How is the Keystone Point Real Estate Market Doing?

There are currently 47 Keystone Point homes for sale: (compared to 57 in February)

Highest priced listing: $3,465,000 for the 5 bedroom / 5.5 bathroom, new construction home at 2360 Bayview Ln.
Lowest priced listing: $535,000 for the non-waterfront home at 1865 S Hibiscus Dr
Pending Sales (properties under contract): 7
Closed sales in March: 3 (compared to 1 in February)
Median Sales Price in March: $920,000

The Keystone Point homes sold in March were the following:

12911 Oleander Rd – 3 bedrooms / 2 bathrooms, 2,011 SF of living space on 8,550 SF lot with 75′ of water frontage. This home was listed in November of 2018 for $887,000 and sold for $869,000 ($432/SF)
2365 Arch Creek Dr – 3 bedrooms / 3 bathrooms, 2,142 SF of living space on 9,375 SF lot with 75′ of water frontage. This home was originally listed in November of 2018 for $1,049,000, decreased in price twice and sold for $920,000 ($430/SF) **cash transaction
13100 Coronado Ter – 3 bedrooms / 2 bathrooms, 2,108 SF of living space on 9,375 SF lot with 75′ of water frontage. This home was listed for $997,000 in June of 2018 and sold for $925,000 ($439/SF) **cash transaction

Keystone Point Price per Square Foot

The average sold price per square foot in Keystone Point in March was $434. The average price per square foot in the last 2 years has been:

February’s average $395 (one sale)
January’s average $421 (one sale)
2018’s average of $476
2017’s average of $421

Keystone Point’s Market Action Index increased to 24, which is a great sign for the area with an obvious drop in inventory. Once inventory is consumed, we should see upward pressure in pricing.

Slight Buyer’s Advantage

Home sales have been exceeding new inventory for several weeks. Since this is a Buyer’s market, prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market moves into the Seller’s zone, and we are likely to see upward pressure on pricing

It’s important to note that we are seeing a drop in average price per square foot from 2018’s average of $476. Those homes that are not selling are overpriced and it’s important to note that the market mandates pricing, so timing is key whether you are a buyer or seller. If you really want to sell in the next few months, then flexibility is a must, especially in a buyer’s market with limited buyers. It’s not the time to “test” the market!

If you want a no-obligation home value report for your property, please visit MiamismVALUE.com and we’ll be happy to send you a personalized report. Or you can simply call me, I do answer my phone (305) 206-9366.

To see our real-time market reports, please visit MiamismTrends.com or Click HERE .

Keystone Point House of The Month

This month, The Miamism Sales Team recommends the dry-lot (non-waterfront) home at 2280 Keystone Blvd. Here we have a 1955 home in great condition and beautifully cared for. It has 3 bedrooms / 2 bathrooms, 2,096 SF of living space on a 8,625 SF lot. The home has impact windows/doors, has been remodeled, has a fenced-in back yard and price has been reduced.

Offered at $799.999 ($382/SF)

**click HERE for more information or see below.