Similar to the condo market that we wrote about recently, the market for single family homes in Key Biscayne, just keeps getting stronger. When there is no more land to build on, the Law of Supply and Demand couldn’t be more pure. Add to that, the fact that the Village of Key Biscayne is in the market to buy property for Green Space and the value land can only increase.
In 2012, just over $218,000,000 in single family property transactions were closed during the year.
Here is a summary of the details of what sold:
- 76 = number of homes sold
- 72= number of homes sold with prices in excess of $1M
- $2,870,461 = average home sales price
- $755 = average sale price per square foot
- 223 = average number of Days on the Market
- 8% = average difference between the list price and the sales price.
The highest price for a home that sold in 2012 in Key Biscayne was $13,500,000 for 468 Bay Lane. This 8,163 square foot waterfront home has seven bedrooms and seven bathrooms and of course comes with it’s own private dock. It closed in December and it was a Happy Holiday for both the buyers and the sellers.
As of this writing there are only 72 homes actively for sale on the Key. They range in price from $1,250,000 to $22,300,000. That’s right, there are no longer homes available in Key Biscayne for under $1,000,000.
Contact us directly for a private value analysis if you are considering selling, or for insider information on any property on the Key.
* Data extracted from the SEF MLS.
