Florida Keys Snapshot of Real Estate Woes

I had a friend send me some real estate statistics that detail the slow down of real estate sales in South Florida. It is a snapshot of the home sales in the Upper Keys. The area includes Lower Metecumbe Key to Key Largo, the Northern end of the Keys. The news is not good. During the time frame from September of 2007 to September 2008 the number of home sales dropped 19%, the value of sales dropped 17%, and it took an average of 241 days to make a sale which is 26% more time as compared to a year earlier. The good news is the average sale price was 2% higher in the same period. Further down the island chain in the Middle Keys the total number of sales fell 25% and Key West was flat dropping a mere 0.5%. Keys Radio Host and mortgage broker Josh Mosner says the numbers are right on. He feels the crunch in his office. The figures were taken from the MLS Board Key Largo to Key West. Not a pretty picture in the Keys, but indicative of what is going on throughout South Florida. With the credit crunch, high taxes, insurance rates and the uncertainty of tax reform the South Florida Real Estate Market is in the crapper.

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