​Home sales in Old Town Key West follow a predictable pattern; January-February start slow, March thru May bring the rush, June-September brings the summer slumber (and the occasional excellent deal) with October-December laying the groundwork for the new year. In June there were only 6 single family home sales in Old Town. But July rebounded with nine sales, six of them three bedroom and larger (continuing the trend toward larger homes begun in 2012). Prices too continue their upward trend from the 2010 bottom. Here is single family homes sales data for Old Town Key West Jan-July 2013.
The below charts show sales of the seven most popular bed/bath combinations in Old Town Key West from January 1, 2000 to July 31, 2013.
These charts are for single family homes sold south and 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.
Five, 1Bed/1Bath homes sold in the Old Town area thru 7/31/2013. The average Sold price of $450,000 is the second highest since 2006 (notwithstanding a $1M sale in 2012). Inventory of 1/1 homes is down as many were bought in the early 2000's and upgraded to 2 Bedroom homes. Sellers of unimproved 1Bed/1Bath homes have not discounted fix-up costs. Also, first-time buyers have turned away from small Old Town homes, buying elsewhere or renting. Average number of days to sell, 207 days, is 57% higher than the 10 year average of 131 days..
Fourteen, 2Bed/1Bath homes sold in the Old Town area thru 7/31/2013. The average Sold price of $428,000 is 17% more than 2012. Price per sqft. of $532 is 34% above 2012 and is the largest increase since 2005. Eight 2/1 homes are for sale with prices up to $725,000. Sixteen, 2/1 homes sold in 2012, so fourteen Sold and eight in the pipeline bode well for 2013 sales of the 3rd most popular home in Old Town. Average number of days to sell is up 4% over 2012 to 171 days.
Nineteen, 2Bed/2Bath homes sold in the Old Town area thru 7/31/2013. The average Sold price of $582,000 is 5% less than 2012 but continues the recovery began in 2010. Price per sqft is $447, 13% less than 2012 and 4% less than the five year average of $465 per sqft. 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. Average number of days to sell fell 20% to 120 days. Lower average sales price, lower price per sq.ft and faster sales indicate well priced homes needing only minor updates.
Fourteen, 3Bed/2Bath homes sold in the Old Town area thru 7/31/2013. The average Sold price of $723,000 is 22% more than 2012 and is up 57% from the 2009 low. The price per sqft. of $504 is the highest since 2007. Eighteen 3/2's sold in 2012 so fourteen sales thus far is a good sign. The eighteen presently for sale offer a wide range of price and matching quality. The ten year average of number sold per year is 18. Average number of days to sell increased 19% to 222 days (Down from 309 at the end of May).
Eighteen, 3Bed/3Bath homes sold in the Old Town area thru 7/310/2013. (Three in May, Zero in June, Two in July). The average Sold price of $987,000 is 8% more than 2012 and 32% above the 2010 low. The price per sqft. of $541 is 8% more than 2012 and 16% above the four year (2009-2012) average. Twenty-seven 3/3's sold in 2012, the highest recorded. Eleven of the thirteen 3/3's for sale are $1M+. Average number of days to sell is up the same as 2012 at 136 days.
Nine, 4Bed/3Bath homes sold in the Old Town area thru 7/310/2013. (Three in July). The average Sold price of $1.172M is 5% less than 2012 but price per sqft. increased 16% to $544. This Bed/Bath configuration has yet to reverse price decline. HOWEVER. The twelve sales in 2012 was the highest since 2008, average sales price per sqft foot was the second highest since 2008 and the average sales price of $1.172M shows strength. There are eight 4/3's for sale priced between $650K and $2.295M.
Seven, 4Bed/4Bath homes sold in the Old Town area thru 7/31/2013. The average Sold price of $1.49M is 66% above 2012 and 9% more than the 10-year average. The average cost per sqft of $582 is 50% more than 2012. Since 2003 the average number of sales is six homes, so seven sold thus far bodes well for sales. The average number of days to sell is up 52% to 171 days.
Perspective
Prices for Old Town homes remain steady-up and number of annual sales show continued strength. Six sales in June and nine in July reflects not just an overpriced (low) inventory but a tired U.S. buyer. Uncertain US politico-economic policies are keepng many second home US buyers on the sideline. It is imperative to expand the buyer base. Many European, Asian and Middle Eastern buyers view the US real estate market as a safe investment haven. Sellers must operate with real estate companies that are engineered to attract non-US buyers to the Key West real estate market. The ONLY company in Key West designed to perform this task is Engel & Volkers Florida Keys.