​With little fanfare, single family home sales in Old Town are slowly pushing into record territory as nearly every bed/bath combination is set to equal or break records in number of sales or recent sale prices. The bottom of 2010 is past and mostly forgotten as smart buyers and sellers each negotiate to their advantage.  Cash buyers are present at all price points. Summer has slowed but not stalled.  Unlike the emotional buying of 2002 - 2006, when buyers bought to the point of exhaustion (flameout), today’s buyers; mobile, boomer and international, choose carefully. Value has replaced growth, containing appreciation and keeping a lid on inventory.

The below charts show sales of the seven most popular bedroom/bathroom combinations in Old Town Key West from January 1, 2000 to August 31, 2013.

These charts are for single family homes sold south and west of White St. and cover the neighborhoods the Meadows, Old Town, Truman Annex and Casa Marina but not Sunset Key.  You can view a neighborhood map here. The seven bed/bath combinations below contain enough sales to measure and evaluate trends before, during after the 2004-2006 real estate Bubble.

Eight, 1Bed/1Bath homes sold in the Old Town area thru 8/31/2013. The average Sold price of $428,000 is the third highest since 2006 (notwithstanding a $1M sale in 2012).  Inventory of 1/1 homes is down as many were bought in the early 2000's and upgraded to 2 Bedroom homes. The average Price per SqFt is $547, second only to 4bed/4bath homes!  First time buyers have turned away from small Old Town homes, buying elsewhere or renting. Average number of days to sell, 161 days, is 32% less than 2012.

TWENTY, 2Bed/1Bath homes sold in the Old Town area thru 8/31/2013. The average Sold price of $414,000 is 13% more than 2012.  Price per sqft. of $443 is 14% above 2012 which was 6% above 2010. Six 2/1 homes are for sale with prices up to $725,000. Sixteen, 2/1 homes sold in 2012, fifteen in 2011, so TWENTY sold and six in the pipeline bode well for 2013 sales of the 3rd most popular home in Old Town. Average number of days to sell is up 7% over 2012 to 177 days.

Twenty, 2Bed/2Bath homes sold in the Old Town area thru 8/31/2013. The average Sold price of $583,000 is 5% less than 2012 but continues the recovery began in 2010. Price per sqft is $452, 12% less than 2012 and 3% less than the five year average of $465 per sqft. Twenty-eight, 2/2 homes sold in 2012, the second highest since 2004.  2Bed/2Bath homes are the biggest sellers in Old Town Key West. Average number of days to sell fell 18% to 124 days. Lower average sales price, lower price per sq.ft and faster sales indicate well priced homes needing only minor updates.

Seventeen, 3Bed/2Bath homes sold in the Old Town area thru 8/31/2013. The average Sold price of $723,000 is 22% more than 2012 and is up 57% from the 2009 low. The price per sqft. of $491 is the highest since 2007. Eighteen 3/2's sold in 2012 so seventeen sales thus far is a good sign. The seventeen for sale offer a wide range of price and matching quality. The ten year average of number sold per year is 18. Average number of days to sell rose 11% over 2012 to 207 days (Down from 309 at the end of May).

Eighteen, 3Bed/3Bath homes sold in the Old Town area thru 8/310/2013. (Three in May, Zero in June, Two in July, Zero in Aug). The average Sold price of $987,000 is 8% more than 2012 and 32% above the 2010 low. The price per sqft. of $541 is 8% more than 2012 and 16% above the four year (2009-2012) average. Twenty-seven 3/3's sold in 2012, the highest recorded. Nine of the ten 3/3's for sale are $1M+. Average number of days to sell is up the same as 2012 at 136 days.

Ten, 4Bed/3Bath homes sold in the Old Town area thru 8/310/2013. (Three in July, One in August). The average Sold price of $1.134M is 8% less than 2012 but price per sqft. increased 6% to $496. This Bed/Bath configuration has yet to reverse price decline. HOWEVER. The twelve sales in 2012 was the highest since 2008, average sales price per sqft foot is climbing and the average sales price of $1.134M shows strength. There are nine 4/3's for sale priced between $650K and $2.6M.

Eight, 4Bed/4Bath homes sold in the Old Town area thru 8/31/2013. The average Sold price of $1.49M is 66% above 2012 and 9% more than the 10-year average. The average cost per sqft of $578 is 49% more than 2012. Since 2003 the average number of sales is six homes, so eight sold thus far bodes well for sales. Year to year price action is choppy as a limited number of annual sales causes large fluctuations in average sales price. The average number of days to sell is up 49% to 168 days.

Perspective

Throughout the spectrum, homes sales and sale prices are carefully pushing forward.  Historically, inventory rises in the fall for winter season.  Will sellers take advantage of pent-up buying and price "in the zone" or will they unsuccessfully force Buyers to pay more? 

On average, it takes 163 days to get a contract for sale. Wow! Which is more fruitful for two similar home owners 100 days after their houses went up for sale - "My house is listed for $1.6M" or "Last month we accepted the highest of two offers, $1.335M, closed Friday and we're off to Australia and New Zealand on Thursday"  Nice.

G'day mite.