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The Cudjoe Key Real Estate Market
The Cudjoe Key residential real estate market is very active and hot. With thousands of people moving into the state every day, to escape high taxes, high costs of living, and more, Florida is experiencing a boom in its population.
By: Coldwell Banker Schmitt Real Estate Co.
That's driving real estate prices up, particularly in the most attractive areas. Cudjoe Key is one such location. So, let's take a look at the Cudjoe Key residential real estate market and what to expect through the rest of the year and into early 2023.
The residential real estate market is currently a seller's market, with listings quickly selling. The market's median days now stand at under a month and a half, at 43 days. Additionally, the sale-to-list price ratio in the area now stands at 97.16%, which means homes are only selling for 2.84% below they're asking prices. This is indeed good news for home sellers who are eager to turn a profit on their properties. However, it put buyers in a precarious situation, having to find suitable properties and act on them quickly.
Right now, the Cudjoe Key real estate market has a median listing price of $1.3 million, with the median list price per square foot at 788, and a median selling price of $927,500. These figures represent a 51.2% increase in year-over-year comparison and it is quite likely that this trend will continue through the summer, perhaps even lasting into the winter months.
However, interest rates have gone up significantly and with the Federal reserve planning on raising rates even more over the coming months, the number of new mortgages and refinances is slowing. Because there is enough active inventory in Cudjoe Key, buyers May soon find more choices for less money. As interest rates rise and inflationary pressure continues, the housing market in the local area and beyond will certainly slow as a result.
Another potential component could play a substantial role in the local real estate market, depending on how it plays out. For the last 2 years, there has been an almost complete absence of distressed properties, or foreclosures and short sales. The reintroduction of such distressed properties could hurt the market, depending on how they integrate.
However, if distressed properties trickle into the market, they will have very little impact. Right now is a great time to buy or sell as home prices are up for sellers and home buyers can still get a nice property before interest rates go up substantially.
For help or questions about selling or buying a property in the Lower Keys.
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