Florida Keys Real Estate This Week: November 2, 2026

October gave us one of the more interesting market reports I've pulled in a while. Sales barely moved. Inventory did.

I pulled the October numbers directly from FlexMLS on November 2, and the headline is simple: buyers have a lot more to choose from than they did a year ago, while the number of homes actually closing is almost exactly the same. Meanwhile, Monroe County and the City of Marathon are both rethinking how building rights work, and the last stage of Citizens' flood-insurance requirement is now less than two months away.

Here is what I think buyers, sellers and property owners should pay attention to this week.

According to the FlexMLS report I pulled on November 2, there were 1,268 active residential listings in October 2026, compared with 730 in October 2025, an increase of about 74%. New listings rose about 50%, to 287 from 191.

Closings, on the other hand, barely moved: 138 residential sales in October 2026 versus 137 a year earlier. Closed-sale volume rose about 9.5%, to $216.8 million, and the average sale price rose about 8.7%, to $1,570,862.

That's an average, not a median, so a handful of higher-priced sales can move it. It describes what sold in October, not what every home is worth.

After a strong spring and a stronger September, October landed almost exactly where it did last year: 138 closings against 137.

Here is how October closings compared in the areas I follow most closely. Marathon and Key Colony Beach, in the Middle Keys, are included for comparison.

With counts this small, one or two sales can swing the picture, so I wouldn't read a trend into any single island's month. Cudjoe Key had a busy October; Key West closed a few fewer than last year.

The longer view is steadier. Over the rolling 12 months ending November 1, 2026, the MLS recorded 1,907 residential closings, up from 1,713 in the previous 12 months, with an average sale price of $1,447,250. Those are rolling annual figures, not calendar-year totals.

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State law allows up to 900 new building rights across the Keys over at least 10 years, and 657 of them are designated for unincorporated Monroe County. These are the allocations that let an owner build a new home on a vacant, buildable lot.

The county's first plan split the 657 into 120 market-rate allocations and 537 in a new "market rate workforce" category for owners who earn most of their income in Monroe County. The state's review objected on two points: the plan would have lifted the ban on affordable housing in high-risk coastal V zones, and it included no traditional deed-restricted affordable housing allocations.

On October 21, commissioners backed a revised approach: reserve 33 allocations (5%) for affordable housing, keep the V-zone ban in place, move from quarterly to semiannual allocation periods, and give applicants already in the system a one-year window to switch categories without losing their original application dates. The revised plan returns for consideration on November 17 in Key West. It is not final.

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Up the road, the Marathon City Council spent more than two hours at an October 27 special meeting before directing staff to pursue an independent, third-party review of the city's transfers and determinations of transferable building rights over the past decade.

The backdrop is Marathon's relationship with the state. In 2022, the state revoked a long-standing agreement that let the city issue many smaller permits without state review, and while a replacement agreement restored some autonomy, more decisions still go through Tallahassee. Builders say that adds months to revisions. The review hasn't started, the cost isn't in the budget yet, and the city manager hopes to report back by December. No findings have been made.

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The inventory numbers tell the story on their own. Key West went from 171 active residential listings in October 2025 to 256 this October. Big Pine Key went from 36 to 80. Marathon went from 109 to 189. Across the MLS, 287 new residential listings came on in October, against 138 closings.

When buyers have twice as many homes to compare, the ones that are priced and presented well are the ones that get the showings. Sellers who price for last year's inventory are the ones who end up chasing the market.

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Citizens Property Insurance Corporation says that beginning January 1, 2027, the flood-insurance requirement for personal residential policies that include wind coverage applies to all policies, regardless of dwelling value. It's the last step of a phase-in that started at $600,000 of dwelling coverage in 2024.

There are exceptions. Citizens lists condominium unit-owner policies, tenant contents policies and policies that exclude wind or hail coverage as exempt from this requirement. And not every Keys homeowner is a Citizens customer, so this doesn't mean every owner must buy flood insurance. It does mean that if you have a Citizens policy with wind coverage, now is the time to look at your renewal date.

Separately, Monroe County says the preliminary coastal flood maps you may have seen are not final or adopted, and FEMA plans to release another set of preliminary maps first. Today's insurance and building decisions are based on the current effective maps.

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October was a choice-rich month for buyers. Closings held steady, prices held up on average, and inventory rose sharply almost everywhere I looked. That is good news for buyers who have been waiting for options, and a clear signal to sellers that pricing and presentation matter more now than they did a year ago.

At the same time, the rules behind future supply are moving. Building rights in unincorporated Monroe County and in Marathon are both under review, and Citizens' flood requirement reaches its final stage on January 1. None of that changes what your home is worth this week, but all of it is worth watching.

FAQ

How many homes are for sale in the Florida Keys right now?
According to FlexMLS, there were 1,268 active residential listings across the entire MLS in October 2026, compared with 730 in October 2025, an increase of about 74%.

Did Florida Keys home sales go up in October 2026?
Barely. 138 residential sales closed in October 2026, compared with 137 in October 2025. Closed-sale volume rose about 9.5%, to $216,778,996, and the average sale price rose about 8.7%, to $1,570,862.

Has Monroe County approved the new building rights plan?
No. Commissioners backed a revised distribution of the 657 building rights on October 21, including 33 allocations reserved for affordable housing. The revised plan returns for consideration on November 17.

Sources

• FlexMLS Year Over Year Comparison: residential, entire MLS, October 1 – November 1, 2026 vs. October 1 – November 1, 2025
• FlexMLS Year Over Year Comparison: residential, entire MLS, November 1, 2025 – November 1, 2026 vs. November 1, 2024 – November 1, 2025
• Keys Weekly: County commission revamps new building rights & traffic study (October 29, 2026)
• Keys Weekly: Marathon City Council greenlights audit – but will it fix things with the state? (October 29, 2026)
• Citizens Property Insurance Corporation: Flood Insurance Requirements
• Monroe County, Florida: Preliminary Coastal Flood Maps

Source: FlexMLS / MLS data. Reports prepared by Kate Baldwin on November 2, 2026. Information is deemed reliable but not guaranteed.

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General information only, not legal, tax, insurance or financial advice. Market data is from the sources listed and covers the periods stated.