Tavernier Florida Real Estate Market

The Tavernier residential real estate is in a bit of a slow position. Right now, the market in the area is a tad bit off balance, currently favoring buyers over sellers.
By: Sotheby’s International Real Estate
ISLAMORADA, Fla. - Sept. 8, 2022 - PRLog -- Per Kim Bagnell Thaler, "Top Producing Real Estate agent for Sotheby's International in Islamorada Florida."

This state of affairs will likely last through the rest of the year and may persist into the next. Although, the buying and selling season will commence thereafter and that may totally shift the present dynamics.

The residential real estate market experienced a selling boom not that long ago. The market has quieted down and shifted significantly. Now, the area is considered a buyer's market, meaning there is more available inventory for sale than there are people looking to purchase. However, real estate tends to have ebb and flow and therefore, doesn't remain the same.

Currently, the Tavernier residential real estate market has a median listing price of $995,000, with a median list price per square foot of $825 and a median selling price of $775,000. At this time, the median days on the market stand at 72 days or about two and a half months. Right now, the sale-to-list price ratio is nearly 96%, meaning that sellers are getting just about 4% under their asking price.

These figures translate into a 32.8% year-over-year increase, despite activity slowing down in the area. This is good news because it means the market is sustainable and is not subject to overheating, where prices rise too fast and create too much demand, thereby forming the dreaded bubble.

In the future, probably not a lot will change. With inflation still high and the Federal Reserve continuing to raise interest rates, buyers will be more likely to pull back. This, in combination with the ongoing labor shortage, slow delivery, and availability of materials, all contribute to the market staying pretty much in its present state.

Although, if the current influx of new residents to the state continues, and as materials become more readily available, this will help to boost new construction and remodeling as well. Both of which will be positive factors for the local residential real estate market. Furthermore, the buying-selling season will be here next year and that too will help to reinvigorate the market.

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 services. 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

Kim Thaler
Source:Sotheby’s International Real Estate
Email:***@oceansir.com Email Verified
Tags:Upper Keys Real Estate
Industry:Real Estate
Location:Islamorada - Florida - United States
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