The average sale price for a single family house sold in the Old Town area in the 2nd Qtr of 2015 was $1,098.000. This is the highest quarterly average sale price since $1,256,000 in the 2nd Qtr of 2007. Yet, whereas in the 2nd Qtr of 2007, twenty-seven homes sold, in the 2nd Qtr of 2015, fifty-three homes sold. In fact, the ninety-nine homes sold Jan - June 2015 is the highest number sold since before 2006. The average sale price per square foot for these ninety-nine homes is $640, 27% above the 2010 - 2014 average, with prices above $800 per square foot not uncommon.
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, 2015.
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 neighborhood map here. The seven bed/bath combinations below contain enough sales to measure and evaluate trends after the 2004-2006 real estate Bubble.
Ninety-nine single family homes have sold in the Old Town area Jan - Jun 2015.
- Seven 1Bed/1Bath homes have sold in the Old Town area thru 6/30/2015.
- Average sale price of $509,000 is 15% above the average sale price for 2014.
- In 2014, eleven 1/1 homes sold, the most since 2010! Buyers are very choosey about buying smaller Old Town homes.
- The average size of the seven sold is 718 sq.ft., 16% larger than the 2010 - 2014 average. Yet, the average sale price per sqft. of $708 is 18% higher, than the 2010 - 2014 average.
- Fourteen 2Bed/1Bath homes have sold in the Old Town area thru 6/30/2015..
- Average Sold price of $583,000 is 25% more than 2014 which was 13% more than in 2013.
- Three 2/1 homes are for sale with prices from $465K to $799K.
- Fifteen 2/1 homes sold in 2011, sixteen in 2012 and twenty-one in 2013 but only fourteen in 2014 so fourteen sales thru June is very encouraging.
- Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town
- Twenty-four 2Bed/2Bath homes have sold in the Old Town area thru 6/30/2015.
- Average sale price of $759,000 is 2% above 2014 and 79% above the low in 2009.
- Seventeen 2/2's are for sale, priced between $399,000 and $1.15M. Average price per sqft of these fifteen is $595, 26% 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 for three bedroom/two bathroom homes is 110% above the 2009 low.
- Nine 3Bed/2Bath homes have sold in the Old Town area thru 6/30/2015.
- Average Sold price of $970,000 is 1% above 2014 which was 30% more than 2013 and is up 110% from the 2009 low.
- Average sold price per sqft. is $635, up 13% from 2014.
- Twenty-one 3/2's sold in 2013 and twenty-seven sold in 2014.
- Since 2009, 3Bed/2Bath homes have been the second biggest sellers in Old Town Key West.
Average sale price for three bedroom/three bathroom homes is 80% above the 2009 low.
- Eleven 3Bed/3Bath homes have sold in the Old Town area thru 6/30/2015..
- Average Sold price of $1.086M is 11% less than 2014 which was 20% more than 2013. Average sold price per sqft. of $724 is 9% more than 2014 and up for the 5th year in a row.
- Twenty-seven 3/3's sold in 2012, the highest recorded, and twenty-six in 2013.
- 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 6/30/2015.
- Average sale price of $1.697M is 2% lower than the 2014 average Sold price of $1.723M which was 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.
- Three 4Bed/4Bath homes have sold in the Old Town area thru 6/30/2015.
- Average sale price of $2.45M is 55% above the 2014 average Sold price which was 4% above 2013, and 120% above the 2009 low.
- Average sold price per sqft of $851 is 40% above 2014.
- Since 2003, average number of annual sales is six, with nine sold in 2013 and 10 in 2014.
- Year to year price action is choppy as a limited number of annual sales causes large fluctuations in average sales price.
Summary
The first two quarters of 2013, 2014 and 2015 have each registered above 90 closings. This high number of sales has thus far kept the average sale price and sale price per square foot both on a steady incline.
Not just boomers, but mid-career professionals and some first time home buyers are propelling the market forward. I do not see buyers buying to then flip in 2 - 3 years which is good. Buyers are rewarding themselves with a second home or buying now to have an eventual primary home in Key West. Cash buyers and cheap mortgages generally split the market.
I'd be lying if I did not express some anxiety about the ever-higher direction of prices. I would like to see the market level off for 2 - 3 quarters prior to whenever the inevitable external force compels the market to slow down.
As always, sellers sell best when the property is in top condition; yet if doing so is not possible, then clean, orderly and well priced will encourage the buyer who has fix up plans in mind.