Keys Real Estate Market Stats –

March 2023 vs. March 2024

Navigating the Florida Keys Market

Welcome back to your monthly real estate market review! Three months into high season and it’s buzzing in the Florida Keys. Mustang convertibles everywhere, left turns feel impossible, and the grocery store is packed! In a few weeks, things will quiet down as snowbirds head back and schools finish spring break.

Now, let’s dive into March’s highlights:

Number of Sales:

Sales dipped 3.3 percent compared to last year, but recently, we’ve seen several properties go under contract.

Average Sale Price:

Seriously, the Florida Keys are pricey – our average sale price stands at $1,195,350! Geez, wish you bought more property years back, huh? Who would’ve guessed this!

Sale Price to List Price:

Sellers, you’re holding onto approximately 90 percent of the list price – no big changes here. So, buyers, that means you’re snagging about a 10 percent discount off the original list price.

Price Reductions:

Prices have been pretty stable, but we’re definitely seeing a lot of price changes lately. Currently, sellers are having to reduce their list price at least once by 3.7 percent while on the market.

Days on the Market:

The number of days on the market is creeping up; we’re now at 83 days to get a contract.

Number of Listings:

Inventory has certainly increased this year; we’re currently at 2,024 homes listed for sale. Still well below pre-COVID times, but the gap is getting smaller.

Average List Price:

The average list price is at $1,789,969.

Pending Sales:

Pending sales are down Keyswide by 1.8 percent, which isn’t a huge difference from last year.

As we head into the next month, we’ll keep a close watch on any further developments in this ever-evolving real estate market.

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Prumo & Carden Team