026 vs. August 2025
Single-family supply is shrinking from both ends. Fewer homes are sitting on the market than a year ago, and fewer new listings are arriving to replace them, a double squeeze rather than a one-time dip. Yet buyers are not waiting to see how it plays out. Pending contracts are running well ahead of last year's pace, even though new pending activity itself has barely budged, which points to a backlog of deals working their way toward closing rather than a fresh wave of demand. That combination, tighter supply and a growing pipeline, is likely why the median price held above last year's level even with fewer homes actually closing.
Key Market Highlights: Florida Keys Single-Family Market, August 2026 vs. August 2025
| Metric | August 2026 | 12-Month Change (vs. Aug 2025) |
|---|---|---|
| Active Inventory | 811 | ↓ -15% |
| Pending Inventory | 156 | ↑ +18% |
| Closed Sales | 102 | ↓ -16% |
| New Listings | 127 | ↓ -12% |
| New Pending Sales | 116 | ↓ -1.7% |
| Median Sale Price | $1,022,500 | ↑ +2.3% |
Condo/Townhouse: August 2026 vs. August 2025
Florida Keys Condo/Townhouse Market Report: August 2026 vs. August 2025
The condo and townhouse side of the market tells a quieter story. New listings and new pending sales both trailed well behind last year's pace, a broader pullback rather than the tightening seen on the single-family side. Closed sales are the exception, edging up slightly from a year ago even as the rest of the pipeline slowed. Median price is the number likely to catch attention, down sharply compared to last August, but with only 29 closings for the month, that figure says more about a small sample than it does about where condo values are actually headed. A handful of transactions at either end of the price range can move a median like that without reflecting any real shift in what these properties are worth.
Key Market Highlights: Florida Keys Condo/Townhouse Market, August 2026 vs. August 2025
| Metric | August 2026 | 12-Month Change (vs. Aug 2025) |
|---|---|---|
| Active Inventory | 290 | ↓ -19% |
| Pending Inventory | 36 | ↓ -5.3% |
| Closed Sales | 29 | ↑ +3.6% |
| New Listings | 33 | ↓ -20% |
| New Pending Sales | 31 | ↓ -8.8% |
| Median Sale Price | $610,000 | ↓ -31% |
Why Are Single-Family and Condo Markets Moving in Different Directions?
In my view, this split comes down to buyer pools that behave differently. Single-family buyers in the Keys are often looking for a primary residence or a long-term hold, and they are not waiting around. Pending inventory is running well ahead of last year's pace even as active inventory sits well below where it stood twelve months ago, so contracts are stacking up against a shrinking supply.
In my experience, the condo and townhouse segment tends to draw more investment and second-home buyers, a group that is quicker to pull back when the broader market feels uncertain. New listings and new pending sales both trailed last year's pace by roughly a fifth, even as closed sales edged up 3.6% compared to a year ago, a more even cooling rather than the tightening we are seeing on the single-family side. The 31% drop in median price gets attention, but with only 29 closings for the month, that figure is more a function of a small sample than a signal that condo values are falling across the board.
A Word to Buyers
Single-family buyers are working with less room than they had a year ago. Active inventory sits 15% below where it stood last August, new listings are running 12% behind last year's pace, and pending sales are already climbing. Waiting for more options is a bet against the trend, since supply is tighter than it was during the same period last year, not just from one month to the next. Condo buyers have more breathing room. Inventory and new listings pulled back too, but with fewer other buyers competing for what is available compared to a year ago, this segment favors those ready to move now.
Browse the newest Florida Keys homes for sale to see what is available today.
A Word to Sellers
Single-family sellers are in a strong position. Competition from other listings is down 15% compared to last August, and pending activity is building. Homes priced accurately are finding buyers before supply has a chance to catch up to where it stood a year ago. Condo sellers face a different picture. Activity has cooled across the board compared to last year, so pricing in line with recent closed sales, not last year's headline numbers, matters more than ever to attract the buyers who are still active.
What actually moves price in this market, flood zone, dock access, view, condition, is not something a computer can weigh. See how selling works in today's market and what it means for your property.
Florida Keys Real Estate: Frequently Asked Questions
How many single-family homes are for sale in the Florida Keys right now?
There were 811 single-family homes active in the Florida Keys in August 2026, 15% fewer than at this exact time last year. That means fewer choices for buyers shopping this segment right now.
Are Florida Keys condo prices dropping?
Median condo/townhouse price is down 31% compared to August 2025, to $610,000. That is a median, the middle sale price, not an average, and with only 29 closed sales for the month, a handful of transactions can swing that number without signaling a broad drop in property values.
Is the Florida Keys housing market slowing down?
Not by every measure. Single-family pending inventory ran 18% ahead of last year's pace even as active inventory fell 15% compared to last August, meaning contracts are still being written against a shrinking pool of listings. Condo activity cooled overall compared to a year ago, with inventory, new listings, and new pending sales all down double digits, though closed sales ticked up 3.6%.
What is the median sale price for a single-family home in the Florida Keys?
The single-family median sale price was $1,022,500 in August 2026, up 2.3% from where it stood in August 2025, even as inventory tightened.