Key West, Florida, USA - 09/04/2020 — Bascom Interviewed for News Story Published August 28, 2020
Key West, FL Sept 1, 2020 – The Florida Keys are experiencing what experts are calling an ‘unprecedented’ post-lock down jump in residential Key West real estate sales. Recently, reporters working on a news article for the Keys Weekly turned to veteran Key West broker Bascom Grooms, CEO of Bascom Grooms Real Estate, for insight into the phenomenon. Bascom offered a more grounded take on what some realtors are jumping to label as a surge in buyers eager to escape urban areas hit hard by COVID-19.
Bascom reported that sales numbers for the Key West residential market were running nearly even with 2019 for the first 3 months of 2020. Then, sales took a steep 40% dive during the initial Keys lockdown in April. Bascom told the Weekly how sales bottomed in May “Almost 60% lower than 2019 as a result of us being closed to visitors in late March, which is typically our busiest time.”
Obviously, with people unable to come down to the Keys and uncertainty heavy in the air, conditions were not conducive to supporting a strong real estate market. The Florida Keys roadblock was lifted on June 1st and some of the restrictions on the Keys’ hospitality industry and other businesses were eased and, according to Bascom, “Fortunately, things picked back up in June.” June sales were only off by 20% year-on-year, and Florida Keys real estate pros were banking on pent-up demand to breathe life back into the market.
Key West Real Estate Sales Roar Back to Life in July
Local realtors were gratified to see Monroe County real estate sales pick up an amazing bounce in July when 286 homes sold as compared to 191 in July 2019. Taking the entire length of Keys into account, the market grew by $72 million in sales as compared to the same time frame in 2019.
Bascom’s firm made a strong showing in the recovery, and “July was only down by three sales compared to 2019 and August was already up by 11% with a week left in the month.” Explaining the quick come back, some area realtors referred to recent media coverage of a supposed population exodus from troubled cities. Working from home is suddenly a viable option or even a requirement for many, opening up opportunities to seek greener COVID-19 and civil unrest-free pastures.
Mainland buyers are showing keen interest in Florida Keys real estate. However, as time goes on and data from Zillow and other sources come in, the projected boom in suburban and small-town property sales is not materializing. Bascom’s decades of experience support the likely accuracy of his more realistic proposal that record lows in mortgage interest rates are the primary driver motivating buyers to upgrade their homes or purchase a second home.
Bascom Grooms Real Estate is a small boutique agency staffed by a team of professionals focused on providing exceptional personal attention to every client. The firm is one of Key West’s top-producing independent real estate offices and a multi-year winner of the People’s Choice Award for Best Real Estate Office. If you are interested in buying, selling, or investing in Florida Keys real estate, tour the Bascom Grooms Real Estate website at www.bascomgrooms.com then contact our office at 305-676-0347 / firstname.lastname@example.org to learn more about properties in America’s island paradise.
For more information please contact Meghan Davis, Office Manager, Bascom Grooms Real Estate at (305) 768-0171 or Meghan@bascomgrooms.com
Bascom Grooms Real Estate
1716 North Roosevelt Blvd.
Key West, FL 33040
Media Contacts:Company Name: Bascom Grooms Real Estate