Key West Real Estate Forecast 2023

KEY WEST, Fla. - Jan. 16, 2023 - PRLog -- Per Gary McAdams, second-generation Florida Realtor since 2001.Your guild to everything Real Estate.

The median list price per square foot is $916, and the median selling price is $837,500, representing a 26.1% increase in a year-over-year comparison.

However, there are several factors that are negatively impacting the market and causing some buyers to stay out of the market or delay purchasing. One major factor is the high-interest rates, which make it more expensive for buyers to take out a mortgage. This can make it more difficult for some buyers to afford the homes they want in Key West.

Another factor that is impacting the market is lingering inflation, which is causing the prices of goods and services to rise over time. This can make it more expensive for buyers to purchase a home, as the cost of living in Key West continues to rise.

Finally, there have been fewer new housing developments in the area, which means that there is a limited supply of new homes available. This can make it more difficult for buyers to find a home that meets their needs and preferences, as the available inventory may be limited.

Despite these challenges, the market in Key West remains relatively balanced between buyers and sellers, with a sale-to-list price ratio of 97.17%. This means that homes are generally selling for just under 2.83% of the asking price. The median days on the market are 56 days, indicating that homes generally sell within a reasonable timeframe. However, the market does favor buyers slightly, as the high prices and limited supply of new homes may be causing some buyers to hold off on purchasing.

So, the residential real estate market in Key West, Florida is showing a high demand for housing, with a good selection of homes available and a relatively balanced market. However, buyers should be aware of the factors that may impact the market, such as expensive interest rates, lingering inflation, and fewer new housing developments, and plan accordingly when purchasing a home.

For help or questions about Lower Keys Real Estate Call Gary at 305-896-8821
or see https://realtorgary.com/