%20(4).png)
Fewer Homes for Sale in Key West: Should Buyers Wait for Winter?
By Zainya Zimmerer, Broker | Owner, Cayo Realty Key West
If you've been searching for a home in Key West and feel like there aren't as many properties to choose from, you're not imagining it.
We are coming out of our quieter summer months, inventory has tightened, and buyers are wondering whether they should purchase now or wait for more homes to hit the market.
The good news? Prices have adjusted in portions of our market, homes are still selling, and our seasonal real estate cycle may bring additional opportunities as we head toward winter.
Here's what I'm watching and what it could mean for your next move.
Key West Inventory: A Look at the Last Three Summers
Our market follows a seasonal rhythm. During the summer, some homes sell, while other sellers decide to temporarily remove their properties, make improvements, reconsider their asking price or wait until the next selling season.
Florida Realtors SunStats data shows how the number of available homes has changed over the last three Augusts.
August | Active listings |
2024 | Approximately 234 |
2025 | 248 |
2026 | 204 |
Key West city residential inventory. The 2024 figure is estimated from the reported 6% year-over-year increase in August 2025; 2026 combines single-family and condo/townhouse inventory.
See What's Available in Key West
That's 44 fewer available homes compared with August 2025, a decrease of approximately 18%.
Looking specifically at single-family properties, inventory was down 27% year over year. Condo and townhouse inventory declined a more modest 4.1%.
Florida Keys Real Estate
For buyers looking for something specific, whether it's an Old Town cottage, a home with a pool and parking, or waterfront property with dockage, having fewer choices can be frustrating.
But here's the important part: lower inventory doesn't automatically mean it's a bad time to buy.
Will More Key West Homes Become Available This Winter?
I expect more properties to come onto the market as we move through October and into our winter selling season.
Some homeowners prefer not to market their properties during the summer. Others have spent the past few months completing renovations, addressing maintenance issues, or deciding whether they're ready to sell.
As December and January approach, I anticipate that some of those properties will return.
However, that doesn't mean every neighborhood or price range will suddenly have more options. Seasonal inventory increases are not guaranteed.
For buyers who haven't found the right home yet, patience may bring additional choices. But I would not completely put your home search on hold while waiting.
Key West Home Prices: What Are We Seeing?
There is some encouraging news for buyers watching prices.
In August 2026, the median single-family sale price in Key West was $1,170,000, down 6.3% compared with August 2025.
The median condo and townhouse sale price was $700,500, down 16% year over year.
Those are meaningful changes, but they don't mean every property has lost that percentage of its value.
Key West is a relatively small market. August's figures were based on only 15 single-family closings and eight condo/townhouse closings.
A few particularly expensive homes or smaller condos can make the monthly median fluctuate significantly.
What matters more when purchasing a particular property is what comparable homes have actually sold for.
I expect some continued short-term pricing adjustments in certain market segments, particularly where asking prices have not caught up with recent comparable sales. That is my outlook, not a guaranteed market direction.
Homes Are Still Selling
Even with fewer listings available, buyers are continuing to make purchases.
In August, Key West recorded 23 combined single-family and condo/townhouse closings, along with 32 new pending sales.
Single-family new pending sales increased 47% compared with August 2025.
That tells us that buyers are still active, even while inventory has declined.
For buyers, the takeaway is simple: a property being on the market for several months doesn't necessarily make it a good buy, and a newly listed home isn't necessarily overpriced.
The goal is to understand the value of the individual property, rather than making a decision based on general market headlines.
Should You Buy Now or Wait?
There isn't one answer that works for everyone.
If you've been searching for a particular type of property and haven't found it, waiting for additional winter inventory may make sense.
But if you find a home that checks your boxes and the price is supported by comparable sales, there may be a reason to move forward now.
I encourage my buyers to look beyond asking prices and pay attention to the entire transaction.
Insurance costs, flood zones, property condition, inspections, financing, rental restrictions and potential renovation expenses can all influence whether a property is truly a good value.
And sometimes a successful negotiation isn't just about the purchase price. Seller credits, repairs, closing dates and other contract terms can make a substantial difference.
My advice is to know what you're looking for, understand what it's worth, and be prepared when the right property becomes available.
A Quick Note for Key West Sellers
While buyers are waiting for more options, homeowners considering selling have something to think about as well.
There are fewer competing listings right now, particularly in the single-family market.
Listing before additional winter inventory arrives could give your property an opportunity to stand out.
However, today's buyers are paying attention to comparable sales and overall value. Accurate pricing, property condition and presentation remain important.
Whether you're buying or selling, understanding the individual neighborhood and property type matters much more than relying on a broad national real estate headline.
Looking for a Home in Key West?
Every buyer's search is different, and Key West has some incredibly unique properties.
Whether you're searching for an Old Town home, a waterfront property, a condo, or a second home, I'm happy to help you narrow down your options and keep an eye on new listings as they become available.
Let's find the right Key West home for you.
Zainya Zimmerer
Broker | Owner, Cayo Realty Key West
Buyer FAQ
Will more homes come on the market in Key West this winter?
Seasonal listing activity may bring additional homes to the market as winter approaches. However, the amount of new inventory will depend on the individual neighborhood, property type and seller activity.
Are Key West home prices going down?
August 2026 median sale prices declined year over year for both single-family homes and condos/townhouses. However, individual property values vary, and one month of sales cannot establish a market-wide price trend.
Is it better to buy a home in Key West now or wait?
It depends on your property requirements, budget and timing. Buyers with very specific requirements may benefit from additional listings, while buyers who find a suitable, competitively priced property may decide to proceed rather than wait.
How can I find new Key West listings as they become available?
Search available Key West homes and condos through Cayo Realty Key West, or contact Zainya Zimmerer for a personalized property search based on your budget, preferred neighborhoods and property requirements.
Comments