The total number of sales in the Florida Keys is up 16.6% for 2020
After a slow first quarter due to COVID-19, the real estate market bounced back in a big way according to the Coldwell Banker Schmitt Real Estate Company market report for 2020.
The number of sales in the Keys had been relatively consistent through the previous four years, ranging from 2,621 to 2,822. Despite the many challenges during 2020, the report shows a year over year increase of 468 units for a total of 3,290.
A major contributing factor to the growth was the all-time low interest rates. The perception of the Keys as a "safe haven" in South Florida as it relates to the spread of the coronavirus was another reason. As you can read in the chart below, Key West as a more densely populated area did not experience the same growth.
2021 is positioned for a strong start based on the number of pending sales. View the complete 2020 Market Report for the Florida Keys