Florida Keys Market News

Lower Matecumbeto MM 106 1 Jan 30 May 2007: This includes Islamorada and Key largo only.

Please see below, the latests market stats from the first quarter in the Upper Keys, Key Largo through Islamorada. We have noticed a s flurry of market activity over the last 2 weeks here in the Upper Keys, which is sending an indication that this market is turning around. I attribute this to a few factors. Interest rates have declined, the property taxes in Miami Dade County are double what they are in the Keys. We have fantastic services here in Key Largo ad a wonderful community with a small town atmosphere. It is great! Additionally, financial emotions have been buoyed by the recent surge in the stock market so folks are feeling pretty good right now about their future and are excited to be able to purchase a second home or vacation home here in paradise. I predict that the second quarter results will be markedly different than the first. Lets See...

Residential Properties:

Sold: 132

DOM: 261

LP/SP: 90.72%

Listed: 1,199

A 36 month supply of listings at the current rate of sales, 33 per month.

Condos:

Sold: 14 = 10.6% of the Residential Market

DOM: 377

LP/SP: 86.6%

Pending: 15

Median SP: $562

Avg. SP: $646

New Listings to Market: 78

Total Listed: 217

Median LP: $699

Avg. LP: $854

If no new Condos came on the market we presently have a 62 month supply of properties on the market at the current rate of sales, 3.5 per month.