If you are even remotely considering selling your Florida Keys home, now might be exactly the time to pull the trigger. Much has been made about the incredible demand that the Sunshine State has seen in regards to the Great Migration and the overwhelming amounts of buyers entering our real estate markets in search of job opportunities, outdoor living options, and a closer to nature lifestyle. The demand for Florida Keys homes for sale, along with other areas in South Florida, has driven our property values through the roof.
How hot has the sellers’ market gotten? Florida Realtors is reporting an astounding figure in its latest monthly findings. According to the Director of Housing Statistics at Florida Realtors, Erica Plemmons, the market for sellers is even better than many even realize. For the past year, since April 2021, at least 50% - sometimes much more - of sellers in Florida have gotten full ask or above for their properties. Though the numbers fluctuate slightly, they have been consistently above 50% for more than 2 years. April of this year saw some of the highest numbers, in fact. In April 2022, 2 out of every 3 properties closed for full ask or more. That’s 67% of all properties, and lots of very happy sellers! This is a huge increase from earlier years. Between 2012-2019, the average percentage of properties that fell into this category was just 20-28%. The numbers we are seeing now are more than double that time period. Even just since the same time last year, April 2021, full ask+ closings are up more than 10%.
If these numbers have been consistent for the past, why is now the time to sell? It seems the window on this intense seller’s market may be closing somewhat. For the past several months, the Fed has been steadily increasing the interest rate, making homes less and less affordable for buyers. At the same time, inflation is reaching levels not seen since 1981, and all across the country Americans are feeling the pinch. What this means is that slowly but surely, the buyer pool is starting to shrink, and buyers cannot afford the astronomical prices that the pandemic era forced. This will ease the seller’s market and drive prices and competition down over time. The question, is how long this will take. This is still certainly a seller’s market, but if you wait too long to list, you may miss out on the opportunities that seller’s have been enjoying for the past two years, like minimal days on market and maximum selling price. You don’t want to leave tens of thousands of dollars on the table.
If selling is something you are thinking about, our experienced Florida Keys realtors can help you understand your options. We specialize in listings in the Keys and can help you get the most out of selling your home!