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Here are the numbers comparing the first quarters of 2012 and 2013 in the Upper Keys. Open water properties had a slight increase in average sales prices as well as number of properties sold.
Canal front homes are selling quicker than they were in 2012. There was a slight dip in average sales price, but that was due to 4 very low priced bank owned properties and short sale properties that sold. Two of them were in need of significant repair before they could be lived in and sold in the low $200,000's. I suspect that we will see those properties come back on the market, with new renovations and a new listing price as well. I am confident that we will see an increase in average sales price when we compare the 2nd quarters of each year.
Dry lot homes are doing well, with both an increase in price and number of listings sold. They are also selling quicker than they did in 2012.
Condos remain steady, with more properties selling in 2013 than in 2012. One of the biggest obstacles facing condos right now is property insurance, with regulations making it harder to find and more expensive. This may drive up the association fees a bit, which is another concern for buyers wishing to purchase a condo here in the Keys,
As always, properties that are priced correctly will sell in a relatively short amount of time. A new listing that I have at 72 Bahama Avenue in Key Largo was priced very competitively among comparable listings and was under contract in just 7 days, with multiple showings and offers.
Stay tuned to see what the second quarter of this year brings.