Luxury Island Properties Real Estate Report

Spring 2026

Keys-wide Comparison of

January through March 2026 vs 2025

The Luxury Residential Real Estate Market in the Florida Keys is again leading the overall market to unexpected double-digit increases with 20.3% more Luxury sales while the average Luxury sale price increased 24.6%. This represents a dramatic shift from one year ago when the number of Luxury sales was down 16.7% and the average Luxury sale price had not changed significantly. The Luxury segment is defined as the top 10% of the residential market with a current minimum $2.1 Million list price. To keep pace with Luxury price increases we have increased the Luxury threshold $300,000 per year for the past few years.

The only metric that has changed between the Spring of 2025 and Spring 2026 is the number of Luxury properties for sale. In Spring 2025, the number of Luxury properties for sale was increasing while here in 2026 the trend of new listings is declining. There are 22% fewer new Luxury listings in the first quarter of 2026 vs 2025. The relative lack of inventory, which represents fewer choices for buyers, is the main reason that the number of sales and the average sales prices have increased. The inverse relationship between the number of Luxury buyers and sellers - which directly affects the number of sales and sale prices - is also evident in the overall market which is described in our overall Spring 2026 Real Estate Report for the Keys.

In addition to higher average sale prices, Luxury Sellers in 2026 have also enjoyed better sale price-to-list price margins with a decreased need for price reductions during the term of the listing which fell, on average, from 4.3% to 2.9%. While marketing time, or Days on Market, have increased in 2026 they remain well below traditional levels.

Our Submarket Report examines the difference between the four submarket areas in the Keys relative to Number of Sales, Average Sale Price, Number of New Listings and their Average List price along with Days on Market and Luxury Market Dollar Volume Share by submarket. It's followed with a synopsis of the Coldwell Banker Global Luxury Trend Report for 2026 with links to the entire report along with information about the new Coldwell Banker Global Luxury magazine, COLDWELL. We also provide an interesting and revealing table describing Price Range Statistics for Sales and Listings for the Keys Luxury Market in 2026 by ZIP Code.

LUXURY HOMES DASHBOARD

Keys-wide Comparison of List Price to Sale Price

Submarket Analysis

Total Sales & Average Sale Price

The Keys registered a 20% increase in sales over Q1 2025. Each area was up with Key West leading the way at 650%. The Upper Keys rose 41%, the Middle Keys, 18%, and the Lower Keys gained 13%. The average sale price Keys-wide was up 24.6%. The Middle Keys increased 45%, the Lower Keys by 18%, the Upper Keys by 16% and Key West by 14%. The combination of more sales and a higher ASP led to a dollar volume increase of 50% for the luxury segment.

New Listings & Average List Price

At the end of Q1 2026, the number of new luxury listings decreased 1.7% over the previous year despite a 233% upturn in Key West. The Upper Keys gained 5%, the Lower Keys was flat and the Middle Keys lost 1.2%. The Average List Price for new listings gained 5.3% Keys-wide with a 16% rise in Key West and 15% in the Middle Keys, but fell 5.6% in the Lower Keys and 4% in the Upper Keys.

Days on Market

Across the Keys, the number of days to contract rose 12.6%, from 111 to 125 while the changes in the submarkets were fairly dramatic. The Middle Keys DOM increased 87% and the Upper Keys by 85%. Meanwhile, the DOM fell 34% in the Lower Keys and 22% in Key West. This pushed the Months of Inventory (also known as the Absorption Rate) to 15.5 months meaning it would take that long at the current rate of sales to sell off all the luxury inventory.

Luxury Market Dollar Volume Share

The percentage the luxury segment’s dollar volume represents of the overall residential market increased from 42.6% in Q1 2025 to 48.6% one year later. While the luxury dollar volume increased everywhere, a lot of the gain was fueled by the 758% rise in Key West luxury dollar volume. Keys-wide, the residential dollar volume rose 31.3% from Q1 2025 to 2026 while the luxury dollar volume surged 49.8% in that same time.

sALES AND DAYS ON MARKET BY ZIP CODE

Sales & Days on Market by Zip Code

Looking at sales of luxury properties listed at $2.1 Million during Q1 by Keys zip code, we see considerable variety in the number of days on market ranging from 73 in Key West for 61 sales to 196 in Islamorada for 21 sales. (There were no luxury sales recorded in 33001 Layton/Long Key between January and March.)

THE TREND REPORT 2026

For the fourth consecutive year, the Coldwell Banker Global Luxury® program returns with The Trend Report 2026.

Drawing on insights from leading authorities including the Institute for Luxury Home Marketing, Altrata (formerly Wealth-X), McKinsey & Company, and James Edition, The Trend Report 2026 offers a rare, global perspective on how wealth, lifestyle, and real estate are intersecting at the highest levels.

This award-winning, comprehensive, data-driven look at luxury real estate explores the deeper forces influencing decisions this year—from financial and generational considerations to geographic mobility and lifestyle factors. At a time when much of the broader housing conversation is focused on uncertainty, this report also tells a more nuanced story about luxury real estate. The high-end sector continues to demonstrate resilience, adaptability, and long-term strength, operating by a different set of dynamics than the traditional market.

Among the themes explored:

Why resilience has become the new benchmark for luxury markets—and how capital continues to flow into high-end real estate even amid global volatility
How affluent buyers are reframing real estate as a legacy asset tied to identity, stability, and long-term wealth preservation
Why the U.S. remains central to global real estate investment as wealth creation spreads across new regions and industries
Which markets are emerging as the new class of resilient luxury hubs
How the largest intergenerational wealth transfer in history is expected to reshape buyer behavior, inventory, and long-term ownership patterns
Why the home is becoming a primary focus of luxury spending, as “nest investing” accelerates demand for personalization, wellness, and long-term livability
What today’s luxury buyers really want, from larger homes, turnkey condition and architectural quality to privacy, outdoor living, and modern design

Visit cbflkeys.com/TheTrend2026

INTRODUCING COLDWELL MAGAZINE

A New Era in Luxury Magazines Has Arrived

COLDWELL^sm is the audacious new magazine serving as a modern town square for luxury. Produced by an award-winning group of experts, the publication brings together extraordinary homes, an elevated lifestyle and an audience of buyers and tastemakers. It covers shelter, travel, fashion, beauty, design, culture, food and other musts.

Readers come away with the understanding that real estate decisions are inseparable from lifestyle. By connecting the places we visit, the spaces we inhabit, and the experiences that enrich our lives, the magazine presents luxury as a state of mind. To us, a home is never just a transaction, but a foundation for the life you want to lead. View the inaugural issue by visiting cbflkeys.com/ColdwellMag1. Let us know if you would like your own copy of the printed magazine.

Which Company’s Agents would You Want
Selling Your Property?

We were involved in 17% of all luxury property transactions and 20% of the dollar volume.
We listed 15% of all luxury properties for sale.
We had 71% more transactions than the number-two company and 81% more than number-three
In 11% of all Keys luxury sales, we listed the property and found the buyer.