Posted: Mar 04, 2020
Old Town Home Sales in February Continue Steady
Fort Zachary Taylor Key West

Eight single family homes sold in the Old Town area in February bringing the year-to-date total to nineteen, one sale less than the 5 year (2015 - 2019) average of twenty, five less than Jan - Feb 2019 but six more than Jan - Feb 2018. Inventory is typical for this time of year at 135 properties for sale. On Prices, the February average sales price of $1.492M and average sale price per sqft of $938 both topped February 2019, though over the 2015 - present period, the annual rate of advance for both is slowing.

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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 February 29, 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 2019 full-year 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

  • Three, 1Bed/1Bath homes have sold in the Old Town area thru 2/29/2020. The average number of days to sell is 41 days.
  • There are five 1/1 homes for sale from $569K to $879K.
  • The 2020 average sale price of $545,000 is 2% less than the average sale price for 2019 and 179% above the 2011 low.
  • The nine homes sold in 2019 tops total sales in 2018, 2017 and 2016.  In 2015, twelve homes sold, but sales had fallen every year since.
  • The average size of the 2020 homes sold is 700 sq.ft., above average. The average sale price per sqft. of $779 is 13% below 2019.

2 Bedroom/1 Bathroom

  • One, 2Bed/1Bath home has sold in the Old Town area thru 2/29/2020.  The number of days to sell in 2020 is 4 days.
  • The 2020 Sold price of $500,000 is down 11% from 2019 which at $560K was down 29% from 2018. The $500K is 51% above the 2011 low.
  • Six 2/1 homes are for sale with prices from $525K to $1.289M.
  • 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 204 sales.

2 Bedroom/2 Bathroom

  • Five, 2Bed/2Bath homes have sold in the Old Town area thru 2/29/2020. The average number of  Days to sell is 78 Days.
  • The average sold price of $878,000 is down 2% from 2019 and is 107% above the low in 2009.
  • Eighteen 2/2's are for sale, priced between $610K and $1.595M.
  • The 2020 average Sold price per sqft  is $808, up 11% over 2019.  In 2018 the average was $747, in 2019 the average was $724.
  • Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West with 326 sales.

3 Bedroom/2 Bathroom

  • Three, 3Bed/2Bath homes have sold in the Old Town area thru 2/29/2020. The average number of Days to sell is 126 Days.
  • The average Sold price of $1,013,000 is down 20% from 2019 which was 20% above 2018 and is 120% above the 2009 low.
  • The average sold price per sqft. is $593, down 24% 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 234 sales.

3 Bedroom/3 Bathroom

  • Three, 3Bed/3Bath homes have sold in the Old Town area thru 2/29/2020. The average number of Days to sell is 1 Day. (Yes, one day).
  • The 2020 average sold price of $1.45M is up 5% from 2019 which was 11% below 2018. $1.45M is 96% above the 2010 low.
  • The average Sold price per sqft. of $949 is up 24% from 2019 and is the 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

  • Two, 4bed/3bath homes have sold in the Old Town area thru 2/29/2020.  The average number of days to sell is 47 days.
  • The average sold price of $1.613M, is down 17% from 2019 and 91% above the 2009 low.
  • The average sales price per sqft is $633, down 31% from 2019.
  • There are twelve homes for sale, ranging in price from $1.35M 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

  • One, 4Bed/4Bath home has sold in the Old Town area thru 2/29/2020. Five homes sold in 2019 at an average days on market of 52 days.
  • There are eleven 4/4's for sale ranging from $1.69M to $3.9M.
  • The 2019 average sold price of $2.43M was the same as 2018 which was up 15% over 2017.
  • The 2019 average sold price per sq.ft. of $1120 was up 23% over 2018. (Two of the sold houses were located in Truman Annex).
  • 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.

Conclusion

 

Of the nineteen sales thru February, 42% are in Cash, a mark of confidence in the Key West market by those savvy enough to have that kind of buying power. There are twenty-five properties in the sales pipeline marked as Contingent or Pending, another healthy sign.

 

Going forward is anybody's guess; but, as more people focus on difficulties abroad, having a historic, sturdily constructed home in a resort location served by more and more non-stop flights by US airlines, Key West real estate should continue to move forward in a positive fashion.

 

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

 

Good luck!