Key Biscayne Real Estate (RE) Residential Trends – Jan 2022
Mirroring the general Miami Real Estate trends, Key Biscayne’s Residential market continues to be a seller’s market. Inventory levels continued to drop from 2021 levels, while the market continues to absorb inventory at a faster pace. Key Stats as follow:
- Inventory dropped by 66% from Jan 2021 to Jan 2022
- Time in the market dropped from 9.5 months in the market during Jan 2021 to 3 months during Jan 2022
- As the market continues to heat up and inventory drops, the overall number of units sold dropped from 33 units during Jan 2021 to 22 units during Jan 2022
Given that inflation will force the FED to raise interest rates, we expect the 2022 RE market to slow down form its torrid levels of 2021.
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