Florida Keys Real Estate Report: 2020 in Review
Last year was unpredictably and unexpectedly one of the greatest years for real estate in the Florida Keys. Despite home prices gradually increasing in 2020, there was an increase in property sales compared to that in 2019. This, plus many other factors of the 2020 market, give us reason to believe that the Florida Keys real estate market will continue to do well in 2021. Because of this, if you’ve been eyeing real estate in the Florida Keys, there’s probably no better time than now to acquire Keys real estate. And if you’re in need of a qualified real estate agent in the Keys, then look no further than to April Struhs of Florida Keys Search.
April Struhs is known throughout the entire South Florida region for her talents in providing clients the property of their dreams. Which is why if you’re seeking Florida Keys real estate, you can trust that she is the clear choice.
For a more in-depth look into Keys real estate, continue reading below for our Florida Keys real estate market analysis with information provided by Coldwell Banker Schmitt.
Florida Keys Real Estate Report
While the 2020 Florida Keys real estate market was bustling with activity, it wasn’t necessarily the best we’ve ever seen.
Both the amount of sales and the average sale price have contributed to the total dollar volume of sales last year. In 2020, there were 3,290 sales Keys-wide, which was less than the 3,510 sales in 2003 and the 3,370 sales in 2004, the peak years for sales. This is incredible considering that the average sale price in 2020 ($671,703) was far less than that on record in both 2006 ($802,000) and 2005 ($782,000), the highest annualized averages.
2020 was recorded as the second-highest total sale amount on record compared to 2005 (up by $0.1 billion) with only having 1,871 properties in inventory, the third-lowest annual level on record. However, even though 2020 was an unexpectedly amazing year for real estate sales, it wasn’t necessarily the best, ranking #3 for number of sales, average sale price and inventory; and #2 overall for total dollar volume of sales in a calendar year. But thanks to the considerably low inventories and interest rates, the Florida Keys real estate market is expected to perform well in 2021.
The first indicator of change in the market could likely come from increasing inventories which will signal a decrease in sales as it did in 2005. During that period in 2005, that change was undetected until Hurricane Wilma emphasized the trend for more listings resulting in fewer and fewer sales as inventories increased.
Further Analysis of The Florida Keys Real Estate Market January - December 2020 Vs 2019
For a better understanding of the Florida Keys real estate market trends in 2020 compared to 2019, here are statistics indicating improved conditions:
Increased Keys-Wide Sales
Increased 14.2% from 2,822 properties to 3,290 properties
A substantial increase from 2019, more properties were bought in 2020 by at least 450.
Increased Average Sale Price (ASP)
Increased 7.8% from $619,048 to $671,703.
This increase over the course of a year indicates that prices for Florida Keys real estate are sustainable. It also serves as an indicator of the increasing value of the Florida Keys real estate market as a whole.
Increased Average List Price (ALP)
Increased 10.3% from $972,276 to $1,084,215.
Further indication that the Florida Keys real estate market value has been steadily increasing.
Neutral Days on Market (DOM)
Unchanged from 120 days.
There’s no change whatsoever in the DOM.
Decreased Properties For Sale
Decreased 31.4% from 2,459 properties for sale to 1,871 properties for sale.
As mentioned earlier, there is a low inventory of properties for sale. And it’s much less compared to past years (mostly because countless acquisitors recognize the value and potential of the Florida Keys real estate market).
Florida Keys Real Estate Submarket Analysis (2020 vs 2019)
The average days on market, Keys-wide, did not change from 2010’s figure of 120 days. For the Upper and Lower keys, this average was increased by a week or less. As for the Middle and Key West, the DOM remained somewhat neutral.
The amount of Months of Inventory (MOI) dropped considerably in each area, reflecting the higher rate of sales that the rate at which new listings entered the market.
Months of Inventory 2020 vs 2019:
Key West: -0.5%
Upper Keys: -5.3%
Middle Keys: -4.6%
Lower Keys: -3.9%
Real estate for sale towards the end of the year was lower than in 2019 in each area. The most dramatic change occurred in the Upper Keys where the inventory was decreased by over 40%. The statistics below indicate the changes in each region.
Real Estate Sales 2020 vs 2019
Key West: Decreased by 4%
Upper Keys: Decreased over 40%
Middle Keys: Decreased 19%
Lower Keys: Decreased 26%
Contact April Struhs Today!
This report only covers a general analysis of the market. For a further in-depth explanation of the Keys market as well as what makes these properties so valuable, don’t hesitate at all in contacting April Struhs. April Struhs is more than happy to guide you through the Florida Keys real estate market to ensure a smooth acquisition of your desired property. You may also visit Coldwell Banker Schmitt’s site for further information on the state of the Keys Real Estate Market.
I have an excellent track record of helping clients find their desired real estate. And if you don’t believe me, just take a look through my Testimonials page. I’ve never had a review less than 5 stars!
For any inquiries, you may call me at 305-399-6297 or visit my contact page.
Keys Real Estate Market 2020 vs 2019 data provided by Coldwell Banker Schmitt