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Islamorada Real Estate Forecast
The Islamorada residential real estate forecast is bright and should stay quite active, yet become more affordable over the next several months and most probably, next year.
By: Coldwell Banker Schmitt Real Estate
This is due to a number of factors, including the availability of inventory, the relocation of people from other states in the country, and of course, interest rates and mortgage products. So, let's take a look at the residential real estate market in Islamorada and what to expect over the next few to several months.
The Islamorada residential real estate market is fairly hot right now and is in a seller's market at this time. This means there are more people actively looking for and purchasing properties that are available, which benefits home sellers and makes the home buying process a bit more difficult. However, this trend is likely to cool over the summer months as it regularly does, especially into the winter.
At this time the median listing price in Islamorada is $1.7 million, which represents a nearly 34% increase in year-over-year prices. Currently, the median list price per square foot is 851, equaling a median selling price of $1.5 million. Of course, this doesn't mean that every house is selling for over a million dollars, as there are a number of properties about half to a third of that price.
Right now, the sale to list price ratio in Islamorada stands at just over 98%, meaning homes are selling for just 1.54% below their listing price. Homes are selling a little bit slower than they had previously, with the median days on the market now just over 3 months, at 92 days.
All of these figures will shift over the next 6 months into the winter season, and likely bring the residential real estate market in Islamorada into a more balanced state, where there is a near parody between inventory and buyers.
One of the biggest factors that may play a role is the availability of distressed properties, or foreclosures and short sales, which have largely been absent from the market ever since they shut down in the spring of 2020. The reintroduction of distressed properties could tip the balance of the market away from parity toward being an outright buyers' market. Obviously, this won't be a known influence until those types of property emerge in the residential real estate market in Islamorada.
For more information about Islamorada Luxury Homes for sale in the Upper Florida Keys, please contact Jan at http://www.islamoradajan.com