Lower Keys sales upswing continues
Sales for the first half of 2013 increased +15% from the 1,205 during that same period in 2012.
Listings are Down ‐46% from 5,084 in March 2007 to 2,729 today, ‐10% fewer than from Dec‐Jun 2012
In the Lower Keys, median prices rose 9 percent, to $357,000, while closings increased 25 percent.
In Key West, closings went up 12 percent, from 170 in spring 2012 to 191 during the same period this year. Meanwhile, the median price rose 6% to $534,K
August 1st, Per Fred Mullins and Team Mullins, Key West’s top producing Real Estate Team. “There are quite a few reasons for this sales increase. For one, the economy is improving and as businesses expand here, more employees are needed and thus more housing is required.
Additionally Miami is growing fast and more people are locating there. About 50% of the people who visit the Keys are from south Florida, so the more Miami grows, the more pressure we see for people wanting second vacation homes. This is similar to the New York, Jersey Shore correlation.
When asked if he thought this trend would continue Fred remarked," I definitely see it that way. For example more baby boomers are now looking to relocate to a less stressful environment and/or make a lifestyle change.
The Keys fit that bill perfectly. So that plus the low interest rates and the fact we have less inventory and what we do have is selling faster, there has never really been a better time to secure your place in paradise.
Fred Mullins has more than 15 years of cross functional experience in real estate, international asset management and construction management. He has been a part of the management team for several Fortune 100 companies, including AT&T, Visa, FPL and C. B. Richard Ellis.
His responsibilities have included real estate / property management portfolios of more than 9 million square ft. and international responsibilities in more than 10 countries.
Fred holds an MBA, B.S., real estate license, mortgage broker’