Single family home sales in Old Town Key West continue slow-steady.  The number of homes sold in April trails previous figures modestly; 14% less than the 5-year January to April average and 10% less than January to April 2016. Sales prices thru April 30 are mixed to slightly below last year, overall down 9%, though average sales price per square feet remains high with April's $807 figure topping $800 for only the 3rd time ever (May and July 2016 being the other two times). Three bedroom/two bathroom and three bedroom/three bathroom homes lead in sales with both one bedroom and four bedroom homes lagging.

The below charts show sales of the seven most popular bed/bath combinations in Old Town Key West from January 1, 2007 to April 30, 2017. 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 neighborhoods of The Meadows, Old Town, Truman Annex and Casa Marina but not Sunset Key.  You can view a map of the six neighborhoods of Old Town and an analysis of 2016 sales, neighborhood by neighborhood, here.

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

• One, 1Bed/1Bath home has sold in the Old Town area thru 4/30/2017.
• There are five 1/1's for sale ranging from $559K to $1.65M.
• The 2017 sale price of $400,000 was 20% below the average sale price for 2015.
• In 2014, eleven homes sold. In 2015, twelve homes sold, the most since 2001. In 2016, 9 sold.
• The size of the 2017 Sold is 660 sq.ft., slightly larger than average; however, the  sale price per sqft. was $606, 24% lower than 2016 and lowest since 2013.

• Four, 2Bed/1Bath homes have sold in the Old Town area thru 4/30/2017.  The average number of Days on Market was 257 days.
• The average Sold price of $512,000 is down 12% from 2016 which at $582K was unchanged from 2015.
• Nine 2/1 homes are for sale with prices from $469K to $1.285M.
• Twenty-three homes sold in 2015, sixteen in 2016.
• Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town with 150 sales.

• Six, 2Bed/2Bath homes have sold in the Old Town area thru 4/30/2017. The average number of  Days on Market was 123 Days.
• The average sold price of $764,000 is up 11% from 2016 and is 80% above the low in 2009.
• Fifteen 2/2's are for sale, priced between $490,000 and $1.375M.
• The average Sold price per sqft for 2017 is $648.  In 2016 the average was $614.
• Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West with 239 sales.

• Twelve, 3Bed/2Bath homes have sold in the Old Town area thru 4/30/2017. The average Days on Market was 91 Days.
• The average Sold price of $908,000 is down 12% fom 2016 which was 11% above 2015 and is 97% above the 2009 low.
• The average sold price per sqft. is $644, down 8% from 2016.
• Twenty-seven 3/2's sold in 2014, twenty-one sold in 2015 but only fifteen in 2016.
• Since 2009, 3Bed/2Bath homes have been the 2nd biggest sellers in Old Town with 165 sales.

Seven 3Bed/3Bath single family homes Sold in Old Town in April!

• Ten, 3Bed/3Bath homes have sold in the Old Town area thru 4/30/2017. The average number of Days on Market was 96 Days.
• The average sold price of $1.339 is down 6% from 2016 which was 20% above 2015.
• The average Sold price per sqft. of $780 is up 6% from 2016 which, at $737, was the highest since 2008.
• Twenty-three 3/3's sold in 2014, nineteen in 2015 and nineteen in 2016.
• 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 4/30/2017. The average number of Days on Market was 37 days.
• The average sale price of $1.507M is 26% below 2016.
• The Sold price per sq.ft. is $625, down 26% from 2016 which, at $846, was the highest since 2005.
• Number of sales and sales prices for 4Bed/3Bath homes is very choppy though there has been an upward trend in average sale price since 2013.

• One, 4Bed/4Bath home has sold in the Old Town area thru 4/30/2017.
• There are thirteen 4/4's for sale ranging from $935K to $6.25M.
• The 2017 Sold price is $1.25M, 25% below the average sold price at the end of 2016 which was 4% above the 2015.
• The 2017 sold price per sq.ft. of $606 is 25% below 2016.
• Since 2003, average number of annual sales is six, with nine sold in 2013, ten in 2014, six in 2015 and eight in 2016.
• Year to year price action is choppy as a limited number of annual sales causes large fluctuations in average sales price.

Summary

Single family home sales in Old Town peaked at 171 for 2015.  In 2016, sales fell 25% to 129.  Prices however ran in the opposite direction, Average sale price per square ended 2016 at a record $694 and average sale prices topped $1M in the 2nd, 3rd and 4th Qtrs of 2016. See the 2016 Year in Review.

For the market to take a breather and do a little consolidating is a healthy thing.  A bubble?

The real estate market in Key West is much healthier than the early 2000's.  Flippers are nearly non-existent and cash sales still average 59% of ALL sales - from $399K to $2M.

Buyers have reclaimed the upper hand. True, in many cases buyers are paying a premium for their purchase; i.e., averaging $807 per square foot for April sales and $716 for the year so far; yet, there is a fairly large number of homes sitting unsold that in 2014 and 2015 would have sold by now. 

Well priced homes are selling within reasonable time periods so if you're sitting on a property with no offers or offers below List Price, you have only two options; either get a Realtor whose marketing campaign is designed to sell YOUR home; physical attributes, valuation, architecture, history, etc., and can broaden the exposure of your property, or chop the sales price.

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

Good luck!