As noted last month, both number of sales and sale prices for single family homes in Old Town Key West hit 8-year highs. July continued that trend though sale prices did slack a bit.  Summer closings in Old Town look like a typical slowdown with only 11 Contingent and 6 Pendings in the pipeline. But prices are steady with 7 of these 17 properties with For Sale prices between $1.25M and $2.4M. Sellers pull property in the summer, waiting to relist in late Fall. Key West goes quiet.  My door knocking generates fewer replies. Parking is easier.  Even popular restaurants offer half off to locals.

The below charts show sales of the seven most popular bed/bath combinations in Old Town Key West from January 1, 2006 to July 31, 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.

Six, 1Bed/1Bath homes have sold in the Old Town area thru 7/31/2014. 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 are very choosey about buying small Old Town homes. The average price of the four 1/1's for sale is $543,500 with an average price per square foot of $814, well above the 2009 - 2013 average of $541.

Six, 2Bed/1Bath homes have sold in the Old Town area thru 7/31/2014.  The average Sold price of $451,000 is 9% more than in 2013.  Price per sqft. of $510 is up 16% over 2013 which was 13% over 2012. Thirteen 2/1 homes are for sale with prices up to $975,000. Fifteen 2/1 homes sold in 2011, sixteen in 2012 and twenty-one in 2013 but only six thru July 2014. Overpriced? Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town.

Average Sold price of $725,000 is 71% above the 2009 low!

Fifteen, 2Bed/2Bath homes have sold in the Old Town area thru 7/31/2014. The average sale price of $725,000 is 25% above 2013 and 71% above the low in 2009. There are thirteen 2/2's for sale, priced between $469,000 and $1.249M. Average price per sqft of these thirteen 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 Sold price of $849,000 is 82% above the 2009 low!

Sixteen, 3Bed/2Bath homes have sold in the Old Town area thru 7/31/2014. The average Sold price of $849,000 is 13% more than 2013 which was 25% more than 2012 and is up 82% from the 2009 low! The average sold price per sqft. of $566 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.

Twelve, 3Bed/3Bath homes have sold in the Old Town area thru 7/31/2014. The average Sold price of $1.193M is 18% more than 2013 and is 62% above the 2010 low. The average sold price per sqft. of $668 is 24% more than 2013 and 49% above the 2009-2013 average. Twenty-seven 3/3's sold in 2012, the highest recorded, and twenty-six in 2013.  There are eighteen 3/3's For Sale from $659K to $3.75M. Since 2009, 3Bed/3Bath homes have been the fourth biggest seller in Old Town Key West.

Four, 4Bed/3Bath homes have sold in the Old Town area thru 7/31/2014. The average Sold price of $1.723M is 59% 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.

Ten sales for a year would be the highest ever and its only July!

TEN, 4Bed/4Bath homes have sold in the Old Town area thru 7/31/2014. The average Sold price of $1.577M is 4% above 2013, 13% above the 10-year average and 42% above the 2009 low. The average sold price per sqft of $606 is 6% above 2013 which was 47% more than 2012. Since 2003 the average number of annual sales is six, 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

Old Town sales and prices continue to ride the Perfect un-Storm of low interest rales, a stable - rising (even if propped-up by the Fed) stock market and no hurricanes (Thank you St. Mary's grotto). 

Read also here about progress by FEMA on developing new, risk-based flood maps that will minimize the unknowns of flood insurance, giving buyers further confidence in Key West real estate.

If you have any comments or questions, please contact me here.

Good luck!