Eleven single family homes sold in Old Town in August 2019. Eleven is two less than the 5-year (2014 - 2018) average; however, total sales thru August are 13% ahead of 2018 and 16% ahead of 2017. Eleven Contingent and Seven Pending contracts portend continued strong sales.  On Prices, August's average sales price of $1.2M was the seventh month this year over $1M. The average sales price per square foot of $820 topped $800 for the fifth time in 2019, yielding an average thru August of $804 per sqft, 26% above the 5-year average but only 3% above end of 2018.

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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, 2010 to August 31, 2019. 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 2019 mid-year sales, neighborhood by neighborhood, 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

• Eight, 1Bed/1Bath homes have sold in the Old Town area thru 8/31/2019. The average number of days to sell is 72 days.
• There are three 1/1 homes for sale from $499K to $608K.
• The 2019 average sale price of $570,000 is 12% more than the average sale price for 2018.
• The eight homes sold thru August tops total sales in both 2018 and 2017.  In 2015, twelve homes sold, but sales had fallen every year since.
• The average size of the 2019 homes sold is 652 sq.ft., slightly above average. The average sale price per sqft. of $874 is 6% above 2018.

2 Bedroom/1 Bathroom

• Seventeen, 2Bed/1Bath homes have sold in the Old Town area thru 8/31/2019.  The average number of days to sell is 130 days. (One home at 600+ days).
• The average Sold price of $541,000 is down 31% from 2018 which at $784K was up 41% from 2017. The $541K is 55% above the 2011 low.
• Two 2/1 homes are for sale with prices from $599K to $625K.
• Sixteen 2/1's sold in 2016, eleven in 2017, twenty-five in 2018.
• Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town with 199 sales.

2 Bedroom/2 Bathroom

• Twenty-seven, 2Bed/2Bath homes have sold in the Old Town area thru 8/31/2019. The average number of  Days to sell is 72 Days, 36% faster than 2018.
• The average sold price of $911,000 is up 9% from 2018 and is 114% above the low in 2009.
• Sixteen 2/2's are for sale, priced between $725,000 and $1.35M.
• The average Sold price per sqft for 2019 is $718.  In 2018 the average was $747, in 2017 the average was $704.
• Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West with 312 sales.

3 Bedroom/2 Bathroom

• Sixteen, 3Bed/2Bath homes have sold in the Old Town area thru 8/31/2019. The average number of Days to sell is 109 Days.
• The average Sold price of $1,348,000 is up 28% from 2018 which was 2% above 2017 and is 192% above the 2009 low.
• The average sold price per sqft. is $800, up 16% from 2018.
• Fifteen 3/2's sold in 2016, twenty-seven in 2017 and twenty-five in 2018.
• Since 2009, 3Bed/2Bath homes have been the 2nd biggest sellers in Old Town with 221 sales.

3 Bedroom/3 Bathroom

• Twenty, 3Bed/3Bath homes have sold in the Old Town area thru 8/31/2019. The average number of Days to sell is 126 Days.
• The average sold price of $1.38M is down 11% from 2018 which was 9% above 2017.
• The average Sold price per sqft. of $745 is down 12% from 2018 and is the first down year since 2010.
• Nineteen homes sold in both 2015 and 2016 with twenty-two sales in 2017 and seventeen in 2018.
• Since 2009, 3Bed/3Bath homes have been the fourth biggest seller in Old Town Key West

4 Bedroom/3 Bathroom

• Five, 4Bed/3Bath homes have sold in the Old Town area thru 8/31/2019.  The average number of days to sell is 124 days.
• The average sold price for 2019 sales is $1.9675M, up 6% over 2018. The 5-year average sales price is $1.732M.
• The average sales price per sqft is $918, up 23% over 2018.
• There are ten homes for sale, ranging in price from $950K to $3.75M.
• 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

• Four, 4Bed/4Bath homes have sold in the Old Town area thru 8/31/2019. Days on market was 27 days.  Fourteen homes sold in 2018, the most on record.
• There are four 4/4's for sale ranging from $1.8M to $3.2M.
• The 2019 average sold price of $2.26M is down 7% from 2018 which was up 15% over 2017.
• The 2019 average sold price per sq.ft. of $1084 is up 19% over 2018. (One house sold in July 2019 is located in Truman Annex).
• Since 2003, average number of annual sales is six, with eight in 2016, six in 2017 and fourteen in 2018.  Price action has been steady, $2M - $2.4M, despite a choppy number of sales.

Conclusion

Buyer confidence in Old Town real estate remains high and untainted by political or economic hype and hysteria. Looking forward, September thru December have the weakest 5 year average of sales, averaging 8 or 9 closings per month.  Yet, even if only these low averages are obtained, sales for 2019 should exceed the 137 sales in 2018.

Of the 110 sales in Old Town thru August, 39% have been in cash.  For the past five years, cash sales have averaged 52%. Yet, it's not that cash sellers are hesitating, rather that low interest rates have broadened the buyer base allowing more buyers to qualify for very low interest mortgages.  Even jumbo loans are at or below 4% interest rates.

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

Good luck!