Cudjoe Key Real Estate Forecast

The Cudjoe Key residential real estate forecast is expected to fair pretty well, despite some of the emerging challenges coming from a variety of sources.
By: Coldwell Banker Schmitt Real Estate
BIG PINE KEY, Fla. - Sept. 13, 2022 - PRLog -- Per Jan Fritz, your Lower Keys real estate agent. Call Jan at 786-368-7413

Currently, the residential real estate market in Cudjoe Key is quite active, but definitely not overheated, and most definitely, not flat. The Cudjoe Key residential real estate forecast is a bit difficult to predict, although there are some key indicators that people can look at. First of all, this area is within a relatively small percentage when it comes to residential real estate, particularly when compared to other markets around the state of Florida. This is due to the fact that Cudjoe Key is experiencing parity between buyers and sellers, meaning it's in a balanced market. Whereas a much larger percentage of markets around the state are either in a solid seller's market or a solid buyer's market.

At this time, the current median list price is $1.4 million with a median list price per square foot of $896 and a median selling price of $1.2 million. This puts the sale-to-list price ratio at 98.31%, meaning houses are selling for just 1.69% below they're asking prices. These figures represent a substantial increase, 53.4%, in a year-over-year comparison to 2021.

Presently, the median days on the market stand at 72 days or nearly two and a half months. However, this is relatively short compared to just 2 years ago when the median days on the market stretched almost 200 days or approximately 6 to 7 months. As mentioned above, the real estate market in the area stands in a balanced state, so there is enough inventory for buyer demand. However, this will likely change over the coming months.

Even though people continue to relocate to Florida at a record rate, inflationary pressure and rising interest rates are dampening even the hottest real estate markets across the peninsula and into the Keys. Mortgage applications are expected to fall through the rest of the year and that trend may continue into 2023, at least for the first quarter. But, this will benefit homeowners who hold on to their assets long-term, as well as long-term property investors. Plus, the buying and selling season will be here in short order, which may also help the market to thrive.

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Jan Fritz
Source:Coldwell Banker Schmitt Real Estate
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Tags:Lower Keys Homes
Industry:Real Estate
Location:Big Pine Key - Florida - United States
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