Lower Keys' Real Estate Forecast for 2021-2022
The Lower Keys residential real estate forecast for 2021 through 2022 is somewhat uncertain. Although there are current statistics, the lifting of foreclosure, short sale, and eviction moratoriums will have an impact on the market. But, it’s unknown at this time how it will manifest. Still, there are some figures and trends available to help estimate what might unfold through the remainder of this year and into the next. Read on to learn more about the Lower Keys residential real estate forecast for 2021 through 2022.
The Lower Keys residential real estate forecast for 2021 through 2022 is beginning on a high note, particularly for sellers. Presently, Key West, in particular, is experiencing a true sellers’ market. Homes listed for sale are going under contract in a median of 73 days on the market or just about two and half months. This follows a fairly consistent pattern from February, when the median days on the market stood at 60, and then in May when the median days on the market stood at 70.
Currently, the sale-to-list price in the Lower Keys is very high. Using Key West as an example again, the sale-to-list price is an impressive 98.84%, meaning homes are selling for only 1.16% under the listing price. At this time, the median listing price stands at right around $892.5K, which represents an increase of 19.2 percent in a year-over-year comparison. Additionally, the median list price per square foot is $680, with a median selling price of $750K.
The residential rental market remains fairly stable, with lease payments ranging from $2,000 up to $10,000 per month. However, as previously mentioned, the federal eviction moratorium is no longer in effect, which exposes the residential rental market to real volatility.
The Lower Keys residential real estate market forecast for the next few months of 2021 and into 2022 will not only be affected by supply and demand but also, the expiration of foreclosure and short sale moratoriums. Because these are now able to proceed, it could potentially lead to a rash of distressed properties coming onto the market in a short period of time. That would constitute a substantial disruption and one that might result in driving non-distressed properties down in value.
For the foreseeable future, the Lower Keys real estate market should remain stable, though it will likely slow going into the later months of the year.