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post irma lower keys market update

 

If there is one thing that Keys are, they are resilient. It's been a year since we all were coming to grips with the damage that Hurricane Irma wrought in our island communities. We've come such a long way in our recovery, and still have much rebuilding to do. I thought I'd take a moment to share with you how the real estate market has responded to the storm and its aftermath. It has responded remarkably well. Read on for details about key statistics in the Lower Keys major areas.

This is a record-setting time for selling homes, and we are moving inventory quickly. If you think this is the time for you to make a real estate move, call me.

Heather Carruthers
Sales Associate
heather@keysrealestate.com   |   (305) 509-2122
http://www.HeatherKeysRealEstate.com

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key west

Continued Strength

Maybe it's the Grotto at St. Mary's, maybe it's the mountains of Cuba, but whatever it is, Key West continues to be lucky. The town was spared the Category 4 winds that lashed our neighbors farther north, and while Irma did cause some damage, all has been repaired.

With 16 more new listings and 22 more sales in the past 12 months compared to the 12 months before Irma, the Key West market continues to be strong. Prices, too, continue to increase, with the average sale price in the last months over $780,000, and the median at $700,000.

Aqua indicates data between September 11, 2016 and September 11, 2017. Cabernet indicates data for the last 12 months, ending September 11, 2018.

Stock island to sugarloaf

Resiliency

Irma hit a little harder in these "suburbs" of Key West, yet there's less evidence of her visit every day.

Here we are seeing an increase in inventory, with 17 more new listings this year than last, and slightly fewer sales (12).

With that increase in supply, average sale prices are off only 1.2% from the year before, and the median price is actually higher than before the storm. This is a resilient real estate market.

Aqua indicates data between September 11, 2016 and September 11, 2017. Cabernet indicates data for the last 12 months, ending September 11, 2018.

cudjoe to big pine key

Opportunity Knocks

Cudjoe, Summerland, Ramrod, the Torches, Big Pine: these were the areas hardest hit by Hurricane Irma. Rebuilding is on-going, from individual homeowners fortifying and updating their properties to community groups and governmental partners helping to create improved, resilient housing.

Perhaps surprisingly, there have been fewer new listings in the past 12 months than in the year before Irma. While total sales are down about 9%, average sale prices are actually up 4.5%. This bodes well for property owners in these beautiful areas of the Lower Keys.

Aqua indicates data between September 11, 2016 and September 11, 2017. Cabernet indicates data for the last 12 months, ending September 11, 2018.

fEATURED lISTING

Old Town Villas-Only 4 Units Remain

Concrete construction, living areas above flood level, impact windows...Irma did not damage these gorgeous residences one bit.

Old Town Villas At Key West is a Caribbean inspired community in the heart of Key West. These new construction luxurious townhomes are designed to blend the classic Key West Old Town style with a modern upscale atmosphere.

Attractively located at the epicenter of Key West living, the Old Town district is recognized as the tourist, entertainment, and shopping center of Key West, with sporting and other recreational water activities merely steps away.

This is a gated community with 20 townhomes, each featuring its own private elevator, 2 car garage, balconies on every floor and fee simple ownership.

I have already sold one of these homes. They are remarkable, and there are only 4 left. If you are interested, contact me before they are all gone!

 

CLICK IMAGE FOR OLD TOWN VILLAS PRESENTATION

 
 
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