Florida Keys Market Update: October 2007

October 08, 2007

2007 Third Quarter Sales Statistics for the Upper Keys

4:58 PM | Posted by Tracy Larson, Realtor in the Florida Keys / 305-522-3812 |

How does the third quarter of 2007 compare to the same time last year? The waterfront single family market compares fairly closely.

During the third quarter of 2006, 124 new listings entered the market. There were 31 sales, with and average price of $1,496,016 (lowest price was $525,000, highest price was $4,400,000). The average time on the market was 248 days. The highest price sale during that time was a bayfront home on 4.3 acres in Key Largo, offered by our Key Largo office, Marr Properties, Inc.

Fast forward to the third quarter of 2007 in the waterfront single family market. 153 new listings came on the market. There were 28 sales, with an average of $1,339,768 (lowest price $675,000, highest price $5,700,000). The average time on the market was 287. The highest price sale during the time was an oceanfront home on 3 acres in Key Largo, offered by our Islamorada office, American Caribbean Real Estate. Click here to see a list of the waterfront properties that have recently sold.

How do the non-waterfront communities compare? They were also close, but there has been a noticeable reduction in sales prices in the non-waterfront homes. In third quarter 2006. 91 new listings entered the market, and there were 26 sales. The average sales price was $482,573 (lowest sale $290,000; highest sale $825,000). The time on market averaged 148 days.

In 2007, the number of new listings that came on the market was 83, with 27 sales. The average sales price was $366,843 (Lowest sale $200,000; highest sale $710,000). Click here to see a list of the non-waterfront properties that have recently sold.