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Upper Keys Real Estate Forecast
The Upper Keys residential real estate forecast looks promising, mid-year 2022. And, for the foreseeable future, as well. This is one of the most active markets in the Florida Keys and it's not showing any signs of losing momentum.
By: Coldwell Banker Schmitt Real Estate
(Although, market conditions are cooling this demonstrates the residential real estate market in the Upper Keys isn't overheating or in a bubble.)
The Upper Keys residential real estate forecast is positive as more and more people continue to relocate to the Sunshine State. Normally, about one thousand people move here a day, but that's bolstered by individuals and families fleeing the country's northeast, midwest, and west coast. This phenomenon has resulted in an increase in home values, particularly as interest rates creep incrementally. The latter means new mortgage applications will decline, but probably not steeply.
Right now, the residential real estate market in the Upper Florida Keys is enjoying one of its most active periods. At this time, the market is favoring sellers but is not a true seller's market. (It is actually headed back toward a balanced market, where there's parity between buyers and sellers.)
Presently, the median listing price stands at $1.2 million, representing an increase of 38.8% in a year-over-year comparison. Meanwhile, the median listing price per square foot is $728, with a sale-to-list price ratio of 96.25%, so homes are selling for 3.75% below the asking price. The median days on the market stand at 57 days or just under two months. This figure is likely to increase gradually as interest rates tick up and inventory becomes tighter.
All of these statistics point to a healthy residential real estate market in the Upper Florida Keys. However, there are certain factors that could change the market landscape. This not only includes inflationary pressure along with rising interest rates but the reintroduction of distressed properties or foreclosures and short sales, back into the local market.
Due to the shutdowns 2 years ago, the courts are backed up with legal proceedings involving distressed properties and if these homes flood the market too quickly, that will have a negative impact on values. However, if these distressed properties slowly trickle back onto the market, that could actually be a good thing.
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