Summerland Keys Real Estate Forecast 2020

The Summerland Keys residential real estate forecast is one that shouldn't bring a whole lot of change. This is good news for buyers but it also represents a silver lining for homeowners and home sellers, alike.
By: Coldwell Banker Schmitt Real Estate
 
KEY WEST, Fla. - June 10, 2020 - PRLog -- Per Fred Mullins, Top Producing Member of Team Mullins at Coldwell Banker
Schmitt in Key West. The Summerland Keys residential real estate forecast for 2020 is currently predicted by industry figures and economists as well, to continue along its present path. Over the course of the past twelve months, residential real estate home values have slightly dropped by 0.3 percent. Meanwhile, these professionals expect a further fall of another 3 percent over the course of the next twelve months.

Because of this, home prices have been kept in check and are not subjected to artificially high values. This is precisely what led to the Great Recession when home values rapidly collapsed under scrutiny and the ensuing years crushed the residential real estate market. So, it gives buyers an opportunity to purchase at a realistic price and a portion of homeowners don't have to worry about being underwater in their mortgage obligations.

The median home value in Summerland Key stands at just over $639,700, with a median list price per square foot of $536. (That represents a slightly higher amount than the larger Key West metro area of $532.) Also, the median list price of homes in the Summerland Key market stands at $774,900 for those currently on the market for sale.

Another bit of good news is the fact that there number of distressed properties -- which consist of foreclosures and short sales -- are still small in Summerland Key. (However, it is higher than the national average, with 3.8 percent delinquent mortgages in the area, compared to the national average of 1.1 percent.) Also, about 5.3 percent of all current homeowners in Summerland Key is underwater, meaning they owe more on their home loans than their properties are actually worth on the market. But, this is also helpful as it doesn't artificially push down-home values of non-distressed properties and likewise acts as a preventative to keep nonresidents from owning too many properties.
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 20years 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 Keys, see
http://lowerkeys-homes.com

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Fred Mullins
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Tags:Lower Keys Real Estate
Industry:Real Estate
Location:Key West - Florida - United States
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