Upper Keys' Luxury Real Estate

ISLAMORADA, Fla. - Aug. 9, 2022 - PRLog -- Per Jan Keller, Top Producing Real Estate Agent for Coldwell Banker Schmitt Real Estate, and owner of Kellerporterteam.com "Everything about Real Estate in Islamorada and the Upper FL Keys."

The Upper Keys luxury real estate forecast is on track to either set a record or match some of the hottest years in history. Right now, the luxury market is enjoying a good run. Presently, the median list price in the area stands at just over $1.2 million, with a median listing price per square foot of almost $730. Currently, the median selling price comes in at a little over $803,000, these figures representing an increase of nearly 39% in a year-over-year comparison.

Other important figures include the sale to list price ratio, which is an impressive 95%, meaning homes are selling for just under 3% of their asking price. The median days on the market are also fairly short, at just 55 days, or slightly less than two months. Meanwhile, the Upper Keys market continues to favor sellers over buyers (although it isn't an actual seller's market). However, these numbers will change over the coming months, especially during the winter months, when sales are generally slow.

The Upper Keys luxury real estate market is strong and is expected to remain on an overall upward trend, though it will likely experience peaks and valleys over the coming months. Right now, there are four primary concerns: inflation, interest rates, new housing, and distressed properties.

Rising inflation will surely dampen market activity as buyers shy away from bigger purchases as the dollar continues to lose value. Rising interest rates will also play an important role, as the Fed continues to increase interest rates over the coming months. New housing has been slow to introduce new inventory into the local market, which puts more pressure on resales and increases the likelihood of owners remodeling rather than upgrading. Finally, distressed properties, which are foreclosures and short sales are still working their way through the courts, after being suspended due to the shutdown. A flood of distressed properties will spell trouble if reintegrated too quickly.

For More Information About Islamorada Luxury Homes For Sale In The Upper Florida Keys.
Please Contact Jan at
http://kellerporterteam.com/
Or Call 305-664-7069