Lay of The Land
Monroe County includes the islands of the Florida Keys and the Everglades. Although 87% of the county’s land area is on the mainland, that region is part of the Everglades and is virtually uninhabited with only 60 people in total. Over 99% of the county’s population lives on the Florida Keys. Key West is the County Seat of Monroe County. I believe that this is relevant to share because while Monroe County is a big county the only significant properties are those in the Florida Keys.
The Florida Keys have been experiencing a steady decline in inventory since 2010. It appears that the inventory starting declining after the market “crashed” in 2008. The inventory has remained steady since 2014. Please follow the link below for more information.
High Rate of Closings
While our inventory remains low as previously stated, the graphic below reflects a very high rate of closed sales. So basically the properties that are put on the market are selling and most often quickly. The data coming in from the 2nd quarter indicate that the average amount of time between the original list date and the closing date for Single Family Homes is at 168 days. The average sale price for Single Family Homes in the second quarter is coming in at $467,500 which falls right about the same as last quarter. The average sale price has remained steady since the last quarter in 2015 given a few slightly higher/lower quarters.