Average sales price hits 8-year high. Record number of sales. For January - March and April to June, the average sale price for all the Old Town Key West single family homes sold topped $1M for the first time since 2006. More homes sold in April to June, fifty-nine, then since before 2006. Sales are broadly distributed with larger two-bedroom and all three-bedroom homes leading.  Sales prices are up across the board, but not wildly as in pre-bubble 2004 - 2006. Patient buyers are choosing value, ignoring over-priced homes.  Boomers dominate purchases, using cash from the rising stock market or low interest jumbo loans.  Old Town's historic architecture is bicycle friendly with short times and distances to neighborhood eateries, shops and socialization.

The below charts show sales of the seven most popular bed/bath combinations in Old Town Key West from January 1, 2006 to June 30, 2014.

These charts are for single family homes sold south and west of White St. and cover the neighborhoods the Meadows, Old Town, Truman Annex and Casa Marina but not Sunset Key.  You can view a neighborhood map here. The seven bed/bath combinations below contain enough sales to measure and evaluate trends before, during and after the 2004-2006 real estate Bubble.

Four, 1Bed/1Bath homes have sold in the Old Town area thru 6/30/2014. One is a genuine one-of-a-kind home surrounded by a 10,000 sqft tropical rain forest in the middle of Old Town; hence its sale price of $1.24M!  Otherwise, first time buyers have turned away from small Old Town homes, buying elsewhere or renting. The average price of the five 1/1's for sale is $520. The five year Sold average is $541.

Five, 2Bed/1Bath homes have sold in the Old Town area thru 6/30/2014, two in January, three in May. The average Sold price of $478,000 is 15%  more than in 2013.  Price per sqft. of $571 is up 30% over 2013. Nine 2/1 homes are for sale with prices up to $689,000. Fifteen, 2/1 homes sold in 2011, sixteen sold in 2012 and twenty-one sold in 2013.  Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town.

2Bed/2Bath homes are the #1 Seller since 2009 with 148 Sold.

Fourteen, 2Bed/2Bath homes have sold in the Old Town area thru 6/30/2014. The average sale price of $768,000 is 32% above 2013 and 81% above the low in 2009. There are nineteen 2/2's for sale, priced between $509,000 and $1.295M. Average price per sqft of these nineteen is $675, 44% more than the five year average of $470 per sqft.  Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West.

Average sale price is 95% ABOVE the 2009 low!

Thirteen, 3Bed/2Bath homes have sold in the Old Town area thru 6/30/2014. The average Sold price of $897,000 is 21% more than 2013 which was 25% more than 2012 and is up 95% from the 2009 low! The average sold price per sqft. of $597 is the highest since 2007. Eighteen 3/2's sold in 2012 and twenty-one sold in 2013. The thirteen presently For Sale offer a wide range of price and matching quality. Since 2009, 3Bed/2Bath homes have been the second biggest sellers in Old Town Key West.

Average sale price is 63% ABOVE the 2010 low!

Eleven, 3Bed/3Bath homes have sold in the Old Town area thru 6/30/2014. The average Sold price of $1.2M is 18% more than 2013 and is 63% above the 2010 low. The average sold price per sqft. of $678 is 26% more than 2013 and 50% above the 2009-2013 average. Twenty-seven 3/3's sold in 2012, the highest recorded, and twenty-six in 2013.  There are nineteen 3/3's For Sale from $699K to $3.75M. Since 2009, 3Bed/3Bath homes have been the fourth biggest seller in Old Town Key West.

Three, 4Bed/3Bath homes have sold in the Old Town area thru 6/30/2014. The Sold price of $2.083M is 93% more than the average Sold price for 2013. This Bed/Bath configuration has yet to solidly reverse price decline. HOWEVER. The twelve sales in 2012, the highest since 2008, and eleven sales in 2013, with a climbing average sales price per square foot, shows strength. There are eleven 4/3's For Sale priced between $825,000 and $3.5M.

Nine, 4Bed/4Bath homes have sold in the Old Town area thru 6/30/2014. The average Sold price of $1.561M is 3% above 2013, 12% above the 10-year average and 40% above the 2009 low. The average sold price per sqft of $594 is 4% above 2013 which was 47% more than 2012. Since 2003 the average number of sales is six homes, so nine sold for 2013 was excellent. Year to year price action is choppy as a limited number of annual sales causes large fluctuations in average sales price.

Conclusion

The green line shows home sales in the 2nd quarter of each year, April - June, as the traditional lead quarter for sales.  This year there were 59 sales - a record.  The vertical bars show average sales price, with 2014 having both the 1st and 2nd quarters as above $1M!

Clearly, both number of sales and average sale prices are moving steadily up.  Will the summer's red line follow through?

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Good luck!