Posted: Jun 02, 2022
Old Town Key West Home Sales Slow in May
Key West Sunrise

There were 13 single family homes sold in Old Town Key West in May. Thirteen is five less than the 5-year (2017-2021) average of 18 and brings the Jan-May total of sales to 95.  Ninety-five sales is 22% above the Jan-May 5-year average of 78 sales.  May is the first month since Nov 2021 to not meet or exceed the monthly 5-year average of sales. On Prices, the average sold price for the 13 homes sold in May of $1.79M is the 3rd highest for the year. The average sold price per square feet in May of $1133 is the 5th month in a row over $1000 and brings the YTD average to $1129.

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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 May 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 all of 2021 is here.

1 Bedroom/1 Bathroom

  • Seven, 1Bed/1Bath homes have sold in the Old Town area thru 5/31/2022. 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

  • Nine, 2Bed/1Bath homes have sold in the Old Town area thru 5/31/2022 at an average of 48 days to sell.
  • The 2022 average sold price is $838K up 1% over 2021. The $838K is 153% above the 2011 low.
  • The sold price per square foot in 2022 of $967 is up 14% over 2021 and is the highest ever for a 2/1.
  • One 2/1 home is for sale at $1.5M.
  • 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 238 sales

2 Bedroom/2 Bathroom

  • Twenty-six, 2Bed/2Bath homes have sold in the Old Town area thru 5/31/2022. The average number of Days to sell is 35 Days. 43 homes sold in 2021 at an average of 58 Days.
  • The 2022 average sold price of $1.27M is up 7% over 2021 and is the highest ever average sold price.  $1.27M is 199% above the low in 2009.
  • Eight 2/2's are for sale, priced between $919K and $3.175M.
  • The 2022 average Sold price per sqft is $1113, up 15% over 2021.
  • Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West with 418 sales

3 Bedroom/2 Bathroom

  • Seventeen, 3Bed/2Bath homes have sold in the Old Town area thru 5/31/2022. The average number of Days to sell is 23 Days.
  • The average Sold price of $1.73M is up 28% over 2021 and is the highest ever for a 3/2 home. The $1.73M is 269% above the 2009 low.
  • The average sold price per sqft. is $1162, up 25% 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 323 sales.

3 Bedroom/3 Bathroom

  • Thirteen, 3Bed/3Bath homes have sold in the Old Town area thru 5/31/2022. The average number of Days to sell is 43. In 2021, 41 homes sold, the most ever, at an average of 96 Days.
  • The 2022 sold price of $2.32M is up 29% over 2021 and is 214% above the 2010 low.
  • The average Sold price per sqft. of $1243 is up 24% over 2021 and is the highest ever recorded for 3/3 homes.
  • 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 272 sales.

4 Bedroom/3 Bathroom

  • Nine, 4bed/3bath homes have sold in the Old Town area thru 5/31/2022 at an average of 79 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 $3.38M, up 42% over 2021 and is 301% above the 2009 low.
  • There is one home for sale, priced at $4.7M.
  • The 2022 average sales price per sqft of $1354 is up 34% over 2021 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

  • Four, 4Bed/4Bath homes have sold in the Old Town area thru 5/31/2022. Average number of Days to sell is 43 Days. In 2021, 18 homes sold, the most 4/4's solds EVER.
  • The 2022 sold price of $2.32M is down 5% from 2021 and is up 108% over the 2009 low.
  • The 2022 sold price per sq.ft. of $849 is down 11% from 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 has been steady between $2.1M - $2.5M.

Conclusion

 

Contingent and Pending contracts have been lagging since late March so this slowdown was predicted and will continue as existing Pending (4) and Contingent (15) contracts do not portend a significant increase in sales.. 

 

Inventory has increased slightly to 31 homes for sale; however, there are more homes for sale over $2M (20) than there are under $2M (11) with only one those homes for sale under $1M.

 

Florida's wind and flood insurance woes are finally being addressed but buyers should still obtain written quotes for premiums during their Contingency periods.

 

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

 

Good luck!