Summerland Key, FL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Summerland Key, FL Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Summerland Key Housing Market Information

With 6,743 people, 1,061 houses or apartments, and a median cost of homes of $596,512, Summerland Key house prices are not only among the most expensive in Florida, Summerland Key real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Summerland Key, accounting for 79.01% of the town's housing units. Other types of housing that are prevalent in Summerland Key include mobile homes or trailers ( 15.19%), duplexes, homes converted to apartments or other small apartment buildings ( 2.99%), and a few row houses and other attached homes ( 1.99%).

Dwellings in Summerland Key tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 51.25% of the homes in Summerland Key have two or fewer bedrooms.

There is a lot of housing in Summerland Key built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Summerland Key built between 2000 and later ( 16.85%). A lesser amount of the housing stock also hails from between 1940-1969 ( 11.65%). There's also some housing in Summerland Key built before 1939 ( 1.70%).

A decent proportion of the Summerland Key housing stock is seasonally occupied. That is, homes and condos in Summerland Key are occupied by people for a portion of the year - mainly for vacation purposes - and then locked up and left unoccupied for the remainder of the year as owners return to their primary residences. This characteristic of the Summerland Key housing market speaks to its popularity as a vacation location of choice.

Summerland Key Home Appreciation Rates

Summerland Key's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Summerland Key during the period has been just -1.65%, which is lower than 80% of US communities.

Appreciation rates are so strong in Summerland Key that despite a nationwide downturn in the housing market, Summerland Key real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Summerland Key appreciation rates continue to be some of the highest in America, at 8.12%, which is higher than appreciation rates in 87.35% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Summerland Key. Summerland Key appreciation rates in the latest quarter were at 1.20%, which equates to an annual appreciation rate of 4.89%.

Relative to Florida, our data show that Summerland Key's latest annual appreciation rate is lower than 50% of the other cities and towns in Florida.

Average Home Values

 

Median Home Value:
$596,512

Summerland Key, FL HOME PRICES

Value Range
> $1,323,000 5.8
$992,001 - $1,323,000 8.0
$662,001 - $992,000 20.8
$529,001 - $662,000 22.0
$397,001 - $529,000 18.7
$265,001 - $397,000 10.9
$133,001 - $265,000 7.4
$66,001 - $133,000 4.1
$0 - $66,000 2.3

Very High for FL
Very High for Nation

Value Relative to Nation Value Relative to State
3.97281143794679 5.98290598290598

Number Of Homes And Apartments:
1,061

Summerland Key Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
93.93% 3.91% 8 10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,160 / per month

Homeownership Rate

Homeownership
Owners 73.47
Renters 26.53
Vacant 38.24

Housing Market Details

 

Age of Homes

AGE OF Summerland Key HOMES
2000 or Newer 16.9
1970 - 1999 69.8
1940 - 1969 11.6
1939 or Older 1.7

Types of Homes

TYPE OF Summerland Key HOMES
Single-Family 79.0
Townhomes 2.0
Small Apt. Buildings 3.0
Apt. Complexes 0.4
Mobile Homes 15.2
Other 0.4

Home Size

SIZE OF Summerland Key HOMES
No Bedroom 1.58
1 Bedroom 7.39
2 Bedrooms 42.29
3 Bedrooms 41.03
4 Bedrooms 5.84
5 or more bedrooms 1.88

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Zip Codes in Summerland Key, FL