Hello Clients, Family & Friends. I hope you all are healthy and safe.  A home has a new meaning to most of us.

Lawrence Yun's Chief Economist and Senior Vice President of Research at the NATIONAL ASSOCIATION OF REALTORS® states The housing market was a spectacular surprise in 2020—and the positive trend will continue this year. Home sales in 2021 are expected to rise by around 10%. Home prices will also climb, he  expects more moderate increases than we’ve seen, a break for first-time buyers. Mortgage rates will continue to be favorable, staying at or near historic lows of 3% on average. The labor market will strengthen, especially as vaccines become widely available and life moves toward normal. Whether you are looking to buy or sell, I can offer the highest levels in real estate expertise and professionalism.  Don’t hesitate to contact me and allow me to help guide you through that process!

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 "Market Review" photo 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. 

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

Completely renovated with the finest materials available, this exquisite waterfront property is one of the finest homes in the Florida Keys. Located just a few miles from the Key West Airport, this 5-bedroom, 4-full bath & 2-half bath home sits in the gated private neighborhood of Shark Key. Maids quarters, elevator, magnificent large pool fed by Jacuzzi, sunset and sunrise viewing balconies, soaring ceilings throughout. Your private beach awaits just outside the back door. The home's three levels create a spacious area for lounging, with balconies off each bedroom. Shark Key also has tennis courts, a waterfront clubhouse pavilion as well as a wonderful swimming lagoon and beach.

BY CONNIE OGLE
 

Everybody loves the Florida Keys.

Especially Key West, which international travel website Big 7 Travel placed in one of the top 10 spots on its annual 50 Best Coastal Towns in the United States report.

Miami made the cut, too. But Key West, which was no. 6, really captured the imagination of Big 7 Travel, which considered such factors as beach amenities, natural scenery, community atmosphere, food and drink scene and activities.

“Many consider Key West to be the best beach area in the States,” Big 7 Travel writes. “And they aren’t wrong. Countless pastel colored homes, a robust vacation atmosphere, incredible seafood and the most gorgeous beaches in Florida definitely back up the claim. Then, below the water, you’ve got incredible vibrant coral perfect for scuba diving and crystal clear waves perfect for wading the day away. It truly is paradise on earth.”

Deciding what to pack when you’re moving isn’t easy. However, if you follow these simple suggestions, packing to move and unpacking to move into your new home will be much easier.

Declutter: Decluttering serves two purposes. It makes it less expensive for you to move because you’re not paying freight to move things you no longer need or want. Second, less clutter makes your home show better to homebuyers. A good rule of thumb is to group items into no more than three categories - Keep, Donate, and Throw Away. Add a “Sell” category if you have time to pack and ship the items. 

Organize: Use good packing materials, including sturdy boxes, bubble wrap, and paper, especially if you’re doing the packing and not the moving company. Clearly label the boxes according to the rooms where they’ll be moved. Provide your movers with copies of a simplified floorplan, so they don’t have to stop and ask you where this or that box goes.

Think ahead: Remember that the movers, though they are professionals, get tired and that’s when accidents happen.  Keep boxes under 50 pounds whenever possible. Put heavier items in smaller boxes to reduce bulkiness, and lighter items in larger boxes with proper labeling like “topload.”

Insure your move: Contact your homeowner’s insurance carrier about coverage for moving and riders for valuables. Your mover can provide either released value insurance (about $0.60 per pound of goods lost or damaged), according to Moving.com) or the full replacement value.

Shark Key Spectacular, Unspoiled & Private....

Gated Waterfront Community Only 11 miles from Key West!

Open Water Estate Lot with Spectacular Panoramic Sunsets!  The stunning water vistas provide timeless backdrop to build your Dream Home on this 17,440 Sq, Ft. lot with 83’ of waterfront property.  Shark Key is a gated community, located minutes from Key West and boasts two miles of shoreline, lush foliage, sparkling lagoons and some of the most exquisite waterfront homes.  There is a special ambiance on Shark Key. As one resident has said “There is no noise, no crowds, no danger of busy traffic or strangers. It is small enough to get to know your neighbors, yet spacious enough to enjoy the privacy expected from this type of island living. Shark Key is a great place to call home.” Enjoy the luxury of Shark Key’s Caribbean Ambiance, and it’s amenities: Inland Swimming Lagoon & Beach, Two Tennis Courts and Club House for your enjoyment.

Article contributed from floridarealtors.org
By Alex Veiga
"Home sales rose 23.7% year-to-year in Jan., with the highest month-to-month increase (0.6%) since Oct. and second highest since 2006. Prices were up 14.1% year-to-year.

WASHINGTON – Sales of previously occupied U.S. homes rose again last month, a sign that the housing market’s strong momentum from 2020 may be carrying over into this year.

Existing U.S. home sales rose 0.6% in January from the previous month to a seasonally adjusted rate of 6.69 million annualized units, the National Association of Realtors® said Friday. Sales jumped 23.7% from a year earlier. It was the strongest sales pace since October and the second highest since 2006.

Home prices also rose. The U.S. median home price was $303,900 in January, an increase of 14.1% from a year earlier. Prices increased in every region of the country.

The red-hot housing market has left the number of available properties for sale at record lows. The dearth of homes for sale has been the main driver of home prices.

“Sales easily could have been even 20% higher if there had been more inventory and more choices,” said Lawrence Yun, NAR’s chief economist.

At the end of January, there was an all-time low 1.04 million homes for sale nationally, down 1.9% from December and 26% from January 2020, NAR said. At the current sales pace, that amounts to a 1.9 months’ supply, down from a 3.1 months’ supply in January 2020.

Underscoring how competitive the housing market was last month, 71% of homes sold in January had been on the market for less than a month. And properties were typically snapped up in 21 days for the fifth straight month, NAR said.

“The days on the market continue to be very swift,” Yun said. “No winter slowdown.”

The housing market has mounted a strong comeback since last summer after declining sharply in the spring when the coronavirus outbreak hit. Sales surged last year to the highest level since 2006 at the height of the housing boom.

Several market trends are helping drive the strong demand for homeownership. Mortgage rates remain at historic lows. Americans forced to work from home in the pandemic are seeking larger homes. And more millennials are now entering the market.

That demand dynamic, combined with a stubbornly low supply of homes for sale, will likely lead to fierce competition among buyers during the traditional homebuying season this spring.

Still, economists predict the housing market will continue to ride a strong wave of demand this year, though mortgage rates may rise slightly from record lows if the economy improves as vaccines become more widely available.

The average rate on the benchmark 30-year fixed-rate home loan rose to 2.81% this week from last week’s 2.73%, according to mortgage buyer Freddie Mac. One year ago, the rate was 3.49%.

The 10-year Treasury yield, which can influence interest rates on mortgages, made a sharp move higher this week as Wall Street factors in the possibility of higher inflation amid expectations the economy will regain its footing by the second half of this year.

Even so, mortgage rates are expected to remain low with the Federal Reserve keeping interest rates near zero until the economy recovers.

Home builders have boosted construction in response to the strong demand but still face supply constraints such as a lack of available building lots and sharp increases in the price of lumber and other building materials."