Annual Overview: Keystone Point 2023 Real Estate Market – Comprehensive Yearly Analysis and Trends
In the evolving landscape of Keystone Point Real Estate, 2023 witnessed a discernible change with a decrease in the price per square foot for waterfront homes from $1052 in 2022 to $1008. This shift, however, doesn’t overshadow the unique strengths of the Keystone Point market. Dominated by cash transactions, which comprised nearly 90% of deals, the market shows a resilience to the typical influences of interest rate changes. Furthermore, its predominantly local character insulates it from the fluctuations of foreign national demand.
The cautious stance of consumers in the current economic climate has not significantly dampened the robust nature of this market. Keystone Point remains a predominantly residential area, with a remarkable 86.4% of buyers using their properties as primary residences. This trend underscores the area’s appeal as a stable and desirable place to live, rather than a hotspot for speculative investment or property flipping.
For those engaged in the Keystone Point real estate market, whether as buyers or sellers, the area’s enduring value as a residential community is a key factor to consider. The market is especially active in the luxury segment, with properties above the $2 million mark seeing the most activity.
We continue to provide in-depth market insights with our monthly Keystone Point market reports, available in the third week of each month. For a more detailed perspective, we also offer a comprehensive 3D market analysis upon request, featuring detailed micro-data from the last 12 months. This analysis is essential for anyone looking to understand the nuanced trends of Keystone Point’s real estate market. To view the latest report, please click HERE.
Keystone Point Waterfront Homes – Price per Square Foot
Take a look at the changes in average price per square foot for homes on the water in Keystone Point:
| Year | Price per SF |
|---|---|
| 2023 | $1,008/SF |
| 2022 | $1,052/SF |
| 2021 | $700/SF |
| 2020 | $522/SF |
| 2019 | $416/SF |
| 2018 | $476/SF |
| 2017 | $421/SF |
| 2016 | $432/SF |
| 2015 | $441/SF |
| 2014 | $395/SF |
| 2013 | $328/SF |
There was a $44 drop in the average price per square foot stat In 2023 – this could sound scary in any other parts of Miami but if you look at the last 10 years, we see that it’s normal for Keystone to experience some fluctuation. What’s important to note is the trippling in price since 2013 and evidence that Keystone is a primary residence market without an investor play.
The lowest sale in 2023 was the non-waterfront home located at 2052 Ala,anda Dr, which sold for $1,060,000 – a 3 bedroom / 2 bathroom home with 1,288 Sq.Ft., on 9,375 Sq.Ft. lot. This home was originally listed for $1,370,000 in January of 2023 and sold for $1,299,000 in March – closing at $823/Sq.Ft. as a cash transaction. (compare this to the lowest sale in 2023 of $880,000 and $445/Sq.Ft.)
The highest sale was for the new construction 1 house from the bay located at 13390 Biscayne Bay Dr, which sold for $12 Million. This 6 bedroom / 8 bathroom / 2 half-bath house with 8,200 Sq.Ft. has 163′ of water frontage and sits on a 14,258 Sq.Ft. lot. It was originally listed for $13.9 Million in April of 2023 and sold for $12 Million in August at $1,463/Sq.Ft., also a cash transaction.
Keystone’s average price of waterfront homes increased from $2 Million in 2021 to $2.9 Million in 2022 and $3 Million in 2023. At the current rate of sales, it’s a buyers market with 16 months of inventory and although listing prices seem to be increasing, final closing prices say otherwise. It’s interesting no note that we are starting to see some seller contributions, averaging around $50,000.
Download Keystone Point Waterfront Market Report
Keystone Point Real Estate Market Report for 2023
The general figures for Keystone Point homes in 2023 are the following: (click HERE to see stats from 2022)
- There were 20 Keystone Point homes sold in 2023, compared to 43 in 2022 and 73 in 2021. The median sales price remained at $2.2 Million, like in 2022.
- The highest sale in Keystone Point in 2023 was for the new construction mentioned above, located at 13390 Biscayne Bay Dr, selling for $12 Million, as a cash transaction ($1,463/Sq.Ft.)
- The lowest waterfront Keystone Point home sold in 2023 was an original 1950’s home somd more for lot value, located at 2060 S Hibiscus Dr, with 3 bedrooms / 2 bathrooms, 1,598 Sq.Ft. on 8,475 Sq. Ft. with 75′ of water frontage – selling at $1,126/Sq.Ft. with a conventional loan.
Download Keystone Point Waterfront Market Report
List of Keystone Point Homes Sold in 2023
To get a list of all Keystone Point homes sold in 2023, please contact us