Eight single family homes sold in the Old Town area in July, bringing the YTD total of sales to 118 which is up 12% over the 5-year (2017-2021) average of Jan-July sales of 105.  118 sales is down 36% from 2021's record breaking pace but is up 64% over 2020 and is up 19% over 2019. The 5-year average of sales in July is 14. On Prices, July's eight sales averaged $2.237M, second highest for the year. The average sales price per square feet for the 118 sales rose to a record $1211.

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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, 2013 to July 31, 2022. 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 the 1st Half of 2022 is here.

1 Bedroom/1 Bathroom

• Seven, 1Bed/1Bath homes have sold in the Old Town area thru 7/31/2022. The average number of days to sell is 89 days.
• The 2022 average sale price of $1.155M is up 86% over 2021 and is 492% above the 2011 low.
• Eight homes sold in 2021, ten homes in 2020.
• The average size of the 2022 homes sold is 803 sq.ft., well above average.
• The average sale price per sqft. of $1437 is up 33% over 2021 and is the highest ever.

2 Bedroom/1 Bathroom

• Ten, 2Bed/1Bath homes have sold in the Old Town area thru 7/31/2022 at an average of 50 days to sell.
• The 2022 average sold price is $892K up 8% over 2021. The $892K is 169% above the 2011 low.
• The sold price per square foot in 2022 of $973 is up 15% over 2021 and is the highest ever for a 2/1.
• There are zero 2/1 homes for sale.
• 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 239 sales

2 Bedroom/2 Bathroom

• Thirty-one, 2Bed/2Bath homes have sold in the Old Town area thru 7/31/2022. The average number of Days to sell is 32 Days. 43 homes sold in 2021 at an average of 58 Days.
• The 2022 average sold price of $1.36M is up 14% over 2021 and is the highest ever average sold price. $1.36M is 221% above the low in 2009.
• Seven 2/2's are for sale, priced between $919K and $2M.
• The 2022 average Sold price per sqft is $1163, up 20% over 2021 and is the highest ever.
• Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West with 423 sales

3 Bedroom/2 Bathroom

• Twenty-five, 3Bed/2Bath homes have sold in the Old Town area thru 7/31/2022. The average number of Days to sell is 31 Days.
• The average Sold price of $1.74M is up 29% over 2021 and is 278% above the 2009 low.
• The average sold price per sqft. is $1147, up 23% over 2021.
• Forty-five 3/2 homes sold in 2021, 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 331 sales.

3 Bedroom/3 Bathroom

• Fifteen, 3Bed/3Bath homes have sold in the Old Town area thru 7/31/2022. The average number of Days to sell is 41. In 2021, 41 homes sold, the most ever, at an average of 96 Days.
• The 2022 sold price of $2.24M is up 25% over 2021 and is 204% above the 2010 low.
• The average Sold price per sqft. of $1184 is up 19% over 2021.
• 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 274 sales.

4 Bedroom/3 Bathroom

• Eleven, 4bed/3bath homes have sold in the Old Town area thru 7/31/2022 at an average of 66 Days to sell. In 2021, 14 homes sold at an average number of days to sell of 95 Days.
• The 2022 average sold price is $3.59M, up 51% over 2021 which was 49% above 2020 and is 326% above the 2009 low.
• The 2022 average sales price per sqft of $1442 is up 43% over 2021 and is the highest ever.
• There is one 4/3 home for sale at $3.25M.

4 Bedroom/4 Bathroom

• Six, 4Bed/4Bath homes have sold in the Old Town area thru 7/31/2022. Average number of Days to sell is 56 Days. In 2021, 18 homes sold, the most 4/4's solds EVER.
• The 2022 sold price of $2.96M is up 22% over 202 and is the highest 4/4 sale price ever. $2.96M is up 158% over the 2009 low.
• The 2022 sold price per sq.ft. of $1144 is up 20% over 2021.
• Since 2003, the average number of annual sales is six, with eighteen in 2021, two in 2020 and five in 2019.
• Despite the choppy number of sales, price action between 2018 - 2012 has been steady between $2.4M - $2.5M.

Conclusion

As predicted, sales slipped in July and the 1 August 2022 number of contracts for sale at Contingent (8) and Pending (2) portend a continue slowing for August and September; however ...

Sale prices remain elevated with cash sales continuing to dominate. Six of July's eight sales were in cash, bringing cash sales YTD to 58%, highest ever.

Fewer buyers driving up ever higher prices for fewer assets is a characteristic of a possible stock trading warning sign called Exhaustion Gap, or Gasp.  Generally, such a situation signals the end of a price movement with either a soon to occur reversal or leveling of the price of the asset.

Inventory for the entire year remains stuck at 27% to 30% of normal with inventory of homes listed for sale ranging from 25 - 30 homes.

Where is the bright spot?  Contractors large and small; roofers and remodelers, plumbers and electricians, landscapers and pool companies, etc. and all of their suppliers are fully booked for renovations and restorations and are receiving top dollar for their services.

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

Good luck.