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Upper Keys Real Estate Forecast 2022
It's looking pretty bright at this juncture. Capitalizing on its warm weather, laid-back atmosphere, and a strong influx of new residents both private and corporate into the sunshine state.
By: Sotheby’s International Real Estate
The real estate market in the Upper Florida Keys is enjoying a robust period that will likely last well into the next year. Read on to learn more about what's going on and what's expected with the real estate market in the Upper Keys for 2022.
The Upper Keys residential real estate market is favoring sellers over buyers, though it is not in a true sellers' market. Meaning the inventory is selling quickly, but there are still enough available homes for buyers to choose from. Presently, the median listing price of a home in Key Largo stands at $1.2 million. This places the median list price per square foot at $762. However, the median sale price is substantially lower, currently at $860,000. Although, this translates into a very healthy sales to list price ratio, which currently equals 97.73% or just 2.27% under the listing price.
The average DOM or days on the market is just slightly more than two months at 71 days. But this is still greater than most of the true sellers' market in the Keys and on the mainland peninsula.
All of these figures make for a healthy real estate market in the Upper Keys. But, there are still unmanifested factors that have yet to fully come into play. These include the absence of distressed properties or foreclosures and short sales, which were previously prohibited due to moratoriums put in place because of the global pandemic and subsequent shutdowns. However, with those moratoriums lifted, these types of homes will start to come onto the market and depending on the pace, could cause a substantial disruption.
The real estate market in the Upper Keys is also continuing to benefit from a sizable influx of individual and corporate residents, fleeing the northeast and west coast. Near historic interest rates are also contributing to the overall health of the residential real estate market in the Upper Florida Keys. Therefore, if the distressed properties come into play slowly, there should be little disruption and the real property market in the area should continue to boom.
Kim Bagnell Thaler is a pioneer among Florida Keys realtors. Regarded as one of the most influential realtors in the middle and upper keys, she provides expert and professional real estate service.
With her vast knowledge, 20 years of experience, and commitment to the highest
ethical standards, Kim remains a standout among other Florida Keys Real Estate Agents. For help finding Florida Keys Real Estate, please see http://www.kimbagnell.com