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February 2021

 

Hello Clients, Family & Friends.  First off, we hope you all are healthy and safe.  A home has a new meaning to most of us. We are here on the ground in the Keys if we can help you with anything if you are away.

Please reach out to me if you would like for me to check on your home or Facetime you from that listing you've been checking out.

Berkshire Hathaway HomeServices
Keys Real Estate | 
Knight & Gardner Realty

info@keysrealestate.com   |   305-294-5155
www.keysrealestate.com

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Here are the Numbers

DEEP DIVE INTO MARKET STATS

Our predictions from our December 2020 newsletter couldn’t have been more spot-on.  If 2020 was a banner market, January 2021 is a stellar real estate market.  We continued to see low supply, fewer new listings, mix that with increased demand and that leads to upward pressure on prices.

Click on the link for a deep dive into market trends for all the Florida Keys and then broken down by regions.  Key West to Shark Key, North of Shark Key to Big Pine Key, the Middle Keys including Marathon and Key Colony Beach and then the Upper Keys.  Interest rates and inventory continue to push the residential real estate market forward. 

Keys-wide, inventory remained low in January, in fact we had 19% fewer new listings enter the market than January 2020.  To say our market was hot is an understatement.  The Florida Keys saw 50% more properties sell last month over a year ago, 214 properties vs. 143 last year.  The average sold price was also up an incredible 41% Keys Wide to $946,439.  Last January the average sold price was $672,396.

As always for the most accurate and updated data trends on your island or for your property, reach out to our forever agents today at www.keysrealestate.com

REAL ESTATE NEWS

MORTGAGE RATES MOVE LOWER, DOWN TO 2.73%

Article provided by Florida Realtors
By Kerry Smith

MCLEAN, Va. – Freddie Mac’s mortgage survey this week found a slight drop in the 30-year, fixed-rate mortgage (FRM). It averaged 2.73% compared to last week’s 2.77%.

“As the market reacts to a new administration in Washington and COVID-19 driven economic malaise, mortgage rates continued to decrease this week, just slightly,” says Sam Khater, Freddie Mac’s chief economist. “Even as house prices increase at the fastest rate we’ve seen in years, competition to buy is strong, given the low inventory that exists across the country.”

Khater considers the low inventory of for-sale homes “an ongoing issue for the foreseeable future.”

The 2.73% average fixed-rate mortgage had an average 0.7 points. A year ago, the 30-year FRM averaged 3.51%.

The 15-year fixed-rate mortgage also fell marginally this week, average 2.20% with an average 0.7 points. One year ago, the 15-year FRM averaged 3%.

However, adjustable-rate mortgages remained stable this week. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80% with an average 0.3 point – the same rate as last week. One year ago, the 5-year ARM averaged 3.24%.

© 2021 Florida Realtors®

Featured property of the month

Prestigious Ocean's Edge Resort Yacht Slip
5950 Peninsular Ave., #691 | Listing ID 594464

 

 

Perfect boat dockage. Live aboard or rent out. Upscale Ocean's Edge Resort and Marina. Many amenities. Bath house, pump-out, bait tackle shop and restaurant. Deep water ocean access. Enjoy the resorts 6 swimming pools. One parking spot included. Located in up and coming Stock Island. Only 6 miles from Key West's historic Old Town. One of the largest slips on the South Pier. Owner can live aboard with no restrictions. 

LOCAL NEWS

THIS SPOT IN THE FLORIDA KEYS IS ONE OF THE HOTTEST TRAVEL DESITNATIONS IN THE U.S.

By Connie Ogle

A year into the COVID-19 pandemic, and travelers are ready to travel.

And a lot of them apparently are eager to travel to Key West.

Tripadvisor just released its 2021 Travelers’ Choice Awards for Destinations, and Key West is among the most popular destinations for travel in the United States, falling behind New York, Maui, Las Vegas and New Orleans.

Key West’s popularity makes sense. More than half of the respondents to a recent Tripadvisor survey reported they were likely to take an outdoor or nature-focused trip after the pandemic.

**For all 850+ things to do, select here**   or  Select image above for full article

HOMEOWNERS’ ADVICE

WAYS TO SHOW LOVE TO YOUR HOME

When you love something you want to protect it, improve it, and enjoy it. Your home responds to love, too. Here are a few ways to show your home love that will love you back.  

Refresh caulking – Discolored shriveled caulk has stopped doing the job of protecting your bathroom and kitchen from dirt, mildew and mold. According to TheGroutMedic.com, you should completely dig out old grout, apply an anti-mold treatment, then regrout with a %100 silicone-based grout that resists shrinking over time. Your tiled areas, including floors, will be watertight and look fresher, cleaner, and more attractive.

Update smoke-carbon monoxide detectors. ConsumerReports.org explains that newer smoke detectors can be interconnected so that when one detects smoke or carbon monoxide, all the detectors in the house will alert. Fires burn differently, so install a variety of detectors. Ionization detectors are best for identifying fast, flaming fires, while photoelectric detectors are preferable to alert to smoky, smoldering fires. Carbon monoxide detectors may need to be purchased separately.

Polish floors. To get a long-lasting shine on your hard-surface floors, you can rent or buy a floor polisher. The advantage, says Unclutterer.com, is that polishers are more efficient and less labor-intensive than manual cleaning methods, and don’t require in-depth knowledge of apply wax or polish to the floor. Afterward, you’ll find cleaning much easier and it will add to the lifespan of your floors.

These easy do-it-yourself projects will help you welcome spring to your home.

SHARE THE LOVE

A WESLEY HOUSE FAMILY SERVICES FUNDRAISER

"2020 was a trying year filled with heartache, but also hope that things would improve. In 2021, Wesley House Family Services wants to Share the Love and flood the Florida Keys with hearts! This fundraiser is replacing our 2021 Valentine's Gala. Please save the date for our 40th anniversary Gala on February 14, 2022!

Show your support for Wesley House by buying a single heart or a variety of hearts to place in your yard. Customization options are available!

Do you know a lonely neighbor who can use some love? Surprise them with hearts in their yard! Share the Love by decorating your home or business with hearts!

Hearts will be available January 19th for delivery or pick-up at 1304 Truman Ave. in Key West or 99451 Overseas Hwy., Ste. 200 in Key Largo."

 
 
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FL Lic #: BK582250
336 Duval St. Key West, FL 33040

©2021 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of Columbia Insurance Company, a Berkshire Hathaway affiliate. Information not verified or guaranteed. If your property is currently listed with a Broker, this is not intended as a solicitation. Equal Housing Opportunity.