Posted: Nov 04, 2019
Old Town Key West Home Sales in October Stay Soft as Prices Climb

Seven homes sold in Old Town in October for a Jan - Oct total of 123, two less than the five year (2014 - 2018) Jan - Oct average, but five sales and 4% ahead of the Jan - Oct 2018 total of 118. The 123 sales are also 14% more than the Jan - Oct 2017 total of 108. Note - Old Town Key West sales in 2018 exceeded both 2017 and 2016. On Prices, the average sale price for the seven sales topped $2M and the average sale price per sqft was the highest ever at $1029, resulting in a year-to-date average per sqft of $828.

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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 September 30, 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 10/31/2019. The average number of days to sell is 72 days.
  • There are four 1/1 homes for sale from $585K to $738K.
  • The 2019 average sale price of $570,000 is 12% more than the average sale price for 2018 and 192% above the 2011 low.
  • 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

 

  • Eighteen, 2Bed/1Bath homes have sold in the Old Town area thru 10/31/2019.  The average number of days to sell is 129 days.
  • The average Sold price of $543,000 is down 31% from 2018 which at $784K was up 41% from 2017. The $543K is 54% above the 2011 low.
  • Two 2/1 homes are for sale with prices at $625K and $799K.
  • 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 10/31/2019. 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.
  • Fifteen 2/2's are for sale, priced between $725K and $1.575M.
  • 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

  • Twenty-one, 3Bed/2Bath homes have sold in the Old Town area thru 10/31/2019. The average number of Days to sell is 110 Days.
  • The average Sold price of $1,302,000 is up 24% from 2018 which was 2% above 2017 and is 184% above the 2009 low.
  • The average sold price per sqft. is $807, up 18% 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 226 sales.

3 Bedroom/3 Bathroom

  • Twenty-five, 3Bed/3Bath homes have sold in the Old Town area thru 10/31/2019. The average number of Days to sell is 131 Days.
  • The average sold price of $1.401M is down 9% from 2018 which was 9% above 2017.
  • The average Sold price per sqft. of $769 is down 9% 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 10/31/2019.  The average number of days to sell is 124 days.
  • The average sold price for 2019 sales is $1.9675M, up 6% over 2018 and 133% above the 2009 low.  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 $899K 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

  • Five, 4Bed/4Bath homes have sold in the Old Town area thru 10/31/2019. Average days on market is 52 days.  Fourteen homes sold in 2018, the most on record.
  • There are six 4/4's for sale ranging from $1.78M to $3.2M.
  • The 2019 average sold price of $2.43M is the same as 2018 which was up 15% over 2017.
  • The 2019 average sold price per sq.ft. of $1120 is up 23% over 2018. (Two of the sold houses are 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.

Summary

 

Old Town home sales from July - October have lagged the 5-year monthly sales average for each of those months by one or two sales; yet, because 1st half 2019 sales were so strong, the total of sales thru October 2019, one hundred and twenty-three, still exceeds the number of sales thru October 2018.

 

Meanwhile, prices remain strong, both sales and average sales price per square foot. October sales are noteworthy as:

  • Each of the seven sales exceeded $1M (Two Cash and five Mortgage).
  • One sale was in Truman Annex, the Old Town neighborhood with the historically highest average sale price per sqft. It was the most expensive October sale, the second most expensive property year to date and was a Cash sale.

 

And so, even as number of sales softens, savvy home buyers and property investors continue to view Old Town Key West as a desireable location for primary, secondary and investment real estate.

 

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

 

Good luck!