Twenty-seven single family homes sold in Old Town in May; almost double the 5-year (2016 - 2020) average for May sales of 14 and brought the total number of homes sold Jan - May to 136. (The 5-year average of homes sold annually is 135!). 2021 began with the record setting 1st Qtr 2021. Then April had the most home sales in a single month EVER. On Prices, the average sold price for May hit $2.033M, the first month ever over $2M! The average sold price per square foot for May was $949, second highest ever and brought the year to date average to $889.  Incredible numbers.

____________________________________________________________________________________

The below charts show sales of the seven most popular bed/bath combinations in Old Town Key West from January 1, 2012 to May 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.  A neighborhood by neighborhood analysis of full year 2020 sales, 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

• Four, 1Bed/1Bath homes have sold in the Old Town area thru 5/31/2021. The average number of days to sell is 12 days.
• There are three 1/1 homes for sale priced between $599K and $995K.
• The 2021 average sale price of $491,000 is down 8% from 2020 and is 152% 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 463 sq.ft., well below average. The average sale price per sqft. of $1061 is 26% above 2020

2 Bedroom/1 Bathroom

• Seven, 2Bed/1Bath homes have sold in the Old Town area thru 5/31/2021 at an average days on market of 35 days.
• The 2021 average Sold price of $729,000 is up 16% over 2020 which was up 12% over 2019. The $729K is 120% above the 2011 low.
• Two 2/1 homes are for sale with prices from $625K to $1.295M.
• 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 218 sales

2 Bedroom/2 Bathroom

• Twenty-two, 2Bed/2Bath homes have sold in the Old Town area thru 5/31/2021. The average number of Days to sell is 66 Days.
• The average sold price of $1.071M is up 18% over the 2020 end of year price of $905K, which was the highest average sold price since 2006, and is 152% above the low in 2009.
• Four 2/2's are for sale, priced between $799K and $1.8M.
• The 2021 average Sold price per sqft is $888, up 15% 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 371 sales

3 Bedroom/2 Bathroom

• Twenty-six, 3Bed/2Bath homes have sold in the Old Town area thru 5/31/2021. The average number of Days to sell is 82 Days.
• The average Sold price of $1,373,000 is up 24% over 2020 and is 198% above the 2009 low.
• The average sold price per sqft. is $895, up 22% 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 287 sales

3 Bedroom/3 Bathroom

• Twenty-seven, 3Bed/3Bath homes have sold in the Old Town area thru 5/31/2021. The average number of Days to sell is 111 Days.
• The 2021 average sold price of $1.688M is up 13% over 2020 which was up 8% over 2019. $1.688M is 129% above the 2010 low.
• The average Sold price per sqft. of $949 is up 2% 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 245 sales.

4 Bedroom/3 Bathroom

• Eight, 4bed/3bath homes have sold in the Old Town area thru 5/31/2021. The average number of days to sell is 112 days.
• The average sold price of $2.225M, is up 39% from 2020 and is 163% above the 2009 low.
• 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 $944 is up 29% over 2020.
• There are three homes for sale, priced between $1.9M and $3.39M.
• 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

• Fifteen, 4Bed/4Bath homes have sold in the Old Town area thru 5/31/2021. Average number of Days to sell is 73 days. Fifteen Solds is the most since the total for all of 2018 which was 14.
• The 2021 average sold price of $2.407M is down 3% 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 $922 is down 18% 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

There is no stopping sales of Old Town Key West real estate. Even with inventory down 60% from historic Spring levels, buyers and sellers are still finding each other.

Every Bed/Bath combination is selling with fewer Days of Market (DOM) than in 2020 and every bed/bath combo except 4bed/4bath is selling at a higher price per square foot. Larger homes continue to dominate with 3bed/3bath and 4bed/4bath surpassing previous records for annual sales - and it's only May.

Cash continues at a steady 52% of sales and mortgage rates below 3% continue to entice buyers.

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

Good luck.

Additional sources: