Posted: Aug 04, 2021
Old Town Key West Home Sales in July Continue Record Pace

Twenty-one single family homes sold in Old Town Key West in July, topping the 5 - year (2016 - 2020) average of 13 sales for July and bringing the year to date total of sales in Old Town to 185.  The 5 - year average number of annual sales for Old Town is 135. Thru July 2020 there had been 72 sales, July 2019, 99 sales and July 2018, 87 sales.  On Prices, The average sold price of the 185 sales is $1.677M, UP 30% over 2020. The average sales price per square foot thru July of $915 is UP 18% over 2020 and UP 12% over 2019.

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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 July 31, 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 7/31/2021. The average number of days to sell is 161 days. (One house was on market for 745 days).
  • There are three 1/1 homes for sale priced between $840K and $995K.
  • 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

  • Fourteen, 2Bed/1Bath homes have sold in the Old Town area thru 7/31/2021 at an average days on market of 38 days.
  • The 2021 average Sold price of $828,000 is up 32% over 2020 which was up 12% over 2019. The $828K is 149% above the 2011 low.
  • The average sold price per square foot of $824 is up 18% over 2020.
  • One 2/1 home is for sale at $715K.
  • Twenty-one homes sold in 2019, eight in 2020.
  • Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town with 225 sales

2 Bedroom/2 Bathroom

  • Thirty, 2Bed/2Bath homes have sold in the Old Town area thru 7/31/2021. The average number of Days to sell is 60 Days.
  • The average sold price of $1.11M is up 23% over the 2020 end of year price of $905K, which was the highest average sold price since 2006.  $1.11M is 161% above the low in 2009.
  • Four 2/2's are for sale, priced between $1.375M and $2.45M.
  • The 2021 average Sold price per sqft is $924, up 20% from 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 379 sales.

3 Bedroom/2 Bathroom

  • Thirty-three, 3Bed/2Bath homes have sold in the Old Town area thru 7/31/2021. The average number of Days to sell is 85 Days.
  • The average Sold price of $1,337,000 is up 21% over 2020 and is 190% above the 2009 low.
  • The average sold price per sqft. is $886, up 21% over 2020.
  • Twenty-six homes sold in 2019, thirty in 2020, 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 294 sales.

3 Bedroom/3 Bathroom

  • Thirty-three, 3Bed/3Bath homes have sold in the Old Town area thru 7/31/2021. The average number of Days to sell is 96 Days.
  • The 2021 average sold price of $1.78M is up 19% over 2020 which was up 8% over 2019. $1.78M is 141% above the 2010 low.
  • The average Sold price per sqft. of $981 is up 6% 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 251 sales.

4 Bedroom/3 Bathroom

  • Eleven, 4bed/3bath homes have sold in the Old Town area thru 7/31/2021. The average number of days to sell is 100 days.
  • The average sold price of $2.27M, is up 42% from 2020 and is 169% above the 2009 low. There are two homes for sale, priced at $3.2M and $3.39M.
  • 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 $986 is up 35% 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 7/31/2021. Average number of Days to sell is 69 days. Seventeen Solds is the most 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

 

The rally in single family home sales in Old Town completed its twelfth month in July, with July being the eighth month in a row of twenty or more sales.

 

Larger homes continue to dominate sales with larger three and four bedroom homes selling at a record pace, at record sales prices and at record sale price per square foot. Buyers are switching away from the traditional 2 bedroom homes for themselves and the occasional visitor and are now buying homes that will accommodate their entire family; whether to re-locate to Key West, stash money away in a reliable investment asset or, more frequently, to have a hideaway home that everyone may come to for both pleasure or safe haven.

 

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

 

Good luck.

 

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