Sixteen single family homes sold in the Old Town Key West area in February, five more than February's 5-year (2017 - 2021) average of eleven, bringing the year to date total sales to twenty-nine. Twenty-nine sales lags Jan&Feb 2021's record of 41 sales but exceeds Jan&Feb 2020 by 53% and Jan&Feb 2019 by 21%. On Prices, the average sold price for February was $1.62M with more sales over $2M than under $1M.  The average sold price per square feet of $1103 was the third month in the last four over $1000 and is up 14% over 2021's average.

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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, 2013 to February 28, 2022. 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 2021 is here.

1 Bedroom/1 Bathroom

• Three, 1Bed/1Bath homes have sold in the Old Town area thru 2/28/2022. The average number of days to sell is 106 days.
• The 2022 average sale price of $1,325,000 is up 98% from 2021 and is 533% above the 2011 low.
• Eight homes sold in 2021, ten homes in 2020.
• The average size of the 2022 homes sold is 797 sq.ft., well above average.
• The average sale price per sqft. of $1550 is 43% above 2021 and is the highest ever.

2 Bedroom/1 Bathroom

• One, 2Bed/1Bath home has sold in the Old Town area thru 2/28/2022. In 2021, eighteen homes sold at an average of 36 days to sell.
• The 2022 sold price was $710K. The 2021 average Sold price was $830,000, up 32% over 2020. The $710K is 114% above the 2011 low.
• The sold price per square foot in 2022 of $1089 is up 28% over 2021 and is the highest ever.
• Two 2/1 homes are for sale at $599K and $850K.
• 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 230 sales

2 Bedroom/2 Bathroom

• Eleven, 2Bed/2Bath homes have sold in the Old Town area thru 2/28/2022. The average number of Days to sell is 27 Days. 43 homes sold in 2021 at an average of 58 Days.
• The 2022 average sold price of $1.239M is up 4% over 2021's and is the highest average sold price ever.  $1.239M is 192% above the low in 2009.
• Five 2/2's are for sale, priced between $895K and $1.835M.
• The 2022 average Sold price per sqft is $1175, up 21% over 2021.
• Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West with 403 sales

3 Bedroom/2 Bathroom

• Six, 3Bed/2Bath homes have sold in the Old Town area thru 2/28/2022. The average number of Days to sell is 25 Days.
• The average Sold price of $1.369M is 1% above 2021 and is the highest ever for a 3/2 home. The $1.369M is 197% above the 2009 low.
• The average sold price per sqft. is $884, down 5% from 2021.
• Forty-five homes sold in 2021, 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 312 sales.

3 Bedroom/3 Bathroom

• Two, 3Bed/3Bath homes have sold in the Old Town area thru 2/28/2022. The average number of Days to sell is eight. In 2021, 41 homes sold, the most ever, at an average of 96 Days.
• The 2022 sold price of $2.6M is up 45% over 2021 and is 252% above the 2010 low.
• The average Sold price per sqft. of $1538 is up 54% over 2021 and is the highest ever recorded for 3/3 homes.
• 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 261 sales.

4 Bedroom/3 Bathroom

• Two, 4bed/3bath homes have sold in the Old Town area thru 2/28/2022 at an average of 74 Days to sell. In 2021, 14 homes sold at an average number of days to sell of 95 Days.
• The 2022 average sold price is $2.302M, down 3% from 2021 and is 172% above the 2009 low.
• There are three homes for sale, priced from $2.9M to $4.7M.
• The 2022 average sales price per sqft of $1319 is up 31% over 2021 and is the highest ever.
• 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 2/28/2022. Number of Days to sell is 134 Days. In 2021, 18 homes sold, the most 4/4's solds EVER.
• The 2022 sold price of $2.55M is up 5% over 2021 and is up 124% over the 2009 low.
• The 2022 sold price per sq.ft. of $1063 is up 11% over 2021.
• Since 2003, the average number of annual sales is six, with eighteen in 2021, two in 2020 and five in 2019.  Despite the choppy number of sales, price action has been steady between $2.1M - $2.5M.

Conclusion

Higher prices and fewer days on the market.  Of the 29 homes sold YTD, 10 were under contract in 10 days or less including two that were sold before listed. Continuing the multi-year trend, 52% of YTD homes sold were for Cash.

Even more striking, of the 29 solds, the average List Price to Sale Price ratio was 99% with 15 solds occuring at or above the List Price.

Normal inventory of homes for sale this time of year is 120+. Presently, there are 27 homes listed for sale; however, an additional 45 homes are either Contingent or Pending. This bodes well for closings in March, April and May as these three months historically account for 35% of annual closings. Of the 27 homes listed for sale, four are under $1M and eight are over $3M.

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

Good luck.