Islamorada Real Estate Forecast 2020

The upcoming Islamorada real estate forecast for 2020 is one that's promising for buyers but not at all hard on sellers.
By: Coldwell Banker Schmitt Real Estate
 
ISLAMORADA, Fla. - Dec. 10, 2019 - PRLog -- Per Jan Keller, Top Producing Real Estate Agent for Coldwell Banker Schmitt Real Estate, and owner of Kellerporterteam.com "Everything about Real Estate in Islamorada and the Upper FL Keys" The Islamorada residential real estate market is a traditionally strong one. Though its performance has varied somewhat greatly at times, it's a much more stable market than many others.

Located in the Middle Keys, Islamorada means "the Village of Islands." It's actually comprised of several islands. Being one of the more popular vacation destination spots, Islamorada is also known as the Sport Fishing Capital of the World. Situated between the Gulf of Mexico on one side and the Atlantic Ocean on another, Islamorada is a wonderful place to call home.

Speaking of home, the median home value in Islamorada currently stands at $779,800. This, after an increase of 7.8 percent over the course of the past year. Experts predict home values to continue to rise, but at a more modest rate of 3.5 percent over the course of the next year.

At this time, the median list price per square foot in Islamorada comes in at $642. That's higher than the Key West Metro figure of $526. Meanwhile, the median list price in Islamorada is $995,000.

Currently, the mortgage delinquency rate is slightly above the national average of 1.1 percent, at 1.6 percent in Islamorada. Also, the percentage of homes with underwater mortgages stands at 4.7 percent. This means there are few distressed properties available -- or short sales and foreclosures.

However, this market currently favors buyers over sellers, with many available properties on the market. So, it's largely considered a buyers' market but that could very well change in the next several months when selling season begins next year.

As you can see, the overall residential real estate market in Islamorada is fairly healthy. Though it does greatly favor buyers over sellers at this time.

With such an advantage, buyers should seriously consider Islamorada as a place to call home, making the Keys a permanent vacation all year.

For more information about Islamorada Luxury Homes for sale in the Upper Florida Keys, please contact Jan at http://www.islamoradajan.com

Contact
Jan Keller
***@msn.com
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Source:Coldwell Banker Schmitt Real Estate
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Tags:Upper Keys Real Estate
Industry:Real Estate
Location:Islamorada - Florida - United States
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