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The accompanying
chart compares
significant
real estate
market indicators,
to provide
market trends
in the four
major market
areas within
the Florida
Keys for
2002, compared
to 2001.
Though 2001
was the
best year
for real
estate sales
ever in
the history
of the Keys,
2002 sales
exceeded
2001 by
10% in number
of sales
and 25%
in value
of sales.
Of particular
note is
the dollar
value of
all sales
exceeded
$1 Billion
dollars
for the
first time.
The other
business
sectors
of the Keys
also improved
over 2001,
however
not at the
rate of
the real
estate market.
|
|
Upper
Keys
|
Middle
Keys
|
Lower
Keys
|
Key
West
|
All
Areas
|
|
|
(Lower
Matecumbe
to
Key
Largo)
|
(7
Mile
Bridge
to
Long
Key)
|
Bay
Point
to
Big
Pine
|
(Key
West
to
Shark
Key)
|
Keys
Wide
|
|
Total
Number
of
Sales
As
of
12/31/02:
|
2%
More
950
|
20%
More
603
|
5%
More
649
|
17%
More
887
|
10%
More
3,089
|
|
$
Value
of
Sales
As
of
12/31/02:
|
13%
More
$290M
|
34%
More
$202M
|
29%
More
$167M
|
29%
More
$350M
|
25%
More
$1,009M
|
|
Avg.
Days
To
Sell
As
of
12/31/02:
|
42%
Less
131
|
15%
Less
193
|
23%
Less
171
|
14%
Less
171
|
21%
Less
166
|
|
Avg.
Sales
Price
As
of
12/31/02:
|
8%
More
$305,789
|
11%
More
$335,835
|
22%
More
$257,454
|
10%
More
$397,151
|
13%
More
$323,000
|
|
Number
of
Properties
"For
Sale"
On
12/31/02:
|
2%
Less
647
|
24%
Less
303
|
9%
Less
333
|
14%
Less
539
|
11%
Less
1,622
|
The Middle
Keys led the
market with
a 20% increase
in sales and
dollar growth
of 34%. Key
West had a
17% increase
in properties
sold, and
was joined
by the Lower
Keys in achieving
a 29% increase
in dollar
value of all
sales.
You will
notice a
continuing
reduction
in number
of days
required
to sell
a home,
with the
Upper Keys
average
days to
sell declining
42% and
Lower Keys
23%.
With demand
for Keys
properties
again exceeding
supply,
home values
continued
upward,
with the
Lower Keys
experiencing
a 22% growth.
The supply
of properties
"For
Sale"
Keys wide
was down
by 11%,
with the
Middle Keys
experiencing
the biggest
decline,
24%. As
we have
noted before,
the Keys
for the
past 6 years
has had
declining
inventory
and increasing
demand.
As a result
appreciation
of property
has been
significant,
greatly
benefiting
those who
have bought
property
for enjoyment
and/or investment.
To fully
appreciate
the growth
of the Keys
real estate
market over
that time
frame see
page 2 of
this newsletter.
Our expectations
for 2003
are for
an enduring
strong demand
for properties
and a very
active real
estate market.
For the
first two
months of
2003, we
have exceeded
2002 for
properties
under contract
and closed
sales, and
are receiving
numerous
inquiries
every day
from buyers
who desire
to purchase
in the Keys.
If you,
or anyone
you know
is interested
in selling
their Keys
property,
or buying
an investment
property
please have
them contact
one of our
offices
by phone
or email.
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