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Real Estate Forecast For Key Largo Fl
The residential real estate market in Key Largo is currently a buyer's market, with a variety of options available for those looking to purchase a home. Key Largo consists of eleven neighborhoods with over three hundred homes for sale.
By: Coldwell Banker Schmitt Real Estate
The median listing price for a home in Key Largo is $1.2 million, with a median list price per square foot of $723. But, on average, buyers can expect to pay around $701 per square foot for a home in Key Largo, due to its current sale-to-list price environment, potentially netting a 3% discount.
Despite the high prices, the market in Key Largo is currently favorable for buyers. The median selling price of a home in Key Largo is $775,000, which is slightly lower than the median listing price. This indicates that buyers are able to negotiate on price and get a good deal on their purchase.
Additionally, the sale-to-list price ratio in Key Largo is 97.1%, which means that homes are typically selling very close to the listing price. Although this is usually a sign of a balanced market, where buyers and sellers are able to reach an agreement on price without major negotiations, this isn't the case at the present time.
The median days on the market for homes in Key Largo is 86 days, which is slightly longer than the national average. This suggests that homes in Key Largo may take a bit longer to sell, giving buyers more time to make a decision and potentially negotiate a better price. Another factor is that interest rates are markedly higher than just a few months ago and substantially higher than a year or two ago - causing buyers to be more cautious and spend less.
Plus, persistent inflation is shrinking buyers' purchasing power. But, the slow pace of new construction and the fact there are so many people relocating to the state are good indicators for the microeconomy and local housing market.
Overall, the residential real estate market in Key Largo is currently a buyer's market, with a variety of options available and a favorable market for those looking to purchase a home. The high prices may be a deterrent for some buyers, but the ability to negotiate on price and the availability of a wide range of options make Key Largo a good place to consider for those looking to invest in real estate or buy their primary home.
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