Islamorada Luxury Home Forecast 2022

ISLAMORADA, Fla. - March 9, 2022 - 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 luxury real estate market in Islamorada has been steadily growing over the last few years and is projected to continue doing so. Currently, the median home listing price in Islamorada stands at nearly two million, $1.9 million (a 78.5% year-over-year increase). Presently, the median listing price is $899 per square foot, with a median selling price of $1.2 million.

At this time, there are approximately 140 homes for sale in the area, with just a few for rent. Those sellers should expect to fetch near or at their asking price, as the sale to list price ratio in Islamorada is 99.52%.

However, despite the fact the market is delivering high returns for sellers, Islamorada is trending toward a buyers' market, away from a balanced market. (A balanced residential real estate market is one where there is an approximate equilibrium between the number of houses being offered for sale and the number of buyers who are looking to purchase a home. When supply and demand are in balance, housing prices tend to be stable and moderate. In some markets, however, there may be more sellers than buyers or vice versa, which can lead to volatile price swings.)

Right now, the average listing in the area is selling after 63 days on the market. The median days on the market have decreased since last month and are also less than last year. Values also fluctuate. And, because the moratorium on foreclosure and short sales has been lifted in the Sunshine State, those legal processes can go forward. How these properties are reintroduced to the market will have an impact.

If distressed properties flood the market too quickly, luxury property and all other residential home prices will be negatively impacted. However, if distressed properties trickle and integrate incrementally, the impact is likely to be minimal.

This key unknown makes it difficult to forecast or predict what will or even could unfold in 2022 for the luxury real estate market in and around Islamorada.

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