Posted: May 02, 2023
Old Town Key West April home sales stay sluggish

Fourteen single family homes sold in the Old Town Key West area in April, bringing the year-to-date total of sales to 43.  Forty-three sales is 29% fewer than the 5-year (2018-2022) average of sixty sales for January thru April, 48% fewer than Jan - April 2022 and 61% fewer than Jan - April 2021. Seventy homes are For Sale, highest since July 2021. On Prices, the average sales price for April was $2.13M and the average sales price per square foot (SF) was $1427 which raised the YTD average sale price per SF to $1299.

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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, 2014 to April 30, 2023. 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 the number of sales and sale prices for each of these six neighborhoods for all of 2022 is here.

1 Bedroom/1 Bathroom

  • Three,1Bed/1Bath homes have sold in the Old Town area thru 4/30/2023. Average days on market was 27 days. Eight homes sold in 2022 at an average number of days to sell of 60 days.
  • The average Sold price for these three sales is $817K which is 319% above the 2011 low. In 2022, the average sale price for the 8 sales was of $1.16M, highest ever.
  • There are Zero 1/1's for sale.
  • The 2023 sales have an average size of 666 sqft at $1226 per sqft.  In 2022, the average size was 789 sq.ft. and the average sale price per sqft. of $1471 was highest ever.

2 Bedroom/1 Bathroom

  • Three, 2Bed/1Bath homes hae sold in the Old Town area thru 4/30/2023.  In 2022, fourteen homes sold at an average of 42 days to sell.
  • The 2023 average sold price of $1.465M is up 52% over 2022 and 341% above the 2011 low.
  • The sold price per square foot in 2023 of $1021 is up 33% over 2022 which was 21% above 2021.
  • There are seven 2/1 homes for sale priced between $949K and $1.5M.
  • Eighteen 2/1 homes sold in 2021, eight in 2020.
  • Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town with 246 sales.

2 Bedroom/2 Bathroom

  • Five, 2Bed/2Bath homes have sold in the Old Town area thru 4/30/2023 with an average of 48 days on market. In 2022, thirty-seven homes sold at an average of 45 days to sell.
  • The 2023 average Sold price of $1.84M is up 37% over 2022 and 332% above the low in 2009.
  • Five 2/2's are for sale, priced between $925K and $1.8M.
  • The 2023 average Sold price per sqft of $1293 is up 27% over 2022.
  • Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West with 434 sold.

3 Bedroom/2 Bathroom

  • Ten, 3Bed/2Bath homes have sold in the Old Town area thru 4/30/2023. The average number of Days to sell is 88 Days.
  • The average Sold price of $1.616M is down 5% from 2022 and is 251% above the 2009 low.
  • The average sold price per sqft. is $1474, down 4% from 2022.
  • Twenty-seven 3/2 homes sold in 2022, 3rd 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 343 sales.

3 Bedroom/3 Bathroom

  • Six, 3Bed/3Bath homes have sold in the Old Town area thru 4/30/2023 at an average of 104 Days to sell. In 2022, 18 homes sold at an average of 40 Days, fastest ever.
  • The 2023 average sold price of $2.4M is up 5% from 2022 and 227% above the 2010 low.
  • The average Sold price per sqft. of $1564 is up 28% over 2022.
  • Forty-one homes sold in 2021, nineteen homes sold in 2020.
  • Since 2009, 3Bed/3Bath homes have been the fourth biggest seller in Old Town Key West with 283 sales.

4 Bedroom/3 Bathroom

  • Two, 4bed/3bath homes have sold in the Old Town area thru 4/30/2023 at an average of 14 Days to sell. In 2022, 13 homes sold at an average of 66 days to sell.
  • The 2023 average sold price of $2.675M is down 25% from 2022 and is 217% above the 2009 low.
  • The 2023 average sales price per sq.ft. of $1886, highest ever, is up 33% over 2022.
  • There are eight 4/3 homes for sale priced between $1.98M and $3.95M

4 Bedroom/4 Bathroom

  • Three, 4Bed/4Bath homes have sold in the Old Town area thru 4/30/2023 at an average of 52 days to sell. In 2022, nine homes sold at an average 49 days.
  • The 2023 average sold price of $3.03M is down 8% from 2022 and is up 173% over the 2009 low.
  • The 2023 average sold price per sq.ft. of $1054 is down 18% from 2022.
  • Since 2003, the average number of annual sales is six, with nine in 2022, eighteen in 2021 and two in 2020.
  • Despite the choppy number of sales, price action has steadily climbed from $2.M in 2015 to $3.3M in 2022.

Conclusion

 

Old Town single family home sales proceed with caution.  To be sure, sales prices remain high but are flattening, particularly for larger three and four bedroom homes whose average sale prices have outpaced the market over the past 3 - 4 years.

 

Mortgage rates are having only a nominal impact as Cash buyers fill the gap with 67% of sales in Cash.

 

There are 13 Contingent and 2 Pending contracts in place, not enough to fill an average May whose 5 year average of sales is 18. 

 

In 2017 there were 121 sales.  In 2018 there were 137 sales. Presently, 2023 is headed to a total of sales between 128 - 132.

 

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

 

Good luck!