Fifteen homes sold in the Old Town area in May. The 5-Year, 2013 - 2017, average for May is 17 sales. Thru May there have been 63 sales in Old Town, one more than 2017, five more than 2016 but 30 less than 2015. The 5-Year average for sales Jan thru May is 71. For prices, May's average sales price of $1.394 was the highest for 2018 and marked the fourth month in a row with an average sales price over $1M.  The average sales price per square foot of $748 pushed the average thru May to $758 per square foot, 10% above the 5-Year average. 2017 finished at $725 per square foot.

The below charts show sales of the seven most popular bed/bath combinations in Old Town Key West from January 1, 2008 to May 31, 2018. 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 and an analysis of 2017 end-of-year sales, neighborhood by neighborhood, here.

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

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1 Bedroom/1 Bathroom

• Three, 1Bed/1Bath homes have sold in the Old Town area thru 5/31/2018. The average number of days to sell is 59 days.
• There are two 1/1 homes for sale at $599K and $1.595M.
• The 2018 average sale price of $523,000 is 2% below the average sale price for 2017.
• In 2015, twelve homes sold, the most since 2001. In 2016, 9 sold. In 2017 there were 4 sales.
• The average size of the 2018 homes sold is 625 sq.ft., about average; however, the average sale price per sqft. of $838 is 2% below 2017.

2 Bedroom/1 Bathroom

• Fourteen, 2Bed/1Bath homes have sold in the Old Town area thru 5/31/2018.  The average number of days to sell is 72 days.
• The average Sold price of $834,000 is up 50% from 2017 which at $557K was down 4% from 2016.
• Seven 2/1 homes are for sale with prices from $650K to $875K.
• Sixteen 2/1's sold in 2016, eleven in 2017.
• Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town with 171 sales.

2 Bedroom/2 Bathroom

• Eight, 2Bed/2Bath homes have sold in the Old Town area thru 5/31/2018. The number of  Days to sell is 99 Days, same as in 2017.
• The average sold price of $974,000 is up 9% from 2017 and is 129% above the low in 2009.
• Fifteen 2/2's are for sale, priced between $594,000 and $1.68M.
• The average Sold price per sqft for 2018 is $948.  In 2017 the average was $704, in 2016 the average was $614.
• Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West with 266 sales.

3 Bedroom/2 Bathroom

• Eleven, 3Bed/2Bath homes have sold in the Old Town area thru 5/31/2018. The number of Days to sell is 178 Days.
• The average Sold price of $1,021,000 is up 1% from 2017 which was 2% below 2016 and is 126% above the 2009 low.
• The average sold price per sqft. is $648, down 4% from 2017.
• Twenty-one 3/2's sold in 2015, fifteen in 2016 and twenty-seven in 2017.
• Since 2009, 3Bed/2Bath homes have been the 2nd biggest sellers in Old Town with 191 sales.

3 Bedroom/3 Bathroom

• Seven, 3Bed/3Bath homes have sold in the Old Town area thru 5/31/2018. The average number of Days to sell is 183 Days.
• The average sold price of $1.343M is down 5% from 2017 which was 1% below 2016.
• The average Sold price per sqft. of $797 is down 1% from 2017.  2017's $806 was the highest since 2005.
• Nineteen homes sold in both 2015 and 2016 with twenty-two sales in 2017.
• Since 2009, 3Bed/3Bath homes have been the fourth biggest seller in Old Town Key West

4 Bedroom/3 Bathroom

• Three, 4Bed/3Bath homes have sold in the Old Town area thru 5/31/2018.  Avrage number of days to sell is 107 days.  In 2017, the average number of Days to sell was 51 days.
• The average home sold price thru May is $1.965M, up 32% over 2017. In 2017 the average sale price of $1.488M was 27% below 2016 with the 5-year average sales price of $1.525M.
• There are 7 homes for sale ranging in price from $1.125M to $3.75M.
• Number of sales and sales prices for 4Bed/3Bath homes is very choppy though there has been an upward trend in average sale price since 2013.

4 Bedroom/4 Bathroom

• Ten, 4Bed/4Bath homes have sold in the Old Town area thru 4/30/2018. The average number of Days to sell is 126 days. Ten sales equals the record for sales set in 2014.
• There are ten 4/4's for sale ranging from $1.2M to $6.2M.
• The 2018 average Sold price of $2.26M is up 6% from 2017 which was 1% below 2016.
• The average sold price per sq.ft. of $787 is 3% above 2017.
• Since 2003, average number of annual sales is six, with six in 2015, eight in 2016 and six in 2017.
• Year to year price action is choppy as a limited number of annual sales causes large fluctuations in average sales price.

Conclusion

On a 5-Year basis, sales for January thru May account for 49% of annual sales. With 63 sales thru May, and baring any major up or down hiccups, this would lead to a total for 2018 of 126+/- sales.  In 2017 there were 121 sales, in 2016 there were 126 sales, in 2015 there were 171 sales.

Thru May the big winners are 2bed/1bath and 4bed/4bath homes.  Both these combinations have already surpassed their respective total sales for 2017 with the ten 4bed/4bath sales tied with 2014 for most sales in a year!

Coincidently, 2bed/1bath and 4bed/4bath homes are also selling faster than the other combinations and Days on Market for both are much less than last year. Value buyers working both ends of the market for best bang for the buck.

There are five Contingent and nine Pending contracts for sale.

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

Good luck!