Want to know what’s happening here in Key Biscayne our housing market. I get asked this question often! Is now a good time to sell in Key Biscayne? I also get asked, if we are we going to see a crash, and what should people do with their home?
It can be so confusing with the constant changes in the market to know what the best decision for your family will be.
I totally understand, It has become very hard to navigate these markets. That is why, I give so much importance on sharing real data of what is happening. So, you can be better informed ,and make more educated decisions.
Want to know what’s happening in The Key Biscayne Housing Market (video)
Sellers' Market
According to real estate experts and advisors, anytime, you have inventory levels that are at 6 months of inventory or below, that means we are in a seller’s market.
It’s all about supply and demand, and when there is a limited supply like there is right now, then the prices go up.
The Key Biscayne Housing Market 1st quarter, 2022.
So let’s see how inventory levels are doing here locally. Is it a good time to sell here in Key Biscayne?
In Key Biscayne as of the end of March at the time of this video: we have 22 homes and 80 condos that are active to sell. Listing prices are coming into the market with an average 12% increase from the November prices and a 43% increase when compared to March 2021. The average time to sell is 70 days and the average sale price is 3% discount over the average listing price.
In the first quarter of 2022, the Key Biscayne Housing Market remained a strong seller’s market.
We still have very low inventory and strong buyer demand. It’s a great time to sell, the homes that come into the market are selling very close to the listing price.
Homes coming into the market with a competitive price a selling within 45 days and very close to the listing price or with no discount at all.
Normal price listing homes are selling within 87 days and with 5%-7%.
As I mentioned on my previous post, meanwhile the inventory remains low the prices might not get affected even if the demand starts cooling off.
April 2022, Real Estate in Key Biscayne
If you have any questions do not hesitate and feel free to reach out, at no cost or risk for a hassle-free strategy session.
I’m looking forward to hearing from you and as always this is Beatrice Ponce at WhyKeyBiscayne.com, make it a great home selling and buying day!! And remember “Much of our successes get lost for the lack of a little more”
