The Coldwell Banker Schmitt Real Estate Company market report for the Florida Keys is in!

We will break down the specific market statistics in future posts but some highlights include:

1. Total Sales Volume: $2,209,904,118
2. Number of Listings for Sale: 1,871
3. Number of Pending Sales: 404

The total sales volume is second only to the $2.3 billion closed during 2005 and up 26.5% over 2019.  This comes in a year in which the Keys were effectively closed down during February and March due to COVID-19.

The end-of-year number of listings for sale is down 23.9% as compared to one year ago and at a level not seen in 15 years.  In the Upper Keys, the number of properties for sale is down 40.5%.

Finally, pending sales are up 51.9% signaling a strong start for 2021.

Pending Sales in the Florida Keys are up sharply in year over year comparison through November 2020. 

According to the market report provided by Coldwell Banker Schmitt Real Estate Company, the number of pending transactions is up 40.4% as compared to this time last year.  Over the same time period, the inventory of properties for sale is down 17.8%.  The year 2020 is poised to finish with a closed sales volume of over $2 billion, an all-time high for sales in the Florida Keys.

Once again, the Upper Keys, where pending sales are up 59.8%, exceeds the keys-wide increase.  It has, by far, the largest reduction of inventory.

The Keys-wide "Months of Inventory" drops 27.3% as compared to the end of November one year ago.

The months of inventory is the time it would take to sell off all properties that are currently on the market if there are no new listings.  For the entire Florida Keys, the time it would take for the market to absorb all of the listings dropped to 7.5 months as compared to 10.3 for the year prior.  Fewer sellers listed their properties for sale in 2020 yet pending sales remain high.

The Upper Keys which includes Key Largo and Islamorada is now down to 5.9 months of inventory, down 43.2%.

Keys-wide, the average listing price as of November 2020 has risen 6.9% year over year.

Now well over $1 million, seller expectations are rising as buyer demand continues.  As shown in an earlier post, the average sale price in the Keys was up 8.3% for the same time period.  This will not last forever but the number of listings for sale is still trending low.

In the Upper Keys which includes Key Largo and Islamorada, the average listing price is up 13.6% and is now $1,208.243, surpassing Key West as the highest in the Keys.  Listings for sale in the Upper Keys submarket are down sharply.

If you like to crunch the numbers yourself, check out the entire November 2020 market report for the Florida Keys.

How many properties are currently for sale in the Florida Keys?

As of the end of November 2020, there were 2,019 properties for sale in the Keys.  This represents a 17.8% decrease in inventory as compared to the prior year.  Looking back further than shown the chart below, the total number of available properties is at a low not seen since about 2004.

In terms of the Upper Keys, the supply of active listings is down a whopping 33.7%.

The inventory of available properties is generally considered one of the best indicators of the future of the market.  Low supply, high demand and the high number of currently pending sales allows us to project that 2021 will be another strong year.

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

House in Largo Sound Park is SOLD!

One of my favorite homes in Largo Sound Park is sold.  Rarely found in the Keys, the property included just over 1/2 acre of land and a corner location.  

Because of the large lot size, it sold toward the high end of the dry home market at $780,000 and is worth every penny!  Congrats to my seller who has completed multiple sales and purchases with me.

Largo Sound Park is one of the more popular neighborhoods in the Upper Keys, largely due to its waterfront homeowners park.  For active, pending and sold listings in this subdivision, view the Largo Sound Park Market Report.

One of the frequent questions posed to Realtors in the Keys is "what the typical acceptable offer as a percentage of the asking price?"

As expected, the best answer is "it depends" based on the type of property, current competitive environment, and ever-changing seller expectations.

For the purpose of this post, here is a chart with data for the current year through November.  Keyswide, properties sold for 94.49% of the final list price.  Although steady as compared to 2019, this ratio has slowly risen since 2016 as seen in the chart due to lower supply and increasing demand.  Not shown in this chart is the ratio as compared with the "original" list price before adjustments which was about 5 percentage points lower.

In the Upper Keys, the SP/FLP ratio was 93.49%.  The ratio for sellers who listed and sold with me in 2020 was 97.1% - it pays to use an experienced Realtor! 

The average sales price in the Florida Keys is up 8.3% YTD through November 2020

The Upper Keys average was $625,235 which represented an increase of 9.6% for this submarket.

View the full real estate market report for November 2020 for the Florida Keys

Another price improvement - two lots for sale in Key Largo

Build your own custom home in Key Largo on these two attached lots. Approximately 12,600 square feet of land provides you with the room you need for boats, a motorhome, cars, etc.  This is a Tier III parcel located near mile marker 102 on Key Largo. A home was previously permitted on these lots - expired so the new buyer will need to start over.

The new price is $145,000

View this land for sale on La Paloma Rd