Three homes sold in the Old Town area of Key West in November, the fewest number of sales for any month in 2023. Thru November, 86 homes have sold in the six neighborhood, Old Town area.  Eighty-six sales is 40% below the 5-year (2018-2022) average of Jan - Nov sales, 38% below Jan - Nov 2022 number of sales, 62% below Jan - Nov 2021 and 30% below Jan - Nov 2020. On Prices, the average sold price for the three sales in November was $2.8M. The average sold price per square foot was $1287, bringing the year-to-date average sold price per sqft to $1268 which is up 8% YTD and up 32% over end of year 2021.

________________________________________________________________________________________

The below charts show sales of the seven most popular bed/bath combinations in Old Town Key West from January 1, 2014 to November 30, 2023. 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 1st half of 2023 is here.

1 Bedroom/1 Bathroom

• Seven,1Bed/1Bath homes have sold in the Old Town area thru 11/30/2023. Average days on market was 24 days. For all 2022, eight homes sold at an average number of days to sell of 60 days.
• The average Sold price for the seven 2023 sales is $817K which is down 30% from 2022 yet 319% above the 2011 low. In 2022, the average sale price for the 8 sales was $1.16M, highest ever.
• There are three 1/1's for sale priced at $595K and $799K.
• The 2023 sales have an average size of 603 sqft at $1356 per sqft.  In 2022, the average size was 789 sq.ft. and the average sale price per sqft. of $1471 was highest ever.

2 Bedroom/1 Bathroom

• Six, 2Bed/1Bath homes have sold in the Old Town area thru 11/30/2023 in an average of 88 days to sell.  For all 2022, fourteen homes sold at an average of 42 days to sell.
• The 2023 average sold price of $1.258M is up 30% over 2022 and 279% above the 2011 low.
• The sold price per square foot in 2023 of $1252 is up 16% over 2022 and is the highest ever.
• There are three 2/1 homes for sale priced between $1.25M and $1.4M.
• Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town with 249 sales

2 Bedroom/2 Bathroom

• Thirteen, 2Bed/2Bath homes have sold in the Old Town area thru 11/30/2023 with an average of 52 days on market. For all 2022, thirty-seven homes sold at an average of 45 days to sell.
• The 2023 average Sold price of $1.61M is up 20% over 2022 and 279% above the low in 2009.
• Fifteen 2/2's are for sale, priced between $629K and $3.39M.
• The 2023 average Sold price per sqft of $1239 is up 12% over 2022.
• Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West with 442 sold.

3 Bedroom/2 Bathroom

• Fifteen, 3Bed/2Bath homes have sold in the Old Town area thru 11/30/2023. The average number of Days to sell is 82 Days.
• The average Sold price of $1.798M is up 6% from 2022 and is 290% above the 2009 low.
• The average sold price per sqft. is $1088, down 5% from 2022.
• Twenty-seven 3/2 homes sold in 2022, 3rd most ever.
• Since 2009, 3Bed/2Bath homes have been the 2nd biggest sellers in Old Town, exceeding twenty sales every year since 2013 except in 2016. Total sales since 2009 is 348 sales.

3 Bedroom/3 Bathroom

• Thirteen, 3Bed/3Bath homes have sold in the Old Town area thru 11/30/2023 at an average of 116 Days to sell. For all 2022, 18 homes sold at an average of 40 Days, fastest ever.
• The 2023 average sold price of $2.45M is up 7% from 2022 and 232% above the 2010 low.
• The average Sold price per sqft. of $1439 is up 18% over 2022.
• Forty-one homes sold in 2021, nineteen homes sold in 2020.
• Since 2009, 3Bed/3Bath homes have been the fourth biggest seller in Old Town Key West with 290 sales

4 Bedroom/3 Bathroom

• Five, 4bed/3bath homes have sold in the Old Town area thru 11/30/2023 at an average of 39 Days to sell. For all 2022, 13 homes sold at an average of 66 days to sell.
• The 2023 average sold price of $2.975M is down 16% from 2022 and is 25% above the 2009 low.
• The 2023 average sales price per sq.ft. of $2098 is up 48% over 2022.
• There are eleven 4/3 homes for sale priced between $2.7M and $5.9M.

4 Bedroom/4 Bathroom

• Nine, 4Bed/4Bath homes have sold in the Old Town area thru 11/30/2023 at an average of 39 days to sell. For all 2022, nine homes sold at an average 49 days.
• The 2023 average sold price of $3.009M is down 9% from 2022 and is up 170% over the 2009 low.
• The 2023 average sold price per sq.ft. of $1095 is down 15% from 2022.
• 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 $3.3M in 2022.

Conclusion

Inventory in November climbed modestly to 69 homes for sale and Cash Sales held steady at 69% for the year.  Of the properties under contract for sale, there are 7 Contingent contracts and 2 Pending, indicating a stagnant endng to 2023 and flat start to 2024.  Of the 69 homes listed for sale:

• Under $600K - 2
• $600K to $700K - 1
• $700K to $800K - 1
• $800K - $900K - 0
• $900K - $1M - 1
• $1M - $1.5M - 15
• $1.5M - $2M - 10
• $2M - $2.5M - 8
• $2.5M - $3M - 6
• Over $3M - 25

The last year when there were fewer than 100 sales for the year was 2009. Given the top heavy price structure for homes for sale, there is no reason to expect home sales to improve.

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

Good luck.