Key Biscayne Real Estate – May 2017

As asking prices continue to drop on the island,  some positive signs are starting to appear. Total # of units sold rose by 27% from April 2017 to May 2017, while inventory barely rose at a rate of  0.2% during the same period of time.  Nonetheless, Year-on-Year activity continued to disappoint. Key statistics:

  • Total # of units sold decreased by 5% from May of 2016 to May of 2017
  • Inventory rose by 16% from May of 2016 to May of 2017
  • Inventory absorption rate decreased slightly  from 18 months worth of inventory in May 2016 to 28 months worth of inventory during May of 2017