Islamorada Florida Real Estate Market Forecast for 2023

ISLAMORADA, Fla. - Jan. 10, 2023 - 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 Islamorada residential real estate market is presently in a cooling situation, and this may or may not change over the next several months due to a variety of factors. Right now, there are just over 120 active listings in the area, with prices ranging from as little as $155,000 up to as much as $23 million. However, many homes are selling for much less than the top figure, with the median selling price being $1.5 million at this time. Also, the current median listing price per square foot stands at $937, with a median selling price of $981,000. This means that the present sale-to-list price ratio stands at 93.5% equaling a 6.5% difference between the asking price and the final agreed selling price.

However, based on recent transactions and the latest numbers available, the Islamorada Florida residential real estate market is heavily favoring buyers over sellers, defining it as a buyer's market at large. Right now, the number of active listings spend quite a bit of time on the market compared to past years, with the median days on the market pushing over three months, or 98 days.

This presents a prime opportunity for motivated buyers, who may be able to take advantage of the soft market conditions to acquire property at a lower price. However, buyers are currently not nearly as active or quick to jump into the market as they were in months past, largely due to rising interest rates and persistent inflation, both of which seriously deter buyers.

Although, there is a bit of good news and it could be helpful to the local housing market. The fact that so many individuals and families continue to relocate to the state could be of substantial impact, along with the slow pace of construction and the overall need for housing. What's more, being such a business-friendly environment and having such great weather, means more people will continue to move into the area and that will most definitely help the local real estate market.

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