Posted: Jun 05, 2017
May Homes Sales in Old Town Most in 2017

Historically, May has the highest number of homes sold in Old Town at an average of seventeen per year.  May 2017 had seventeen home sales, not only equaling this trend but seventeen is also the highest number of home sales for any month so far in 2017. Year-to-Date number of sales, sixty-one, is 5% ahead of Jan - May 2016 but 11% below the 5-year (2012 - 2016) Jan - May average.  On the price side, average sale prices Year-to Date are down or flat across all home types except 1bed/1bath and 2bed/2bath homes which are up 12% and 14% in 2017, respectively.  Conversely, the average Year-to-Date sale price per square feet of $719 is 3% higher than Jan- May 2016 and 18% above the 5-year average.  May sale prices ranged from $325K to $3.869 with a Median of $1.085M. May's average sales price per square feet of $733 shows that even though there is a "something for everyone" range of sale prices, buyers are still paying a premium up and down the price line.

 

The below charts show sales of the seven most popular bed/bath combinations in Old Town Key West from January 1, 2007 to May 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 2016 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.

 

  • Three, 1Bed/1Bath homes have sold in the Old Town area thru 5/31/2017. The average number of days to sell is 59 days.
  • There are three 1/1's for sale ranging from $559K to $1.595M.
  • The 2017 average sale price of $557,000 is 12% 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 596 sq.ft., about average; however, the average sale price per sqft. is $934, 17% above 2016 and highest ever.

 

 

  • Four, 2Bed/1Bath homes have sold in the Old Town area thru 5/31/2017.  The average number of days to sell is 257 days.
  • The average Sold price of $512,000 is down 12% from 2016 which at $582K was unchanged from 2015.
  • Seven 2/1 homes are for sale with prices from $469K to $1.285M.
  • 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 150 sales.

 

  • Nine, 2Bed/2Bath homes have sold in the Old Town area thru 5/31/2017. The average number of  Days to sell is 94 Days.
  • The average sold price of $784,000 is up 14% from 2016 and is 85% above the low in 2009.
  • Fourteen 2/2's are for sale, priced between $490,000 and $1.3M.
  • The average Sold price per sqft for 2017 is $645.  In 2016 the average was $614.
  • Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West with 242 sales.

Three bedroom homes dominate sales with

fifteen 3bed/2bath homes sold and eleven 3bed/3bath homes sold.

  • Fifteen, 3Bed/2Bath homes have sold in the Old Town area thru 5/31/2017. The average Days to sell is 99 Days.
  • The average Sold price of $934,000 is down 10% fom 2016 which was 11% above 2015 and is 103% above the 2009 low.
  • The average sold price per sqft. is $655, down 6% 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 168 sales.

 

  • Eleven, 3Bed/3Bath homes have sold in the Old Town area thru 5/31/2017. The average number of Days to sell is 88 Days.
  • The average sold price of $1.316 is down 8% from 2016 which was 20% above 2015.
  • The average Sold price per sqft. of $791 is up 7% 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.

 

 

  • Four, 4Bed/3Bath homes have sold in the Old Town area thru 5/31/2017. The average number of Days to sell is 37 days.
  • The average sale price of $1.507M is 26% below 2016.
  • The Sold price per sq.ft. is $625, down 26% from 2016 and is slightly below 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.

 

  • Four, 4Bed/4Bath homes have sold in the Old Town area thru 5/31/2017. Average number of Days to sell is 227 days.
  • There are twelve 4/4's for sale ranging from $935K to $4.295M.
  • The 2017 average Sold price is $2.136M, equal to the 2016 average sold price which was 4% above the 2015.
  • The 2017 average sold price per sq.ft. of $921 is 13% above 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

 

Any retailer will tell you success is in the volume.  2016 was a dog in volume as its 129 sales for the year was well behind 2015's sales of 171. Volume for 2017 looks like it will be closer to 2016 than 2015.

 

Sales YTD in 2017 (61) are higher than Jan - May 2016 (58) but not by much. Inventory is not to blame.

 

During the "season" for sales in Old Town, Jan - May, inventory was pretty good.  And a wide selection of homes can be seen in the range of sales prices for May ($325K to $3.8M).  Still, list prices and list prices per square foot are at a premium.  There are plenty of Buyers, every Realtor has a list of Buyers ready to pull the trigger.

 

Fortunately, many of these Buyers remember the bust and, seeing the Old Town market at or near pre-bust price levels, are wisely not over-spending. So, while volume stays flat, the risk of a bubbling burst in the Old Town market stays low.  Which is a good thing.

 

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

 

Good luck!