Yearly Comparison – 2011 VS 2012. Is the real estate market in the Keys recovering?

After I finished a comparison of the 4th quarter of 2011 to the 4th quarter of 2012 in the Upper Keys, I was asked to do the same comparison for the two full years.  This is what I found:

Every segment of the market saw an increase in average sales price. Most segments also saw an increase in number of sales, while canalfront home saw a slightly lower number of sales. Condos were the most affected in terms of number of sales, with 107 closings in 2012 compared to 134 closings in 2011.

Overall, this is a good sign that the real estate market is enjoying a healthy recovery.  Prices are not surging upward at dramatic rates, but they are increasing.

If you’re considering a purchase in the near future, now is the time to make a move while prices are still improving and rates are still competitive.

What are your thoughts?  Do these increases indicate a recovering market? Please share in the comments section.

Click on the graph for a larger version.