Florida Keys Condo vs. Single-Family Inventory: October 2026

The Florida Keys real estate market is showing two different sets of conditions for condominium and single-family home buyers. While both property types are part of the same Monroe County housing market, the latest inventory figures reveal a significant difference in competition.

According to Momentum Realty's October 28, 2026 MLS snapshot, there were 173 active condominium listings and 14 under contract or pending across Monroe County. That represents approximately 12.4 active condos for every pending property.

For single-family homes, the comparison was considerably lower, with 735 active listings and 106 pending properties, or approximately 6.9 active listings per pending home.

The difference matters for anyone considering buying, selling or investing in Florida Keys real estate.

For condo buyers, the numbers suggest more choices relative to current pending activity. For single-family sellers, the lower inventory-to-pending ratio may indicate a more favorable competitive position.

Florida Keys Real Estate Inventory: Condos vs. Single-Family Homes

Here is the October 28 market snapshot from Momentum Research:

The condo market had approximately 1.8 times as many active listings per pending property as the single-family market.

This does not mean every condo is difficult to sell or every single-family home is attracting multiple offers. It shows that the overall inventory conditions differ between the two property types.

Source: Momentum Realty – Florida Keys Condo Market, October 28, 2026.

1. Why Are Condos Facing More Listing Competition?

The higher condo inventory-to-pending ratio suggests that available condominium listings are substantially greater relative to properties already under contract.

Several factors may contribute to this difference.

More Choices for Condo Buyers

With 173 active condo listings, buyers have several properties to compare across different Florida Keys communities.

They can evaluate:

• Purchase price.
• Location and waterfront access.
• Square footage.
• Association fees.
• Building condition.
• Amenities.
• Insurance expenses.

This gives buyers more opportunities to compare properties before making a decision.

Condominium Association Fees

Monthly association fees can significantly affect a buyer's overall housing budget.

Beyond the mortgage payment, buyers should understand the costs associated with maintaining the building and shared amenities.

These may include:

• Common-area maintenance.
• Building insurance.
• Reserve contributions.
• Pool and recreational facilities.
• Shared utilities.
• Special assessments.

A condominium with an attractive purchase price may still have substantial monthly ownership costs.

Building Condition and Financial Health

Florida condominium buyers are increasingly attentive to building maintenance and association finances.

Before purchasing, consider reviewing:

• Association financial statements.
• Reserve funding.
• Structural inspection reports.
• Milestone inspection documentation, when applicable.
• Structural Integrity Reserve Studies.
• Insurance coverage.
• Recent meeting minutes.
• Approved or anticipated special assessments.

These documents can help buyers understand the building's financial and physical condition.

2. Why Does the Single-Family Market Look Different?

The October 28 snapshot showed 735 active single-family homes and 106 pending or under-contract properties.

That creates a ratio of approximately 6.9 active listings for every pending home.

Compared with condos, single-family homes have a lower inventory-to-pending ratio.

This suggests relatively tighter competition among available single-family listings.

However, location, property condition and asking price still matter.

A waterfront property with direct boating access may attract a different buyer pool than an inland home requiring significant improvements.

For single-family buyers, it is important to look beyond the total number of available properties and evaluate comparable homes within the same community.

3. Which Florida Keys Communities Have the Most Condo Inventory?

The October 28 MLS snapshot also provides a useful breakdown of condominium inventory by community.

Key West had the largest number of active condominium listings, with 54 properties available.

Key Largo had 35 active condos but only one under contract or pending.

Marathon had 33 active listings and two pending properties.

These differences show why buyers should examine local inventory instead of relying exclusively on countywide statistics.

The community figures are based on listing addresses and the source's MLS snapshot. They should not be interpreted as complete market rankings or evidence that one community is universally more affordable than another.

4. How Long Are Florida Keys Condos Staying on the Market?

The October 28 snapshot reported that the median active condominium had been listed for 108 days.

For single-family homes, the comparable figure was 99 days.

The report also found:

• 50 active condos had been listed for at least 180 days.
• 12 active condos had been listed for a year or longer.
• 11 condos received price reductions between October 14 and October 27.
• Only two condos went under contract during that same period.

These figures suggest that some condominium sellers may need to be more flexible with pricing and marketing.

However, a listing that has been available for a long time is not necessarily overpriced. Property condition, association finances and location can all influence buyer interest.

5. Are Condo Prices Falling in the Florida Keys?

The September 2026 closed-sale data provides additional context.

Momentum Realty's September Market Pulse reported:

The condominium median sale price declined 10.1% year over year, while the single-family median increased 24.6%.

However, these are median-price comparisons, not measurements of appreciation for every property.

The number and types of homes sold can influence monthly median prices. In particular, the condo comparison is based on only 21 closed sales.

Buyers and sellers should use recent comparable sales to evaluate the value of an individual property.

Source: Momentum Realty – September 2026 Florida Keys Market Pulse.

6. What Does This Mean for Florida Keys Condo Buyers?

The higher active-to-pending ratio may provide condo buyers with more opportunities to compare available properties.

However, the best purchase is not necessarily the cheapest listing.

Before making an offer, consider these steps:

Compare Similar Units

Look at recent closed sales in the same condominium community whenever possible.

Review Association Documents

Understand reserve funding, insurance, maintenance obligations and possible special assessments.

Calculate Total Monthly Expenses

Include mortgage payments, property taxes, homeowners insurance, flood insurance and association fees.

Check Building Condition

Review available inspection reports and confirm whether the building has outstanding repair or maintenance concerns.

Negotiate Using Comparable Sales

Use actual closed transactions, competing listings and property condition to determine an appropriate offer.

7. What Does This Mean for Single-Family Home Buyers?

Single-family buyers are facing a different inventory environment.

With approximately 6.9 active listings per pending property, the market has less relative listing competition than the condo segment.

Buyers should still evaluate individual opportunities carefully.

For waterfront properties, investigate:

• Flood-zone designation.
• Elevation.
• Dock and seawall condition.
• Water depth.
• Boating access.
• Windstorm insurance.
• Roof condition.
• Previous storm damage.

A lower inventory-to-pending ratio does not mean buyers have no negotiating power. It simply means the competitive conditions differ.

8. What Should Florida Keys Sellers Do?

The right selling strategy depends on whether you own a condominium or a single-family home.

For Condo Sellers

• Price against competing units in your building.
• Review recent closed sales.
• Organize association documentation.
• Highlight renovations and amenities.
• Explain association fees clearly.
• Address known maintenance issues.
• Monitor price reductions in competing listings.

For Single-Family Sellers

• Review competing properties in your neighborhood.
• Highlight waterfront and boating features.
• Prepare insurance and elevation documentation.
• Address visible maintenance concerns.
• Use recent comparable sales to establish asking price.
• Present the home professionally.

The key is understanding what buyers are comparing your property against.