Posted: Sep 06, 2015
Old Town Home Sales Flounder in August

Nine single family homes sold in August in Old Town, the lowest monthly figure for 2015. This is down from fourteen in August 2013 and nineteen in August 2014.  Thru August 31, 2015, one hundred and twenty-five homes have sold in Old Town as compared to 110 in 2013 and 103 in 2014.The average price per square foot for all home types hit a high for the year at $685 per sq.ft.  All home types are well above their low's of 2009/2010 with a few exceeding their tops of 2005/2006. Inventory is slightly below average as sellers wait for the end of year "season" to renew.

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

  • Eight 1Bed/1Bath homes have sold in the Old Town area thru 8/31/2015.
  • Average sale price of $526,000 is 18% 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 eight sold is 740 sq.ft., 19% larger than the 2010 - 2014 average. The average sale price per sqft. of $711 is 18% higher, than the 2010 - 2014 average.

 

 

  • Seventeen 2Bed/1Bath homes have sold in the Old Town area thru 8/31/2015.
  • Average Sold price of $596,000 is 27% more than 2014 which was 13% more than in 2013.
  • Three 2/1 homes are for sale with prices from $465K to $555K.
  • Fifteen 2/1 homes sold in 2011, sixteen in 2012 and twenty-one in 2013 but only fourteen in 2014 so seventeen sales thru August is very encouraging.
  • Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town

 

  • Thirty-three, 2Bed/2Bath homes have sold in the Old Town area thru 8/31/2015.
  • Average sale price of $758,000 is 2% above 2014 and 78% above the low in 2009.
  • Eleven 2/2's are for sale, priced between $375,000 and $1.25M.
  • Average sold price per sqft thru July is $652, 14% more than the five year average.
  • Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West.

Three Bed/Two Bath sale prices are 123% above their 2009 low.

 

  • Fourteen 3Bed/2Bath homes have sold in the Old Town area thru 8/31/2015.
  • 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 $645, up 15% 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.

 

  • Fifteen 3Bed/3Bath homes have sold in the Old Town area thru 8/31/2015.
  • Average Sold price of $1.297M is 6% more than 2014 which was 20% more than 2013. Average sold price per sqft. of $700 is 5% 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.

 

  • Five 4Bed/3Bath homes have sold in the Old Town area thru 8/31/2015.
  • Average sale price of $1.522M is 12% 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 8/31/2015.
  • 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.

Summary

Sale prices have been up steady since the 2009/2010 bottom and while they have not accelerated as wildly as during the 2004-2006 run-up, I caution buyers to not over-buy.  Keep your emotions as much out of the purchase as possible and make sure you are looking long-term in your purchase plan.

 

The buyer base has broadened with the addition of first-timers and mid-career professionals, reducing the probability of a back slide.  Big picture - a sale and price retreat at this time and under present overall economic conditions looks remote.  At the same time, sale price appreciation for 2bed/2bath and 3bedroom homes is low single digits for the year so a basing of prices overall is highly probable.

 

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

 

Good luck!