Posted: Nov 01, 2021
Old Town Key West October Home Sales Make New Highs

Thirteen single family homes sold in the Old Town Key West area in October.  Thirteen sales reverses the slowdown in August and September and brings the Jan-Oct total to 213 sales, a whopping 99% increase over the 5-year average of 107 sales in Jan - Oct. Nine of October's 13 sales were in Cash, raising the YTD percent of sales in cash to a 5-year high of 54%. On Prices, October's average Sold price of $1.876M was 3rd highest for the year and October's average sale price per square foot of $937 raised the YTD average to $933 per sqft.

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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, 2012 to October 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.  An analysis of the number of sales and sale prices thru the 1st Half 2021 for each of these six neighborhoods 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

  • Seven, 1Bed/1Bath homes have sold in the Old Town area thru 10/31/2021. The average number of days to sell is 161 days. (One house was on market for 745 days).
  • There are four 1/1 homes for sale priced between $650K and $1.25M.
  • The 2021 average sale price of $522,000 is down 3% from 2020 and is 168% 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 515 sq.ft., well below average. The average sale price per sqft. of $1014 is 21% above 2020

2 Bedroom/1 Bathroom

  • Sixteen, 2Bed/1Bath homes have sold in the Old Town area thru 10/31/2021 at an average of 38 days to sell.
  • The 2021 average Sold price of $813,000 is up 29% over 2020 which was up 12% over 2019. The $813K is 145% above the 2011 low.
  • The average sold price per square foot of $836 is up 20% over 2020.
  • Two 2/1 homes are for sale at $749K and $1.2M.
  • 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 227 sales

2 Bedroom/2 Bathroom

  • Thirty-seven, 2Bed/2Bath homes have sold in the Old Town area thru 10/31/2021. The average number of Days to sell is 57 Days.
  • The average sold price of $1.15M is up 27% over the 2020 end of year price of $905K and is the highest average sold price ever.  $1.15M is 171% above the low in 2009.
  • Five 2/2's are for sale, priced between $1.1M and $1.896M.
  • The 2021 average Sold price per sqft is $946, up 23% 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 386 sales

3 Bedroom/2 Bathroom

  • Thirty-nine, 3Bed/2Bath homes have sold in the Old Town area thru 10/31/2021. The average number of Days to sell is 74 Days.
  • The average Sold price of $1,364,000 is up 23% over 2020 and is 196% above the 2009 low.
  • The average sold price per sqft. is $918, up 25% over 2020.
  • Twenty-six homes sold in 2019, thirty in 2020. 39 sales is 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 300 sales.

3 Bedroom/3 Bathroom

  • Thirty-nine, 3Bed/3Bath homes have sold in the Old Town area thru 10/31/2021. The average number of Days to sell is 97 Days.
  • The 2021 average sold price of $1.807M is up 21% over 2020 which was up 8% over 2019. $1.807M is 145% above the 2010 low.
  • The average Sold price per sqft. of $1004 is up 8% 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 257 sales.

4 Bedroom/3 Bathroom

  • Thirteen, 4bed/3bath homes have sold in the Old Town area thru 10/31/2021. The average number of days to sell is 98 days.
  • The average sold price of $2.39M, is up 49% from 2020 and is 183% above the 2009 low. There are three homes for sale, priced from $2.25M to $4.7M.
  • 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 $1009 is up 38% over 2020 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

  • Seventeen, 4Bed/4Bath homes have sold in the Old Town area thru 10/31/2021. Average number of Days to sell is 69 days. Seventeen Solds is the most 4/4 solds EVER.
  • The 2021 average sold price of $2.387M is down 4% 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 $940 is down 16% 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

 

Inventory remains stubbornly down 60%. Of the 34 single family homes for sale; five are under $1M, seven are between $1M and $1.5M, thirteen are between $1.75M and $2.5M and nine are scattered up to $6.9M.

 

From 2016 to 2019, the average sale price per square foot increased, though each succeeding at a decreasing rate.  In 2020, the average sale price per sqft has reversed this trend, rising 24% over 2019. Through Oct, average sale price per sqft is up 24% over 2020.

 

Average sale price through October 31 is up 27% for the year.

 

Canadians and Europeans will be headed to Florida in November and while this group is not historically a big buyer of Key West property, Canadians perhaps might see some benefit in a Southernmost hideaway.

 

There was zero storm activity in Key West in 2021; however, wind and flood issues are coming to a head in 2022 so Buyers and Sellers should definitely employ a savvy Realtor to guide them.

 

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

 

Good luck!