Posted: May 02, 2021
Old Town Key West April Home Sales Keep Record Pace
Key West Bird of Paradise

Thirty-eight single family homes sold in the Old Town Key West area in April, the most EVER for a single month. This brings the total number of sales thru April to 109 sales. In 2019 there were 144 sales.  In 2020 there were 142 sales. The 107 sales thru April equates to 75% of the last two years' annual sales in 33% of the time. Wow. On Prices, the average sale price in April was $1.411M with a median of $1.188M. The average sales price per square foot for April was $878, bringing the Jan - April average to $874 per sqft, which is 16% above the 5-year (2016 - 2020) Jan - April average and up 13% from the end of 2020.

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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, 2012 to April 30, 2021. 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.  A neighborhood by neighborhood analysis of full year 2020 sales, 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

  • Six, 1Bed/1Bath homes have sold in the Old Town area thru 4/30/2021. The average number of days to sell is 22 days.
  • There are three 1/1 homes for sale priced between $599K and $995K.
  • The 2021 average sale price of $685,000 is up 28% from 2020 and 251% above the 2011 low. (One of the six sales was for $1.3M).
  • In 2020 there were ten sales, the best since 2015 when twelve homes sold.
  • The average size of the 2021 homes sold is 612 sq.ft., slightly below average. The average sale price per sqft. of $1120 is 33% above 2020

2 Bedroom/1 Bathroom

 

  • Five, 2Bed/1Bath homes have sold in the Old Town area thru 4/30/2021 (All in April) at an average days on market of 33 days.
  • The 2021 average Sold price of $696,000 was up 11% over 2020 which was up 12% over 2019. The $696K is 110% above the 2011 low.
  • Two 2/1 homes are for sale with prices from $629K to $1.2M.
  • Twenty-one homes sold in 2019, eight in 2020.
  • Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town with 216 sales

2 Bedroom/2 Bathroom

  • Twenty, 2Bed/2Bath homes have sold in the Old Town area thru 4/30/2021. The average number of Days to sell is 72 Days.
  • The average sold price of $1.1M is up 22% over the 2020 end of year price of $905K, which was the highest average sold price since 2006, and is 160% above the low in 2009.
  • Nine 2/2's are for sale, priced between $629K and $1.439M.
  • The 2021 average Sold price per sqft is $901, up 17% from 2020.  In 2020 the average was $768, in 2019 the average was $724.
  • Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West with 369 sales

3 Bedroom/2 Bathroom

  • Twenty-three, 3Bed/2Bath homes have sold in the Old Town area thru 4/30/2021. The average number of Days to sell is 76 Days.
  • The average Sold price of $1,322,000 is up 20% over 2020 and is 187% above the 2009 low.
  • The average sold price per sqft. is $834, up 13% over 2020.
  • Twenty-six homes sold in 2019, thirty in 2020, the most ever.
  • Since 2009, 3Bed/2Bath homes have been the 2nd biggest sellers in Old Town, exceeding twenty sales every year since 2013 except in 2016. Total sales since 2009 is 284 sales

3 Bedroom/3 Bathroom

  • Twenty-one, 3Bed/3Bath homes have sold in the Old Town area thru 4/30/2021. The average number of Days to sell is 111 Days.
  • The 2021 average sold price of $1.646M is up 10% over 2020 which was up 8% over 2019. $1.646M is 123% above the 2010 low.
  • The average Sold price per sqft. of $901 is down 3% from 2020 and is the second highest recorded for 3/3 homes.
  • Twenty-six homes sold in 2019 and nineteen in 2020.
  • Since 2009, 3Bed/3Bath homes have been the fourth biggest seller in Old Town Key West with 239 sales.

4 Bedroom/3 Bathroom

  • Five, 4bed/3bath homes have sold in the Old Town area thru 4/30/2021. The number of days to sell is 148 days.
  • The average sold price of $2.16M, is up 35% from 2020 and is 156% above the 2009 low.
  • Sixteen 4/3's sold in 2020, more than 2019 and 2018 combined. Sixteen solds is the highest annual total since seventeen sold in 2008.
  • The 2021 sales price per sqft of $953 is up 30% over 2020.
  • There are two homes for sale, priced between $3.35M and $3.39M.
  • 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

  • Ten, 4Bed/4Bath homes have sold in the Old Town area thru 4/30/2021. Average number of Days to sell is 86 days. Ten Solds is the most since the total for 2018 which was 14.
  • The 2021 average sold price of $2.57M is up 3% over 2020 which was up 3% over 2019 and is up 124% over the 2009 low.
  • The 2021 average sold price per sq.ft. of $989 is down 12% from 2020.
  • Since 2003, average number of annual sales is six, with fourteen in 2018, five in 2019 and two in 2020.  Despite the choppy number of sales, price action has been steady, $2.1M - $2.5M.

Conclusion

 

In short, more homes are selling faster and at a higher price. Only 4bed/3bath homes are taking longer to sell (than in 2020) and every bed/bath configuration is selling at a higher average sale price than in 2020.

 

The 27 Contingent and 15 Pending contracts in place at the end of April assure strong sales for May and June. Cash sales continue at 51%.  Converting cash into a hard asset is a good decision, converting cash into Key West real estate is a smart decision.

 

The Surge that began in July 2020 continues unabated with each succeeding month's sales stronger than the previous. Where she stops, nobody knows.

 

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

 

Good luck!