Florida Keys Real Estate News

Florida Keys Real Estate Market Update

March 24th, 2016 8:37 AM by Claire Johnson

Property in the Florida Keys remains on the upward swing.  The inventory continues to decrease while the property values maintain a steady market value increase.  On average the yearly increase is around 10%.   It flipped into a seller's market in 2014; prior to that it was a Buyer's market for almost 10 years.  If you are considering making an investment in the Keys, I would suggest acting sooner rather than later.  The statistics are for a first quarter comparison (although I know I am not at the end of March 2016 quite yet) for 2014, 2015 and 2016.  

Being a tourist based industry, the Florida Keys is comprised of approximately fifty (50%) percent second home owners.  The Florida Keys island chain only has so much land left to build out.  Hurricane evacuation is the deciding factor on the build out.  There is already discussions being held as to what to do with the vacant lots that have the potential not to get a building permit.  Once the land is built out, we will be in a new realm of property values.  The discussions estimate the build out to take place in about 10 years.  Of course, time will tell.  

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