The pandemic has had far-reaching effects on so many aspects of our lives. One positive light, however, has been its effect on the real estate market in the Keys and its related industries. After a slump when the pandemic first began, things began to pick up as 2020 rolled on. In early summer of 2020 realtors in the Florida Keys were noticing down numbers. Sales in June of 2020 were down 20% from the same time in 2019. By July, sales exploded by more than 50%! July of 2020 saw the Florida Keys trading $209 million in that month alone - a staggering $72 million more than July of 2019.
Today, throughout Monroe County, real estate agents are seeing record numbers of business transactions. The numbers since July 2020 have not slowed down. Why is the pandemic driving these record numbers of transactions? Experts have studied the changing ideals for Americans, and it seems clear that people’s priorities and circumstances are shifting as a result of living in quarantine and lockdowns for so long. Today, people want outdoor space. They want nature, and they want a relaxed lifestyle. More than ever before, people want to live like they are on vacation. And there is no better way to do just that than to purchase a waterfront home for sale in the Florida Keys.
In addition to increased numbers of Florida Keys real estate transactions, industries related to real estate are also seeing a boom, namely construction and moving companies. Construction companies in the Keys are also doing record business as more buyers are moving into the area and are trying to put their personal style on their new homes. Current homeowners are also doing construction on their existing homes to make it more stay-at-home friendly in the current climate of the pandemic. With the influx of new residents and current Monroe County residents upgrading to new homes, moving companies have been receiving large numbers of business as well.
If you are interested in finding a new luxury home for sale in the Florida Keys, or want to take advantage of all that the Keys has to offer contact us!