Key West Real Estate Forecast 2020
Although one might think this is a super hot market, it's actually closer to parity between buyers and sellers. In fact, right now it's considered to be somewhat of a buyer's market.
By: Coldwell Banker Schmitt Real Estate
Schmitt in Key West. The Key West residential real estate forecast for 2020 looks fairly bright. At this time, the median home value in the Key West market stands at $694,917. This represents an increase of 1.6 percent over the course of the past 12 months. Real estate professionals and economists alike estimate that home values in the Key West market will increase by 3.1 percent over the course of 2020.
Currently, the median list price in the area is $869,000, with the median sales price being $660,100. Meanwhile, the median list price per square foot is $692, with approximately 22 percent of all active homes for sale having to reduce their list price.
Also, at this time, about 7 percent of all home owner-occupied houses in the Key West market is underwater, or in negative equity situations. However, this is below the US average of just over 8 percent. Although, mortgage delinquency rates in the area are a tad higher than the national average, being 1.7 percent and 1.1 percent, respectively.
The cost of living in the Key West market is also above the national average. However, this is largely due to the fact that housing is much more expensive. many of the day-to-day expenses, including monthly obligations, such as utilities are relatively the same as they are elsewhere in the state of Florida.
As previously mentioned, the residential real estate market in Key West currently favors Myers. However, with home values expected to rise over the course of the next 12 months, this is likely to change. The result will bring more activity, hence transitioning the market to a more balanced one, perhaps even slightly favoring sellers in the not-too-distant future.
Regardless, Key West remains a stable housing market that offers a strong rate of appreciation. Fred Mullins, P.A. holds an MBA, B.S., real estate license, United States Coast Guard Master Captain's license and commercial pilot's license. With over 20 years of cross-functional experience in real estate, international asset management, and construction management, Fred's experience places him as one of the top real estate professionals in the Florida Keys. For help with buying or selling Real Estate in the Lower Florida see www.lowerkeys-