If the trend worsens, many over-extended buyers/borrowers/speculators are in for a painful time.
Was it the hurricanes? Is it tied into the national trend? Maybe it's both. Certainly the meteroic rise in Key West house prices couldn't continue indefinitely (despite the fervent real estate broker's sales pitches).
Statistics released by a Coldwell Banker Schmitt recently show that the Key West housing market has peaked for now. Dramatic increases in numbers of properties for sale and the longer time they on the market show the market is cooling, dare I say, dramatically.
Here is a snapshot of the Key West residential real estate market (2005 versus 2004):
- Total Sales: 88 (-53%)
- $ Volume of Sales: $78 million (-38%)
- Avg. Sales Price: $890,000 (+32%)
- Avg. Days on the Market: 215 (+58%)
- Sale Price: 93 (+2%)
- New Listings: 568 (+10%)
- Avg. List Price: $1.126 million (-7%)
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