Posted: Nov 02, 2020
October Home Sales in Old Town Key West Best Ever

The 5-year (2015 - 2019) average for number of homes sold in Old Town in October is seven. In Old Town in October 2020 there were fifteen solds! Thru August, solds were 24% behind the 5-year average. The 111 solds thru October sales are now only 10% behind the 5-year average and only 10% behind 2019's record year of 144 solds. On Prices, the average sold price for October of $1.042M was the 10th consecutive month over $1M and the average sold price per square foot dropped slightly to $753 per sqft.

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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, 2011 to October 31, 2020. 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 1st Half 2020 sales, neighborhood by neighborhood, is here.

 

The seven bed/bath combinations below contain enough sales to measure and evaluate trends after the 2004-2006 real estate Bubble.

1 Bedroom/1 Bathroom

  • Eight, 1Bed/1Bath homes have sold in the Old Town area thru 10/31/2020. The average number of days to sell is 89 days.
  • There is one 1/1 home for sale at $608K.
  • The 2020 average sale price of $487,000 is 13% less than the average sale price for 2019 and 150% above the 2011 low.
  • In 2015, twelve homes sold and nine in 2016 and 2019, otherwise sales have been weak.
  • The average size of the 2020 homes sold is 620 sq.ft., about average. The average sale price per sqft. of $786 is 12% below 2019.

2 Bedroom/1 Bathroom

 

  • Seven, 2Bed/1Bath homes have sold in the Old Town area thru 10/31/2020.  The average number of days to sell is 87 days.
  • The 2020 average Sold price of $633,000 is 13% above 2019 which at $560K was down 29% from 2018. The $633K is 91% above the 2011 low.
  • Three 2/1 homes are for sale with prices from $749K to $949K.
  • Twenty-five homes sold in 2018 and twenty-one in 2019.
  • Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town with 210 sales

2 Bedroom/2 Bathroom

  • Twenty-two, 2Bed/2Bath homes have sold in the Old Town area thru 10/31/2020. The average number of  Days to sell is 112 Days.
  • The average sold price of $906,000 is 2% higher than 2019, is the highest average sold price since 2006 and is 113% above the low in 2009.
  • Fourteen 2/2's are for sale, priced between $645K and $1.439M.
  • The 2020 average Sold price per sqft is $770, up 6% over 2019.  In 2019 the average was $724, in 2018 the average was $747.
  • Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West with 343 sales.

3 Bedroom/2 Bathroom

  • Twenty-four, 3Bed/2Bath homes have sold in the Old Town area thru 10/31/2020. The average number of Days to sell is 126 Days.
  • The average Sold price of $1,100,000 is down 13% from 2019 and is 139% above the 2009 low.
  • The average sold price per sqft. is $723, down 7% from 2019.
  • Twenty-seven homes sold in 2017, twenty-five in 2018 and twenty-six in 2019.
  • Since 2009, 3Bed/2Bath homes have been the 2nd biggest sellers in Old Town with 255 sales

3 Bedroom/3 Bathroom

  • Twelve, 3Bed/3Bath homes have sold in the Old Town area thru 10/31/2020. The average number of Days to sell is 105 Days.
  • The 2020 average sold price of $1.387M is 1% above 2019 which was 11% below 2018. $1.387M is 88% above the 2010 low.
  • The average Sold price per sqft. of $814 is up 7% from 2019 and is the 3rd highest recorded for 3/3 homes.
  • Seventeen homes sold in 2018 and twenty-six in 2019.
  • Since 2009, 3Bed/3Bath homes have been the fourth biggest seller in Old Town Key West

4 Bedroom/3 Bathroom

  • Fifteen, 4bed/3bath homes have sold in the Old Town area thru 10/31/2020. The average number of days to sell is 119 days.
  • The average sold price of $1.611M, is down 17% from 2019 and is 91% above the 2009 low.
  • More 4/3's have sold thru October than 2019 and 2018 combined. Fifteen solds equals the highest annual total ever which occured in 2008!
  • The average sales price per sqft is $728, down 21% from 2019.
  • There are seven homes for sale, ranging in price from $1.459M to $3.35M.
  • Number of sales and sales prices for 4Bed/3Bath homes is very choppy though there has been an erratic up trend in average sale price since 2013.

4 Bedroom/4 Bathroom

  • Three, 4Bed/4Bath homes have sold in the Old Town area thru 10/31/2020. Average number of Days to sell is 37 days. Five homes sold in 2019 at an average days on market of 52 days.
  • There are nine 4/4's for sale ranging from $1.99M to $3.9M.
  • The 2020 average sold price of $2.391M is down 2% from 2019, which was unchanged from 2018, and is up 115% since the 2009 low.
  • The 2020 average sold price per sq.ft. of $894 is down 20% from 2019.
  • Since 2003, average number of annual sales is six, with six in 2017, fourteen in 2018 and five in 2019.  Despite the choppy number of sales, price action has been steady, $2M - $2.4M.

Summary

 

Out of state and move-up Buyers continue to scoop up Old Town Key West homes.  The fifty-four homes sold July - October is well above the average of thirty-nine. 

 

Cash sales are steady thru October at 47%.  Low interest rates has expanded the buyer pool allowing for dream homes and fixer-uppers to be bought by nearly anyone wanting to own a 33040 zip code. 

 

At 89 homes for sale, inventory is 15% below normal for October - many homeowners just aren't interested in selling. And then go where?

 

Old Town Key West real estate remains expensive with one home under $600K, three homes $600 -  $700K, five homes $700K - $800K, two homes $800K - $900K, eleven homes $900K - $1M, sixteen homes between $2M - $3M and sixteen homes for sale over $3M.

 

Meanwhile the residential rent moratorium in Florida has ended, superceded by the CDC rent moratorium. Joblessness, rent arrears, Fed assistance and considerations between renters and landlords are all way too complicated for me to decipher. 

 

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

 

Good luck!

 

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