Why Florida Keys Buyers Still Have Negotiating Power

1. Why Did the Median Sale Price Increase?

The median sale price reflects the properties that sold during a particular month.

If more high-value waterfront homes and luxury properties sell, the median can increase even when individual homes have appreciated much less.

Momentum Realty's report found that the median single-family sale price reached $1.29 million in September 2026, up 24.6% from September 2025.

That does not mean every Florida Keys home became 24.6% more valuable.

2. What Does the 3.4% Appreciation Figure Mean?

The report's repeat-sale analysis compared qualifying homes that sold twice, with the earlier sale occurring one to three years before the later sale.

Across 95 repeat-sale pairs, the analysis showed approximately 3.4% annualized appreciation.

Because the analysis follows the same properties rather than comparing all homes sold in two different periods, it helps reduce the effect of changes in the mix of properties sold.

However, it represents only qualifying repeat-sale properties, not every home in the Florida Keys.

3. Why Do Buyers Still Have Room to Negotiate?

The September report showed several indicators of a buyer-leaning market:

• 7.2 months of supply: Buyers have a range of properties to compare.
• 44% of active listings with price reductions: Many sellers have adjusted their asking prices.
• 68 new contracts: Down 26.1% year over year.
• 84 median days on market: Homes are still taking time to go under contract.

These indicators can create opportunities to negotiate, particularly when a property is overpriced relative to comparable sales or needs repairs.

However, negotiating power varies. A well-priced home in a desirable location may attract stronger interest than another property in the same community.

4. What Should Buyers Do Before Making an Offer?

If you're considering a home in Key Largo, Islamorada, Marathon, Key West or elsewhere in the Florida Keys:

1. Compare recent closed sales of similar properties.
2. Review the property's listing history and price reductions.
3. Obtain insurance quotes and investigate flood exposure.
4. Arrange appropriate inspections and review permits.
5. Consider maintenance costs, especially for waterfront structures.
6. Base your offer on the property's condition and comparable sales rather than the headline median.

A buyer-leaning market can provide more opportunities, but it does not guarantee that every seller will accept a low offer.

5. What Should Sellers Do?

Sellers should avoid pricing their properties based solely on the increase in the overall median.

Review recent comparable sales, current competition, property condition and neighborhood-specific demand. Consider the likely net proceeds after closing expenses and any negotiated concessions.

Pricing realistically from the beginning can help attract serious buyers and reduce the need for repeated price adjustments.