Florida Keys Market Update:
As the Florida Keys Real Estate Market continues to change like the tide, today we are going to take an in-depth look at the whole Florida Keys Marketplace and compare the Second Quarter of 2010 to the same period last year, as mentioned above. A friendly bit of advise, don't be one of those individuals that compares the rest of the country, or Florida, with the Florida Keys, or you might miss the boat.
Upper Keys Trend Analysis:
The Upper Keys are classified as Key Largo down to Lower Matecumbe. Sales Totals continue to Rise from first Quarters 28% to 39% and it's taken 4.8% less time to do that, which is a change of almost 11% over the first Quarter of this year. Average sales price is down to 20.1% less which is up only 1% over first quarter. We were loosing 1%+ per month. Pending Transactions still on the rise, up 35.9% while new listings have only increased by 10.6%. Listings on the market in this area have seemed to stabilize as they are only down 0.1%; yet our monthly inventory supply for this area has continued to drop and is at 28.2%. The average list price for a home in this area is currently $838,140.00 down 8.8% over last year this time.
The Middle Keys are classified as Long Key down to the 7 Mile Bridge in Marathon. Sales Totals continue to amaze all of us they continue to stay up 70.2% over last year and average sale price is now up by 7.8% when is was down by 2% last quarter. Our Sales Volume is up over 64 Million Dollars in this area to date. New Listings are up by 0.9% and listings on the market has about stabilized at 0.2%. Having said that, our Months of inventory continues to fall through the floor, still dropping by 41.1%. The average list price for a home in this area is currently $726,309 down 17.9%
Lower Keys Trend Analysis:
The Lower Keys are classified as Big Pine Key to Bay Point. Sales Totals are still up 17.3% and increase of over 11% from last quarter. The value continues to decline in this area to 13.9% due to the average sales price continuing to drop by 25.6%.The average time to sell has creep-ed up 0.9%. listings in this area continue to slip up a notch to 22.7%, last quarter was 18%. Amazingly enough our Months of inventory for this area is still down 12.3% The average list price for a home in this area is currently $604,130 with a slight change of 0.1%
Key West Market Trend:
Key West is considered a Destination Resort Island. Sales Totals skyrocketed up 58.1% this is huge, as the continue to climb over the 42% increase of the first quarter. There volume value has risen 37.2% but it has taken them 19.6% more time to achieve this. Average sale price has dropped a little more to 13.1% over 11% first quarter, but pending transactions have increase almost 4% to 58.7% over last year. New listings have dropped by 19.3% while our months of inventory continue down 44.2% over last year. The average list price for a home in this area is $922,748.00 down 7.3%.
Looking at the Florida Keys as a whole the total # of sales is up 44.9% and increase of 7.9% over the first quarter and typically we are in our slower time of year. 778 units have sold with a value of almost 318 Million Dollars up 22.9%; while are average time to do that is only up 7.3%. Our average sales price is down 14.1% to $413,537.00, 0.1% over first quarter, and pending transactions still continue to rise by 45.6% @ 923 units. Simply put, thru June first we are CLOSING 4.32 properties every day this is up from 3.7units in the first quarter. New properties coming on the market have slightly dropped by 1% giving us a total inventory of 3,825 Units, down 3.1%. Our Months of Inventory at our current sales rate is down to 25, dropping 33.1% we have lost 3 Months of inventory from 1st quarter do to the increase of sales. The average list price for a home Keys Wide is $799,862.00 down 9.9%
This information was gathered directly from our M.L.S. and shared by my good friends at cbsre; In an effort to keep all prospective buyers up to date, to help them make the best informed decision possible when they decide to purchase. For the latest information on what Real Estate is For Sale in the Florida Keys please stop by www.keyspropertyguy.com, and referrals are alway welcome from fellow real estate agents.
