Posted: Dec 05, 2021
Old Town Key West Home Sales Continue Strong in November
Fort Jefferson Dry Tortugas

Eleven single family homes sold in the Old Town area in November, two above the 5 - year (2016 - 2020) average of nine sales for a November and brought the total number of homes sold January thru November 2021 to 224. Two hundred twenty-four sales is 84% ahead of Jan - Nov 2020 sales and 67% ahead of Jan - Nov 2019 sales. Larger three and four bedroom homes continue to dominate. On Prices, the average sold price in November was $1.546M and November's average sold price per square foot of $998, second highest value for 2021 (and ever), raised the Jan - Nov average to $939 - a record.

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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 November 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.  An analysis of the number of sales and sale prices thru the 1st Half 2021 for each of these six neighborhoods 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

  • Seven, 1Bed/1Bath homes have sold in the Old Town area thru 11/30/2021. The average number of days to sell is 161 days. (One house was on market for 745 days).
  • There are four 1/1 homes for sale priced between $840K and $1.79M.
  • The 2021 average sale price of $522,000 is down 3% from 2020 and is 168% above the 2011 low.
  • In 2020 there were ten sales, the best since 2015 when twelve homes sold.
  • The average size of the 2021 homes sold is 515 sq.ft., well below average. The average sale price per sqft. of $1014 is 21% above 2020

2 Bedroom/1 Bathroom

  • Eighteen, 2Bed/1Bath homes have sold in the Old Town area thru 11/30/2021 at an average of 36 days to sell.
  • The 2021 average Sold price of $830,000 is up 32% over 2020 which was up 12% over 2019. The $830K is 150% above the 2011 low.
  • The average sold price per square foot of $850 is up 22% over 2020.
  • Three 2/1 homes are for sale at $749K and $1.19M.
  • Twenty-one 2/1 homes sold in 2019, eight in 2020.
  • Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town with 229 sales

2 Bedroom/2 Bathroom

  • Forty, 2Bed/2Bath homes have sold in the Old Town area thru 11/30/2021. The average number of Days to sell is 54 Days.
  • The average sold price of $1.167M is up 29% over the 2020 end of year price of $905K and is the highest average sold price ever.  $1.167M is 175% above the low in 2009.
  • Six 2/2's are for sale, priced between $885K and $1.85M.
  • The 2021 average Sold price per sqft is $951, up 24% over 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 389 sales

3 Bedroom/2 Bathroom

  • Forty-two, 3Bed/2Bath homes have sold in the Old Town area thru 11/30/2021. The average number of Days to sell is 69 Days.
  • The average Sold price of $1,369,000 is up 24% over 2020 and is 197% above the 2009 low.
  • The average sold price per sqft. is $930, up 27% over 2020.
  • Twenty-six homes sold in 2019, thirty in 2020. 42 sales is 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 303 sales.

3 Bedroom/3 Bathroom

  • Forty, 3Bed/3Bath homes have sold in the Old Town area thru 11/30/2021. The average number of Days to sell is 98 Days.
  • The 2021 average sold price of $1.784M is up 20% over 2020 which was up 8% over 2019. $1.784M is 142% above the 2010 low.
  • The average Sold price per sqft. of $995 is up 7% from 2020 and is the highest ever 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 258 sales.

4 Bedroom/3 Bathroom

  • Fourteen, 4bed/3bath homes have sold in the Old Town area thru 11/30/2021. The average number of days to sell is 95 days.
  • The average sold price of $2.383M, is up 49% from 2020 and is 182% above the 2009 low. There are seven homes for sale, priced from $1.5M to $4.7M.
  • Sixteen 4/3's sold in 2020, more than 2019 and 2018 combined and was the highest annual total since seventeen sold in 2008.
  • The 2021 sales price per sqft of $1009 is up 38% over 2020 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

  • Seventeen, 4Bed/4Bath homes have sold in the Old Town area thru 11/30/2021. Average number of Days to sell is 69 days. Seventeen Solds is the most 4/4 solds EVER.
  • The 2021 average sold price of $2.387M is down 4% from 2020 which was up 3% over 2019 and is up 124% over the 2009 low.
  • The 2021 average sold price per sq.ft. of $940 is down 16% 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

 

Cash sales January thru November remained steady at 53% and the 20 Contingent and Pending contracts for sale easily fill December for closings.

 

Of the 37 homes Active For Sale, none are under $749,000, nineteen are between $749K and $2M and eighteen are over $2M. Inventory is up only slightly though the increase in 4/3 homes for sale is a welcome sign.

 

Conditions for continued sales and the desire for ownership of a hard asset remain positive; rising interest rates, a tipsy stock market and socio uncertainty.  Sellers whose list price is within reasonable bounds should be quickly rewarded (see average number of days to sell) with an offer that is within 98% of that list price.

 

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

 

Good luck!