April's eighteeen home sales brings YTD total to 57 sales; 19% above Jan - April 2018, 12% above the 5-Year (2014 - 2018) average and second highest monthly number of sales since June 2016. March - June is the meat of the real estate season with a 5-Year average of 62 sales. March - April 2019 is well on pace with 33 sales.  On prices, March average sales price of $1,070,000 and average sales price per square foot of $708 were both the lowest for the year as more smaller homes sold to a broadening base of home buyers. The YTD average sales price per sqft of $827 is 6% above 2018's year end record of $781 and 33% above the 5-Year Jan - April average of $624.

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The below charts show sales of the seven most popular bed/bath combinations in Old Town Key West from January 1, 2010 to April 30, 2019. When there is a difference between total home sales and the sum of sales in the below seven charts it is because of a sale of, for instance, a 2bed/3bath or 3bed/1bath house or a house with more than four bedrooms.

These charts are for single family homes sold south and west of White St. and cover the six neighborhoods of The Meadows, Old Town North and South, Bahama Village, Truman Annex and Casa Marina but not Sunset Key.  You can view a map of the six neighborhoods of Old Town here.  An analysis of 2018 end of year sales, neighborhood by neighborhood, is here.

The seven bed/bath combinations below contain enough sales to measure and evaluate trends after the 2004-2006 real estate Bubble.

1 Bedroom/1 Bathroom

• Five, 1Bed/1Bath homes have sold in the Old Town area thru 4/30/2019. The average number of days to sell is 90 days.
• There are three 1/1 homes for sale from $522K to $608K.
• The 2019 average sale price of $584,000 is 15% more than the average sale price for 2018.
• In 2015, twelve homes sold, but sales have fallen since. In 2016, 9 sold, in 2017, 4 sales, in 2018, 5 sales.
• The average size of the 2019 homes sold is 665 sq.ft., slightly above average. The average sale price per sqft. of $878 is 6% above 2018.

2 Bedroom/1 Bathroom

• Nine, 2Bed/1Bath homes have sold in the Old Town area thru 4/30/2019.  The average number of days to sell is 158 days. (One home at 600+ days).
• The average Sold price of $568,000 is down 28% from 2018 which at $784K was up 41% from 2017. The $568K is 71% above the 2011 low.
• Six 2/1 homes are for sale with prices from $499K to $759K.
• Sixteen 2/1's sold in 2016, eleven in 2017, twenty-five in 2018.
• Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town with 191 sales.

2 Bedroom/2 Bathroom

• Fifteen, 2Bed/2Bath homes have sold in the Old Town area thru 4/30/2019. The average number of  Days to sell is 61 Days, 46% faster than 2018.
• The average sold price of $913,000 is up 9% from 2018 and is 115% above the low in 2009.
• Fourteen 2/2's are for sale, priced between $749,000 and $1.395M.
• The average Sold price per sqft for 2019 is $694.  In 2018 the average was $747, in 2017 the average was $704.
• Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West with 300 sales.

3 Bedroom/2 Bathroom

• Eight, 3Bed/2Bath homes have sold in the Old Town area thru 4/30/2019. The average number of Days to sell is 100 Days.
• The average Sold price of $1,381,000 is up 31% from 2018 which was 2% above 2017 and is 200% above the 2009 low.
• The average sold price per sqft. is $826, up 20% from 2018.
• Fifteen 3/2's sold in 2016, twenty-seven in 2017 and twenty-five in 2018.
• Since 2009, 3Bed/2Bath homes have been the 2nd biggest sellers in Old Town with 213 sales.

3 Bedroom/3 Bathroom

• Ten, 3Bed/3Bath homes have sold in the Old Town area thru 4/30/2019. The average number of Days to sell is 90 Days.
• The average sold price of $1.384M is down 10% from 2018 which was 9% above 2017.
• The average Sold price per sqft. of $715 is down 14% from 2018 and is the first down year since 2010.
• Nineteen homes sold in both 2015 and 2016 with twenty-two sales in 2017 and seventeen in 2018.
• Since 2009, 3Bed/3Bath homes have been the fourth biggest seller in Old Town Key West

4 Bedroom/3 Bathroom

• Two, 4Bed/3Bath home has sold in the Old Town area thru 4/30/2019.  The average number of days to sell is 107 days.
• The average sold price for 2019 sales is $2.488M, up 33% over 2018. The 5-year average sales price is $1.732M.
• The average sales price per sqft is $938, up 25% over 2018.
• There are thirteen homes for sale, ranging in price from $950K to $3.45M.
• Number of sales and sales prices for 4Bed/3Bath homes is very choppy though there has been an erratic up trend in average sale price since 2013.

4 Bedroom/4 Bathroom

• Zero, 4Bed/4Bath homes have sold in the Old Town area thru 4/30/2019. Fourteen homes sold in 2018, the most on record.
• There are ten 4/4's for sale ranging from $1.85M to $3.4M.
• The 2018 average Sold price of $2.424M was up 14% over 2017 which was 1% below 2016.
• The 2018 average sold price per sq.ft. of $912 was 20% above 2017.
• Since 2003, average number of annual sales is six, with eight in 2016, six in 2017 and fourteen in 2018.  Since 2015, price action has been steady, $2M - $2.4M, despite a limited and choppy number of annual sales.

Conclusion

I spent the last two weeks of April traveling south and central New York with family.  Grey, rainy and cold 12 of 14 days.  Miserable.

Meanwhile, my excellent brother and wife from upper Idaho stayed at my Old Town home.  They walked the streets in shorts and shirt sleeves.  Swam in my pool every day.  Ate outside any meal.  Ideal.

With 14 Pending and 19 Contingent contracts For Sale in the pipeline, it looks like the season is doing just fine.

Heck, the Key West market is doing so well even I sold an Award winning 3Bed/2Bath home in the Bahama Village neigborood.

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

Good luck!