​Sales of larger three and four bedroom single family homes continued their 2012 sales trend in Old Town Key West. While the Sale price of some bed/bath configurations remain 28% to 46% off their 2006 highs, the recovery began in 2010 is well confirmed in both sale prices and number of sales. Low inventory, easy money, and buyer scrutiny makes for a choppy mix of rising prices and lengthening time to sell. Sellers and Buyers need expert counsel to navigate the Key West market. Sellers especially should demand a Premium Marketing Plan that incorporates print, social media and personal marketing of their property.
The below charts show sales of the seven most popular bed/bath combinations in Old Town Key West from January 1, 2000 to March 31, 2013.
The graphs here are for single family homes west of White St. and cover the neighborhoods 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 before, during after the 2004-2006 real estate Bubble.
Two,1Bed/1Bath homes sold in the Old Town area thru 3/31/2013. The average Sold price of $373,000 is the highest since 2007 (notwithstanding the $1M sale in 2012 (a large Old Town lot came with sale)). Inventory of 1/1 homes is down as many were bought in the early 2000's and upgraded to 2 Bed homes. Sellers of unimproved homes have not discounted fix-up costs. Also, first-time buyers have turned away from small Old Town homes, buying elsewhere or renting.
Five, 2Bed/1Bath homes sold in the Old Town area thru 3/31/2013. The average Sold price of $358,000 is 3% less than 2012. Price per sqft. of $423 is 9% above 2012 yet only the 2nd increase since 2005. Nine 2/1 homes are for sale with prices up to $725,000. Sixteen, 2/1 homes sold in 2012, so five Sold in the 1st Qtr and nine in the pipeline bode well for 2013 sales of the 3rd most popular home in Old Town.
Six, 2Bed/2Bath homes sold in the Old Town area thru 3/31/2013. The average Sold price of $524,000 is 14% less than 2012 but clearly continues the upward recovery began in 2010. Twenty-eight, 2/2 homes sold in 2012, the second highest since 2004. 2Bed/2Bath homes are the biggest sellers in Old Town Key West.
Three bedroom homes sold in greater numbers and higher prices.
Five, 3Bed/2Bath homes sold in the Old Town area thru 3/31/2013. The average Sold price of $735,000 is 24% more than 2012 and is the 3rd increase in five years. The price per sqft. of $492 is the highest since 2007. Eighteen 3/2's sold in 2012 so five sales in the 1st Qtr 2013 is a good sign. Time to sell though increased 22% to 227 days. Is there a slowdown coming?
NINE, 3Bed/3Bath homes sold in the Old Town area thru 3/3/2013. The average Sold price of $960,000 is 5% more than 2012. The price per sqft. of $601 is 20% above 2012 and 15% above the five year (2008-2012) average of $524. Twenty-seven 3/3's sold in 2012, the highest recorded. Each of the thirteen 3/3's for sale are $1M+.
Two, 4Bed/3Bath homes sold in the Old Town area thru 3/31/2013. The average Sold price of $908,000 is 26% less than 2012 but price per sqft. increased 16% to $543. This is the only Bed/Bath configuration to show declining prices. HOWEVER. The twelve sales in 2012 was the highest since 2008 and the fourteen homes for sale have a wide price range for value conscious buyers.
Three, 4Bed/4Bath homes sold in the Old Town area thru 3/31/2013. The average Sold price of $1.7M is 91% above 2012 and 25% more than the 10-year average. The average size was 2824 sqft, the largest recorded. The sale price per sqft of $601 was 15% above the five year average of $527.
Perspective
1st Quarter sales in the Old Town area had 40 single family homes priced between $249,000 and $2.625M. Of the 40 sales, 10 were $1M+. For some perspective:
1st Qtr 2010 there were 33 sales, 11 over $1M.
1st Qtr 2011 there were 31 sales, 4 over $1M.
1st Qtr 2012 there were 24 sales, 4 over $1M.
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