Eleven homes sold in the Old Town area of Key West in April for a Jan - April total of 46 sales which is 31% less than the 5-year (2019 - 2023) average of Jan - Apr sales yet 7% ahead of Jan - Apri 2023 sales, as monthly number of sales return to pre-Covid levels. The 5-year average number of sales in April is 22, highest for the year. On Prices, April's average sold price was the lowest for the year at $1.413M yet the average sold price per square foot was highest at $1318, bringing the YTD average sold price per sqft to $1296 or 1% above end of 2023. There are 96 homes for sale, down slightly from March's 36 month high of 103 for sale.
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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, 2015 to April 30, 2024. 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 the number of sales and sale prices for each of these six neighborhoods for the full year of 2023 is here.
1 Bedroom/1 Bathroom
- Five, 1Bed/1Bath homes have sold in the Old Town area thru 4/30/2024. The number of days on market was 71 days. For all 2023, seven homes sold at an average number of days to sell of 24 days.
- The average Sold price for the five 2024 sales is $717K which is down 12% from 2023 yet 268% above the 2011 low. In 2023, seven homes sold at an average sale price for of $817K.
- There are three 1/1's for sale priced between $699K and $1.1M
- The 2024 sales have an average of 514 sqft at an average of $1394 per sqft. In 2023, the average size was 603 sq.ft. and the average sold price per sqft. was $1356.
2 Bedroom/1 Bathroom
- Five, 2Bed/1Bath homes have sold in the Old Town area thru 4/30/2024 at an average of 105 days to sell. For all 2023, six homes sold at an average of 88 days to sell.
- The 2024 average sold price of $976K is down 22% from 2023 and 194% above the 2011 low.
- The 2024 average sold price per square foot of $1371 is up 10% over 2023 and is the highest ever.
- There are four 2/1's for sale priced between $1M and $2.6M
- Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town with 254 sales
2 Bedroom/2 Bathroom
- Eleven, 2Bed/2Bath homes have sold in the Old Town area thru 3/31/2024 at an average of 64 days on market. For all 2023, fifteen homes sold at an average of 46 days to sell. Fifteen sales was the fewest since 2008.
- The 2024 average Sold price of $1.595M is down 2% from 2023 and 275% above the low in 2009.
- Sixteen 2/2's are for sale, priced between $850K and $2.2M.
- The 2024 average Sold price per sqft of $1330 is up 3% over 2023.
- Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West with 455 sold.
3 Bedroom/2 Bathroom
- Ten, 3Bed/2Bath homes have sold in the Old Town area thru 4/30/2024. The average number of Days to sell is 62 Days.
- The average Sold price of $2.051M is up 18% over 2023 and is 345% above the 2009 low. The 2024 average sold price per sqft. is $1225, up 7% over 2023.
- Sixteen 3/2 homes sold in 2023, fewest since 2016.
- Since 2009, 3Bed/2Bath homes have been the 2nd biggest sellers in Old Town, routinely exceeding 20 sales annually. Total sales since 2009 is 359 sales.
3 Bedroom/3 Bathroom
- Four, 3Bed/3Bath homes have sold in the Old Town area thru 4/30/2024. The average number of days on market is 4 Days! For all 2023, 14 homes sold at an average of 110 Days.
- The 2024 average sold price is $2.231M, down 9% from 2023 and 202% above the 2010 low. The 2024 average Sold price per sqft. is $1359, down 5% from 2023.
- Fourteen homes sold in 2023, fewest since 2011.
- Since 2009, 3Bed/3Bath homes have been the fourth biggest seller in Old Town Key West with 295 sales
4 Bedroom/3 Bathroom
- Three, 4bed/3bath homes have sold in the Old Town area thru 4/30/2024 at an average of 31 days on the market. For 2023, 5 homes sold at an average of 40 days to sell. In 2022, 13 homes sold at an average of 66 days to sell.
- The 2024 average sold price of $2.658M is down 15% from 2023 and is 271% above the 2009 low.
- The 2024 sold price per sq.ft. of $1506 is down 32% from 2023. 2023 ended with the highest ever average sale price per sqft of $2210.
- There are ten 4/3 homes for sale priced between $2.6M and $5.6M
4 Bedroom/4 Bathroom
- One, 4Bed/4Bath home has sold in the Old Town area thru 4/30/2024. For all 2023, nine homes sold at an average of 39 days to sell. In 2022, nine homes sold at an average 49 days.
- The 2024 sold price of $5M is up 66% over 2023 and is up 349% over the 2009 low. The 2024 sold price per sq.ft. of $1538 is up 38% over 2023.
- Since 2003, the average number of annual sales is six, with nine in 2022, eighteen in 2021 and two in 2020.
- Despite the choppy number of sales, price action has steadily climbed from $2.M in 2015 to $3M in 2023.
Conclusion
As noted in the End of Year 2023 Old Town Key West home sales report, not only are the go-go days of 2021 and 2022 gone, but without significant public and private sector investment in people, capital and technology, Key West is going to slide back to pre-Covid sales - at best. The number of Old Town single family home sales in 2023, 91, were the fewest since 2009.The dominant bright spots in Key West -
- Education - Greater school choice preK - 12 and the College of the Florida Keys,
- Air transportation - Expansion of the Key West International Airport
- Marine Science - The National Marine Sanctuary world class project Mission Iconic Reefs, and
- Electricity - State-of-art electrical power distribution and services provided by Keys Energy
- can only carry Key West so far.
The #1 and #2 concerns for area residents as shown on every survey performed by every private, public, profit and non-profit entity in Key West and Monroe County for the past many years, #1 Housing and #2 Transportation, remain on the back burner with no viable solutions on the horizon. Unless and until these two quality of life issues are given serious weight by Key West decision makers, investment in Key West residential real estate is going to lag.
