I’ve been keeping track of Old Town sales since 2000. The graphs shown here are for single family homes that are mostly west of White St., The Meadows, Old Town, Truman Annex and Casa Marina areas but not Sunset Key. These seven home types contain just those bed/bath combinations that have enough sales to provide a credible trend over time. This is the activity in Old Town thru June 30, 2012 and is a continuation of a silimar Blog written for 1st Qtr 2012.
Only two, 1bed/1bath single family homes have sold in Old Town thru June 30, 2012, a major decline in the “under $500K” category. This is due to a shortage of well-priced small homes as many were purchased during the run-up in prices 2002 – 2004 and converted to 2 bedroom homes. Foreclosure and short sales are disappearing and many small home buyers are opting to buy Mid-Town or rent.
It should be noted that, for all properties reviewed here, Days on Market (DOM) is an inexact number as many homes have been on and off the market over the past 3-4 years. I can find no correlation between DOM and Prices other than an accurately priced property will sell quicker and often at a higher price.
Six, 2bed/1bath single family homes have sold in Old Town thru June 30, 2012 with an average sales price of $370,000, up 11% over 2011. This is the first price increase since 2005 and reflects a bottoming of the market. The price per sqft of $363 is the same as 2011 and parallels the bottoming of sales prices. But, the 2bed/1bath category has averaged nineteen sales per year since 2008 so closing only six sales thru June 30th is worrisome.
On the other hand
TWENTY, 2bed/2bath single family homes have sold in Old Town thru June 30, 2012 at an average sales price of $608,000, UP 32% over 2011. Price per sqft was up 33% to $535 per sqft. The twenty sales thru June 30th exceeds the total number sold in 2011. Historically, 2bed/2bath homes have been the biggest seller in Old Town and though number of sales has slipped every year since 2009, selling twenty thus far and having thirteen For Sale, indicate a good sales year for homes of this bed/bath configuration.
ELEVEN, 3bed/2bath single family homes have sold in Old Town thru June 30, 2012 at an average sales price of $623,000, down 3% from 2011. The price per sqft of $419 was equal to 2011 and reflects the pricing power of this home configuration. While the average sales price is still down 39% from its peak in 2005, it is up 35% from its bottom in 2009. The 3bed/2bath configuration is a difficult category to define. There are seventeen 3/2’s for sale and the price range is $1.6M from high to low. Historically these homes have been the 2nd biggest seller and with eleven sold thus far, it looks like that ranking will hold true for 2012.
FIFTEEN, 3bed/3bath single family homes have sold in Old Town thru June 30, 2012 at an average sales price of $941,000, up 4% over 2011. Fifteen is the highest number of 3bed/3bath sold since tracking began in 2000. Also, the sales price and the price per sqft of $507 are the HIGHEST since 2005.
The winner thru June 30th is the 3bed/3bath configuration. The record number of sales and the high-stable sales price states buyers with cash and 4% mortgages are eager for these larger homes. Twenty-one remain in the pipeline for sale.
Seven, 4bed/3bath single family homes have sold in Old Town thru June 30, 2012 at an average sales price of $940,000, down 29% from 2011. The price per sqft of $373 was also down, 41%, from 2011. Seven sales in six months is a record but the down dollar figures show the impact of selling large homes that are not fully improved.
Only two, 4bed/4bath single family homes have sold in Old Town thru June 30, 2012, at an average sales price of $1,240,000, down 6% from 2011. The price per sqft of $496 was also down, 20%, from 2011. Prices for these larger homes have been stuck in a range between $1.38M to $1.11M since 2007.
Key West remains a mix and match of properties with locals, out-of-towners, Boomers and foreign nationals all looking and buying. These charts point to improving/stabilizing prices as Key West inventory tightens, down 10% from June 2011, and Buyers and Sellers return to negotiating parity. Granted, many properties are still overpriced (sellers not really needing to sell). Still, I don’t think anyone would argue that the worst days of the Key West market are behind us.
If you have any comments, please contact me here.