Realtor
Gary McAdams
Welcomes You To His
Lower Keys Real Estate Guild
Residential and Commercial Real Estate Sales, Rentals, and Full Service Property Management in Key West and The Florida Keys since 1998
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 However, as previously mentioned, the federal eviction moratorium is no longer in effect, which exposes the residential rental market to real volatility.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.
What's New June 2022
Keys Waterfront Properties Offer Real Investment Advantages
There are a lot of high-end areas across the United States where you could invest in property; however, there are very few that are as inviting and gorgeous as the Florida Keys, plus offers genuine Investment Advantages
Here are some of the many advantages and benefits of purchasing waterfront homes located in the Florida Keys:
1. People will always want this property! Generally speaking, when you invest in a rental property, you should expect not to get any rental income for the first 3 to 6 months. When you invest in a rental property in the Florida Keys, you can forgo that expectation. You will have no problem renting your property.
2. Reliable supplemental income. Not only can you count on being able to rent your property out right away, you can also count on keeping it rented out. People want to visit the Florida Keys at all times of the year. This means a nice steady income for you.
Click To Read More
