Posted: Feb 07, 2024
Old Town Key West home sales start 2024 with a Bang
Key West plus Sunset Key

Twelve single family homes sold in the Old Town Key West area in January, the most homes sold in a month since April 2023.  Twelve sales is one shy of the 5 year (2019-2023) average of sales for January (13) and crushes January 2023 which had four sales. Since June 2022 there has been only four months with double digit sales; February, March, April 2023 and January 2024. On Prices, the twelve sales in January had an average sold price of $1.84M with an average sold price per square foot of $1294.  The average sold price of the ninety-one homes that sold in 2023 was $2.28M with an average of $1278 per sqft.

________________________________________________________________________________________

 

The below charts show sales of the seven most popular bed/bath combinations in Old Town Key West from January 1, 2015 to January 31, 2024. 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 full year of 2023 is here.

1 Bedroom/1 Bathroom

  • One, 1Bed/1Bath home has sold in the Old Town area thru 1/31/2024. The number of days on market was 122 days. For all 2023, seven homes sold at an average number of days to sell of 24 days.
  • The Sold price for the single 2024 sale is $580K which is down 29% from 2023 yet 197% above the 2011 low. In 2022, seven homes sold at an average sale price for of $817K.
  • There are two 1/1's for sale priced at $699K and $999K.
  • The one 2024 sale had 416 sqft and sold for $1394 per sqft.  In 2023, the average size was 603 sq.ft. and the average sold price per sqft. was $1356.

2 Bedroom/1 Bathroom

  • Two, 2Bed/1Bath homes have sold in the Old Town area thru 1/31/2024 at an average of 150 days to sell.  For all 2023, six homes sold at an average of 88 days to sell.
  • The 2024 average sold price of $1.163M is down 8% from 2023 and 250% above the 2011 low.
  • The sold price per square foot in 2024 of $1351 is up 8% over 2023 and is the highest ever.
  • There are six 2/1 homes for sale priced between $735K and $2.495M.
  • Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town with 251 sales

2 Bedroom/2 Bathroom

  • Two, 2Bed/2Bath homes have sold in the Old Town area thru 1/31/2024 at an average of 10 days on market. For all 2023, fifteen homes sold at an average of 46 days to sell. Fifteen sales was the fewest since 2008.
  • The 2024 average Sold price of $1.385M is down 15% from 2023 and 226% above the low in 2009.
  • Fourteen 2/2's are for sale, priced between $875K and $1.9M.
  • The 2024 average Sold price per sqft of $1127 is down 13% from 2023.
  • Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West with 446 sold.

3 Bedroom/2 Bathroom

  • Five, 3Bed/2Bath homes have sold in the Old Town area thru 1/31/2024. The average number of Days to sell is 51 Days.
  • The average Sold price of $2.413M is up 39% over 2023 and is 423% above the 2009 low.
  • The average sold price per sqft. is $1304, up 14% over 2023.
  • Sixteen 3/2 homes sold in 2023, fewest since 2016.
  • 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 354 sales.

3 Bedroom/3 Bathroom

  • One, 3Bed/3Bath home has sold in the Old Town area thru 1/31/2024. The number of days on market was 9 Days. For all 2023, 14 homes sold at an average of 110 Days.
  • The 2024 sold price of the single sale was $3.15M, up 29% over 2023 and 327% above the 2010 low.
  • The Sold price per sqft. was $1835, up 29% over 2022.
  • Fourteen homes sold in 2023, fewest since 2011.
  • Since 2009, 3Bed/3Bath homes have been the fourth biggest seller in Old Town Key West with 292 sales

4 Bedroom/3 Bathroom

  • Zero, 4bed/3bath homes have sold in the Old Town area thru 1/31/2024. For all 2023, 5 homes sold at an average of 40 days to sell. In 2022, 13 homes sold at an average of 66 days to sell.
  • The 2023 average sold price of $3.135M was down 12% from 2022 and was 271% above the 2009 low.
  • The 2023 average sales price per sq.ft. of $2210 was up 56% over 2022, easily highest ever for a 4/3 home.
  • There are fourteen 4/3 homes for sale priced between $2.5M and $5.6M.

4 Bedroom/4 Bathroom

  • Zero, 4Bed/4Bath homes have sold in the Old Town area thru 1/31/2024. For all 2023, nine homes sold at an average of 39 days to sell.  In 2022, nine homes sold at an average 49 days.
  • The 2023 average sold price of $3.009M was down 9% from 2022 and was up 170% over the 2009 low.
  • The 2023 average sold price per sq.ft. of $1095 was down 15% from 2022.
  • Since 2003, the average number of annual sales is six, with nine in 2022, eighteen in 2021 and two in 2020.
  • Despite the choppy number of sales, price action has steadily climbed from $2.M in 2015 to $3.3M in 2022.

Conclusion

The 2020 Blue line led growth, in 2021 a fall.

 

Supply:  There are 87 homes for sale in January, a 30 month high.

 

Demand:  There are seventeen Contingent and Pending contracts for sale, an 8 month high.

 

Cash sales continue to dominate as 64% of 2023 sales were in Cash. The Halloween-to-Santa Klaus+January market rally should supply mid career professionals looking to diversify their portfolio with plenty of stock-to-cash ammunition to buy Key West real estate.  For how long?

 

Prices:  Top heavy. Of the 87 homes for sale:

  • Under $1M - 3 homes for sale
  • $1M - $1.5M - 14 homes for sale
  • $1.5M - $2M - 13 homes for sale
  • $2M - $2.5M - 11 homes for sale
  • $2.5M - $3M - 10 homes for sale
  • Over $3M - 36 homes for sale

 

It may take a PhD in Economcs to understand the myriad elastic/inelastic relationships among Price, Quantity, Demand, Supply, Luxury goods, Substitutes and Goodwill of Old Town Key West real estate.  Me, I'm a simple Navy jet pilot.  If I don't get what I pay for, I buy someplace else.  In 2023, buyers bought someplace else (or didn't buy at all). What will Key West do in 2024 to encourage more buying here?

 

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

 

Welcome to 2024 and Best of Luck.