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Key Largo Luxury Real Estate Forecast
The Key Largo luxury real estate forecast looks like it will deliver some surprises over the coming months, a few of which may or may not be so pleasant. Although, when the buying & selling season arrives next year, the entire dynamics could change.
By: Coldwell Banker Schmitt Real Estate
The Key Largo luxury real estate forecast is a bit difficult to predict, given the national economic landscape, as well as what's going on in the local microeconomy. Still, we can look at the most important factors in order to gain a sense of what will unfold as the year winds down, along with what could occur in the early part of the new year.
At this time, there are well over three hundred homes for sale in the Key Largo residential real estate market, within eleven distinct neighborhoods. Presently, the median list price for a home in the area stands at $1.2 million dollars, with a medium list price per square foot of $738. Meanwhile, the median selling price is $1 million. Also, the sale-to-list price ratio is very high in the Key Largo residential real estate market, currently standing at 95%, meaning that homes are going for just under 5% of their asking price. However, the area is well within a buyer's market parameters, meaning that there are far more homes available for sale than there are active buyers in the area. This is probably why the median days on the market are so very high in the Key Largo residential real estate market, which currently stands at 88 days for active listings or nearly three months.
Even though the selling and buying season will start up again next year, it might not be enough to bring the market back to parody between buyers and sellers. This is due to a few factors, including persistent inflation, rising interest rates, and other economic factors that dissuade people from entering the real estate market. Also, the sheer number of homes available means that buyers can be a lot more choices, which will further push down overall sales volume in the area.
So, while the real estate market in Key Largo forecast isn't bleak, it probably will not gain a substantial turnaround until things normalize.
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