October is one of the weakest months for sales and this year's seven sales in Old Town was the least for any month in 2015 and two less than the five year average of nine.  The average sales price per square foot of $527 was also the lowest for 2015.  Additionally, October 2015's $527 per square foot was 14% lower than October 2014's value of $591. New inventory lags till December, even though November has excellent opportunities to showcase properties to ParrotHeads and Power Boaters. But hey! The good news is the 10th year in-a-row of NO hurricane and winter's almost here!

The below charts show sales of the seven most popular bed/bath combinations in Old Town Key West from January 1, 2006 to October 31, 2015.

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

• Nine1Bed/1Bath homes have sold in the Old Town area thru 10/31/2015.
• Average sale price of $501,000 is 13% above the average sale price for 2014
• In 2014, eleven 1/1 homes sold, the most since 2010! Buyers are very choosey about buying smaller Old Town homes.
• The average size of the nine sold is 720 sq.ft., 16% larger than the 2010 - 2014 average. The average sale price per sqft. of $696 is 14% higher, than the 2010 - 2014 average.

• Seventeen 2Bed/1Bath homes have sold in the Old Town area thru 10/31/2015.
• Average Sold price of $596,000 is 25% more than 2014 which was 13% more than in 2013.
• Seven 2/1 homes are for sale with prices from $495K to $995K.
• Fifteen 2/1 homes sold in 2011, sixteen in 2012 and twenty-one in 2013 but only fourteen in 2014 so seventeen sales thru October is very encouraging.
• Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town

• Thirty-nine, 2Bed/2Bath homes have sold in the Old Town area thru 10/31/2015.
• Average sale price of $761,000 is 2% above 2014 and 78% above the low in 2009.
• Thirteen 2/2's are for sale, priced between $375,000 and $1.33M.
• Average sold price per sqft thru October is $678, 18% more than 2014.
• Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West.

3Bed/2Bath homes are selling at 123% above their 2009 low!

• Eighteen 3Bed/2Bath homes have sold in the Old Town area thru 10/31/2015.
• Average Sold price of $1.026,000 is 7% above 2014 which was 30% more than 2013 and is up 123% from the 2009 low.
• Average sold price per sqft. is $667, up 18% from 2014.
• Twenty-one 3/2's sold in 2013 and twenty-seven sold in 2014.
• Since 2009, 3Bed/2Bath homes have been the second biggest sellers in Old Town Key West.

• Seventeen 3Bed/3Bath homes have sold in the Old Town area thru 10/31/2015.
• Average Sold price of $1.243M is 2% more than 2014 which was 20% more than 2013. Average sold price per sqft. of $688 is 3% more than 2014 and up for the 5th year in a row.
• Twenty-seven 3/3's sold in 2012, the highest recorded, and twenty-six in 2013.
• Since 2009, 3Bed/3Bath homes have been the fourth biggest seller in Old Town Key West

• Six 4Bed/3Bath homes have sold in the Old Town area thru 10/31/2015.
• Average sale price of $1.525M is 11% lower than the 2014 average sold price which was 59% more than the average Sold price for 2013.
• This Bed/Bath configuration has yet to solidly reverse price decline. HOWEVER. The twelve sales in 2012, the highest since 2008, and eleven sales in 2013, with a climbing average sales price per square foot, shows strength.

• Five 4Bed/4Bath homes have sold in the Old Town area thru 10/31/2015.
• Average sale price of $2.132M is 35% above the 2014 average Sold price which was 4% above 2013, and 92% above the 2009 low.
• Average sold price per sqft of $768 is 27% above 2014.
• Since 2003, average number of annual sales is six, with nine sold in 2013 and 10 in 2014.
• Year to year price action is choppy as a limited number of annual sales causes large fluctuations in average sales price.

Another storm-free summer!  And somewhere in the bottom of my armoir are some sweaters that need freshening. 

Interest rates may move up in November or December but the Key West buyer is marginally impacted.

Exchange rates are favoring the dollar and likely to continue that direction.  Foreign buyers on the fence may leap to a Key West zip code but unless you can get here in one, max two flights, that audience will probably still prefer to holiday.

In any case, if I can answer any questions or comment please contact me here.

Good luck!