Seventy-four single family homes have sold in the Old Town area January - June 2017, three less than the 1st Half of 2016 and nine less than the 5-year mid-year average. Two bedroom/two bathroom homes and three bedroom homes remain the most popular home configurations. In price action, the Median Sales price of the seventy-four sales is $1,200,000 with an average sales price per sq.ft. of $722. The $722 is up marginally from 2016 but is 22% above the 5-year, mid-year average.

The below charts show sales of the seven most popular bed/bath combinations in Old Town Key West from January 1, 2007 to June 30, 2017. 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 neighborhoods of The Meadows, Old Town, Truman Annex and Casa Marina but not Sunset Key.  You can view a map of the six neighborhoods of Old Town here and an analysis of 2017 mid-year sales, neighborhood by neighborhood, here.

The seven bed/bath combinations below contain enough sales to measure and evaluate trends after the 2004-2006 real estate Bubble.

• Three, 1Bed/1Bath homes have sold in the Old Town area thru 6/30/2017. The average number of days to sell is 59 days.
• There are three 1/1's for sale ranging from $559K to $1.595M.
• The 2017 average sale price of $557,000 is 12% above the average sale price for 2016.
• In 2014, eleven homes sold. In 2015, twelve homes sold, the most since 2001. In 2016, 9 sold.
• The average size of the 2017 homes sold is 596 sq.ft., about average; however, the average sale price per sqft. is $934, 17% above 2016 and highest ever.

• Four, 2Bed/1Bath homes have sold in the Old Town area thru 6/30/2017.  The average number of days to sell is 257 days.
• The average Sold price of $512,000 is down 12% from 2016 which at $582K was unchanged from 2015.
• Seven 2/1 homes are for sale with prices from $436K to $1.285M.
• Twenty-three homes sold in 2015, sixteen in 2016.
• Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town with 150 sales.

Six, two bedroom/two bathroom homes sold in Old Town in June.

• Fifteen, 2Bed/2Bath homes have sold in the Old Town area thru 6/30/2017. The average number of  Days to sell is 101 Days.
• The average sold price of $919,000 is up 33% from 2016 and is 116% above the low in 2009.
• Fifteen 2/2's are for sale, priced between $467,000 and $2.275M.
• The average Sold price per sqft for 2017 is $707.  In 2016 the average was $614.
• Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West with 248 sales.

The three bedroom/two bathroom average sold price of $934,000 is 103% above the 2009 low.

• Fifteen, 3Bed/2Bath homes have sold in the Old Town area thru 6/30/2017. The average number of Days to sell is 99 Days.
• The average Sold price of $934,000 is down 10% fom 2016 which was 11% above 2015 and is 103% above the 2009 low.
• The average sold price per sqft. is $655, down 6% from 2016.
• Twenty-seven 3/2's sold in 2014, twenty-one sold in 2015 but only fifteen in 2016.
• Since 2009, 3Bed/2Bath homes have been the 2nd biggest sellers in Old Town with 168 sales.

• Fourteen, 3Bed/3Bath homes have sold in the Old Town area thru 6/30/2017. The average number of Days to sell is 77 Days.
• The average sold price of $1.325M is down 7% from 2016 which was 20% above 2015.
• The average Sold price per sqft. of $780 is up 6% from 2016 and is the highest since 2005.
• Twenty-three 3/3's sold in 2014, nineteen in 2015 and nineteen in 2016.
• Since 2009, 3Bed/3Bath homes have been the fourth biggest seller in Old Town Key West.

• Four, 4Bed/3Bath homes have sold in the Old Town area thru 6/30/2017. The average number of Days to sell is 37 days.
• The average sale price of $1.507M is 26% below 2016 but directly in line with the 5-year average of $1.525M.
• The average Sold price per sq.ft. is $625, down 26% from 2016 and is slightly below the 5-yr average of $638.
• Number of sales and sales prices for 4Bed/3Bath homes is very choppy though there has been an upward trend in average sale price since 2013.

• Five, 4Bed/4Bath homes have sold in the Old Town area thru 6/30/2017. Average number of Days to sell is 202 days.
• There are twelve 4/4's for sale ranging from $915K to $4.295M.
• The 2017 average Sold price is $2.054M, down 4% from 2016 which was 4% above the 2015.
• The 2017 average sold price per sq.ft. of $788 is 3% below 2016.
• Since 2003, average number of annual sales is six, with nine sold in 2013, ten in 2014, six in 2015 and eight in 2016.
• Year to year price action is choppy as a limited number of annual sales causes large fluctuations in average sales price.

Summary

Over the past five years the 1st Quarter has accounted for 26% of single family home annual sales and the 2nd Quarter for 32% of anual sales. If the seventy-four sales thru June 2017 represent 58% of annual sales then the total sales for the year would be approximately 127 sales.

In 2015 there were 171 single family home sales in Old Town, in 2016 there were 129 sales.  The 2017 estimate of 127 sales would be the lowest number of annual sales since 2012.

Sale prices remain strong as Buyers cherry pick for finished quality or homes that require minimum modifications.  1st Quarter average sales price was $1.1M, 2nd Quarter $1.3M. How sales prices will stand up against the summer slowdown, storms and insurance is unknown.  Movement by the US Senate in June to reduce the unknowns of the NFIP will give buyers a clearer picture of what is ahead.

As always, price to sell.  Days on Market are generally down, showing that there are buyers in the wings and when their desired property comes on the market for sale they are ready to pull the trigger.  Price to Sell.

If you have ny comments or questions please contact me here.

Good luck!