How is the Keystone Point Real Estate Market Doing?
There are currently 39 Keystone Point homes for sale: (same as last month)
- Highest priced listing: $3,390,000 for the new construction at 12685 Hickory Rd with 6 bedrooms / 6.5 bathrooms and 10,498 SF lot with 130′ of water frontage.
- Lowest priced listing: $619,900 for the non-waterfront 3/3 at 1945 Alamanda Dr with 1,849 SF on 8,400 SF lot.
- Pending Sales (properties under contract): 9
- Closed sales in June: 3 (compared to 4 in May)
- Median Sales Price in June: $1,520,000
The Keystone Point homes sold in June were the following:
- 2405 Arch Creek Dr – waterfront 3 bedrooms / 2 bathrooms, 2,205 SF on 11,345 SF lot with 132′ of water frontage. Originally listed for $1,350,000 in January of 2017, cancelled a couple of times, re-listed and lowered several times to $1,150,000 and finally sold for $1,020,000 ($463/SF)
- 2305 Magnolia Dr – waterfront 4 bedrooms / 3.5 bathrooms, 2,690 SF on 9,375 SF lot with 75′ of water frontage. Originally listed for $1,675,000 in October of 2019 and sold for $1,520,000 ($632/SF)
- 13200 Biscayne Bay Ter – waterfront 5 bedrooms / 3 bathrooms, 4,153 SF on 9,750 SF lot with 78′ of water frontage. Originally listed for $2,500,000 in August of 2018, had several price reductions with final reduction at $1,799,000 and sold for $1,615,000 ($394/SF) **cash transaction
Keystone Point Average Price per Square Foot
The average sold price per square foot in Keystone Point, for homes on the water, in June was $496. The average price in past months:
- May’s average $506
- April’s average $475 (one sale)
- March’s average $406 (one sale)
- February’s average $577
- January’s average $469
- 2019’s average of $416
- 2018’s average of $476
- 2017’s average of $421
Keystone Point Real Estate Market Breakdown
Keystone Point is currently static, whereas the rest of Miami is experiencing a drastic drop in inventory and increase in demand. Real Estate stats this month are almost identical to last month with no change in inventory and no change in demand. Although this may seem like grim news, it’s really better than the alternative, which is what a lot of people were waiting on … a drastic drop in pricing and complete overhaul of this market.
Don’t hold your breath!! The truth is that the price range that is moving right now in Keystone is between $1 million and $1.5 million. New homes are not moving and buyers are still looking for teardowns at good prices.
67% of sales are financed deals and the 2 buyer markets are from the U.S. and from Argentina. Did you know that only 22% of residents are investors or 2nd home owners? This is key to understanding the community dynamic
Keystone Point continues to be a buyer’s market with approximately 13 months of inventory and average discount price of 9%. We will continue reporting on the 3rd week of every month.