Twelve single family homes sold in the Old Town area of Key West in August 2017.  The total home sales January - August of 96 sales is only slightly below normal; i.e., 10% less than Jan - August 2016 and 12% less than the 5-yr Jan - August average. Sale prices remain firm.  The twelve sales averaged $1.059M at an average of $724 per sq.ft. While this price per sq.ft. is flat at exactly the same as Jan - August 2016, it is 23% above the 5-year Jan - August average. Final note, Days on Market, or the number of days from listing the property to closing is under 100 days for four of the seven categories. There are Buyers.

The below charts show sales of the seven most popular bed/bath combinations in Old Town Key West from January 1, 2007 to August 31, 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 here and an analysis of 2017 mid-year 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.

• Four, 1Bed/1Bath homes have sold in the Old Town area thru 8/31/2017. The average number of days to sell is 54 days.
• There are two 1/1's for sale ranging from $549K to $1.595M.
• The 2017 average sale price of $568,000 is 14% above the average sale price for 2016.
• In 2014, eleven homes sold. In 2015, twelve homes sold, the most since 2001. In 2016, 9 sold.
• The average size of the 2017 homes sold is 654 sq.ft., slightly above average; however, the average sale price per sqft. is $868, 8% above 2016 and highest since 2005.

• Six, 2Bed/1Bath homes have sold in the Old Town area thru 8/31/2017.  The average number of days to sell is 200 days.
• The average Sold price of $560,000 is down 4% from 2016 which at $582K was unchanged from 2015.
• Seven 2/1 homes are for sale with prices from $449K to $1.2M.
• 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 152 sales.

• Twenty-one, 2Bed/2Bath homes have sold in the Old Town area thru 8/31/2017. The average number of  Days to sell is 98 Days.
• The average sold price of $908,000 is up 32% from 2016 and is 104% above the low in 2009.
• Ten 2/2's are for sale, priced between $799,000 and $1.4M.
• The average Sold price per sqft for 2017 is $722.  In 2016 the average was $614.
• Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West with 254 sales.

• Twenty, 3Bed/2Bath homes have sold in the Old Town area thru 8/31/2017. The average number of Days to sell is 135 Days.
• The average Sold price of $938,000 is down 9% from 2016 which was 11% above 2015 and is 104% above the 2009 low.
• The average sold price per sqft. is $650, down 7% 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 173 sales.

• Nineteen, 3Bed/3Bath homes have sold in the Old Town area thru 8/31/2017. The average number of Days to sell is 79 Days.
• The average sold price of $1.393M is down 2% from 2016 which was 20% above 2015.
• The average Sold price per sqft. of $794 is up 8% from 2016 and is the highest since 2005.
• 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.

• Six, 4Bed/3Bath homes have sold in the Old Town area thru 8/31/2017. The average number of Days to sell is 51 days.
• The average sale price of $1.488M is 27% below 2016 with the 5-year average sales price of $1.525M.
• The average Sold price per sq.ft. is $813, down 4% from 2016 and is well above the 5-yr average of $638.
• 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.

• Six, 4Bed/4Bath homes have sold in the Old Town area thru 8/31/2017. Average number of Days to sell is 185 days.
• There are five 4/4's for sale ranging from $1.95M to $6.25M.
• The 2017 average Sold price is $2.103M, down 1% from 2016 which was 4% above the 2015.
• The 2017 average sold price per sq.ft. of $762 is 6% 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

The new normal is rational exuberance. Buyers know what they are looking for and either through experience or pricing tools, know what homes should sell for and generally will not overpay.  For 2017 there has been little in the way of a growth market. Buyers are buying to hold (or restore and sell if a significantly unimproved property) and in doing so require a smart entry point.  Nicer properties have a 94-96% sale price to list price ratio.  Unimproved properties that attempt to trade on the coattails of better properties either do not sell, must drop their price or must accept a ratio closer to 80 - 84%.

Buyers are not buying properties when the listing has been bought by the Realtor.

The rest of the year could be a challenge in sales. Of September, October, November and December, only December has a double digit 5-year sales average - 10 sales on average. 

Sellers interested in selling wave the flag in front of Buyer Bulls by pricing their property to sell.

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

Good luck!