Eleven homes sold in the Old Town Key West area in February, the first month of double digit sales since June 2022. Fifteen homes have sold in January and February 2023. In 2022 there were twenty-nine sales in January and February. The 5-year (2018-2022) average of sales for January and February is twenty-five. The 5-year average of 1st Qtr closings is 44. The February average sold price of $2.133M was the sixth since June 2022 of being over $2M. The average sold price per square feet of $1305 was third highest since June 2022. Twelve of the fifteen 2023 sales have been in Cash.

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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 February 28, 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

• One,1Bed/1Bath home has sold in the Old Town area thru 2/28/2023. Days on market was 23 days. Eight homes sold in 2022 at an average number of days to sell of 60 days.
• The Sold price for this one sale was $715K. In 2022, the average sale price for the 8 sales was of $1.16M, highest ever and 495% above the 2011 low.
• Presently, there is one 1/1 for sale at $810,000.
• The 2023 sale had 690 sqft at $1036 per sqft.  In 2022, the average size was 789 sq.ft. and the average sale price per sqft. of $1471, highest ever, was up 36% over 2021.

2 Bedroom/1 Bathroom

• Zero, 2Bed/1Bath homes have sold in the Old Town area thru 2/28/2023.  In 2022, fourteen homes sold at an average of 42 days to sell.
• The 2022 average sold price was $966K, up 16% over 2021 and 191% above the 2011 low.
• The sold price per square foot in 2022 of $1079 was up 27% over 2021 and was the highest ever for a 2/1.
• There are five 2/1 homes for sale priced between $1.09M and $3.99M.
• 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 243 sales.

2 Bedroom/2 Bathroom

• Two, 2Bed/2Bath homes have sold in the Old Town area thru 2/28/2023 with an average of 43 days on market. In 2022, thirty-seven homes sold at an average of 45 days to sell.
• The average Sold price was $1.83M, up 36% over 2022 and 328% above the low in 2009.
• Five 2/2's are for sale, priced between $1.25M and $1.95M.
• The 2023 average Sold price per sqft was $1533, up 39% over 2022.
• Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West with 431 sold.

3 Bedroom/2 Bathroom

• Two, 3Bed/2Bath homes have sold in the Old Town area thru 2/28/2023. The average number of Days to sell is 141 Days.
• The average Sold price of $1.488M is down 13% from 2022 and is 223% above the 2009 low.
• The sold price per sqft. is $1040, down 9% 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 335 sales.

3 Bedroom/3 Bathroom

• Two, 3Bed/3Bath homes have sold in the Old Town area thru 2/28/2023. In 2022, 18 homes sold at an average of 40 Days, fastest ever.
• The 2023 average sold price is $2.125M, down 7% from 2022 and 210% above the 2010 low.
• The average Sold price per sqft. of $1350 is up 10% over 2022 and is the highest ever.
• 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 279 sales

4 Bedroom/3 Bathroom

• Two, 4bed/3bath homes have sold in the Old Town area thru 2/28/2023 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 five 4/3 homes for sale between $2.4 and $3.9M

4 Bedroom/4 Bathroom

• Two, 4Bed/4Bath homes have sold in the Old Town area thru 2/28/2023 at an average of 43 days to sell. In 2022, nine homes sold at an average 49 days.
• The 2023 average sold price of $3.525M is up 7% over 2022 and is up 217% over the 2009 low.
• The 2023 sold price per sq.ft. of $1068 is down 17% 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

It is impossible to read the forest of tea leaves on the direction of external forces that can impact the Key West real estate market; the major indexes, oil, the dollar, metals, etc. all of which supports the maxim - avoid timing - make your move when it is right for you; however, if you also believe that all real estate is local -

The Key West City Commission, by indefinitely suspending in January their attempt to derail the short term vacation rental market, have passed the subject (along with the workforce housing crisis in general) to agencies more prepared to research, evalute and create viable solution options; namely, the Key West Chamber of Commerce and the Key West Association of Realtors.

Seeing this risk pushed aside, Buyers believe their ability to derive the reward of some nominal short term rental income from their property will remain in place, a dividend so to speak that will complement the appreciation of their Key West home, in addition to having a safe, fun and relaxing home to live in at their leisure.

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

Good luck!

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