Florida Keys sales, prices fall in first quarter

The total number of sales and the average sales price both dropped by 5 percent in the first quarter compared to the same period in 2011, according to a report from Marathon-based Coldwell Banker Schmitt. There were a total of 497 home sales in the first quarter, which still represented the second-highest total in the Keys in a first quarter since 2006. The average sales price in the area fell to $379,000. The Middle Keys, from the 7 Mile Bridge to Long Key, did show strength, however, with an 8 percent increase in sales, despite flat pricing. There are now 19 months of inventory remaining in the Keys, according to the report. — Alexander Britell