KEY BISCAYNE AVERAGE SALES PRICE

kEY BISCAYNE SINGLE-FAMILY

Homes

March 2023 had no recorded sales. Jan and May 2023 were the best performing months.

SINGLE-FAMILY HOMES

Price

Market is starting to recalibrate after the pandemic, but it is still outperforming the pre-pandemic levels. The average sales price is now 59% higher compared to 2019. In the $1M+ condo/townhome sector, average sales price is up 4.5% from 2019. The average price of luxury condos/ townhomes $1 million or more has decreased compared to the previous year due to the fact that condos sold this year were smaller with 2 beds instead of 3 beds.

Condo/townhomes transactions are starting to normalize following the peak Covid numbers with total sold down by 33% and increases in average sales price per square foot. Pace of market for all condos has slowed from frenzied 2022. The average price of luxury condos/ townhomes are recalibrating post peak.

(right) The average selling prices of condos and townhomes are gradually returning to earth following the stratospheric rise in 2022. Although they have decreased compared to 2022, they have still managed to surpass previous limits.