Eight single family homes sold in the Old Town area in October bringing the Year to Date total of sales to 83.  Eight is the highest number of monthly sales since June.  Eighty-three sales is 38% behind the 5-year (2018-2022) average of January to October sales, 39% fewer than Jan-Oct 2022, 61% fewer than Jan-Oct 2021 and 25% fewer than Jan-Oct 2020. On Prices, the average sold price for October's eight sales was $1.756M and brings the Average sold price YTD to $2.36M and the Median to $2.199M.  October's average sold price per square foot of $1191 brings the YTD average sold price per sqft to $1266, up 8% YTD and up 32% over 2021.

________________________________________________________________________________________

The below charts show sales of the seven most popular bed/bath combinations in Old Town Key West from January 1, 2014 to October 31, 2023. 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 2023 is here.

1 Bedroom/1 Bathroom

• Seven,1Bed/1Bath homes have sold in the Old Town area thru 10/31/2023. Average days on market was 24 days. For all 2022, eight homes sold at an average number of days to sell of 60 days.
• The average Sold price for the seven 2023 sales is $817K which is down 30% from 2022 yet 319% above the 2011 low. In 2022, the average sale price for the 8 sales was $1.16M, highest ever.
• There are three 1/1's for sale priced at $610K and $1M.
• The 2023 sales have an average size of 603 sqft at $1356 per sqft.  In 2022, the average size was 789 sq.ft. and the average sale price per sqft. of $1471 was highest ever.

2 Bedroom/1 Bathroom

• Six, 2Bed/1Bath homes have sold in the Old Town area thru 10/31/2023 in an average of 88 days to sell.  For all 2022, fourteen homes sold at an average of 42 days to sell.
• The 2023 average sold price of $1.258M is up 30% over 2022 and 279% above the 2011 low.
• The sold price per square foot in 2023 of $1252 is up 16% over 2022 and is the highest ever.
• There are four 2/1 homes for sale priced between $1.25M and $1.4M.
• Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town with 249 sales

2 Bedroom/2 Bathroom

• Thirteen, 2Bed/2Bath homes have sold in the Old Town area thru 10/31/2023 with an average of 52 days on market. For all 2022, thirty-seven homes sold at an average of 45 days to sell.
• The 2023 average Sold price of $1.61M is up 20% over 2022 and 279% above the low in 2009.
• Eleven 2/2's are for sale, priced between $629K and $3.39M.
• The 2023 average Sold price per sqft of $1239 is up 12% over 2022.
• Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West with 442 sold.

3 Bedroom/2 Bathroom

• Fifteen, 3Bed/2Bath homes have sold in the Old Town area thru 10/31/2023. The average number of Days to sell is 82 Days.
• The average Sold price of $1.798M is up 6% from 2022 and is 290% above the 2009 low.
• The average sold price per sqft. is $1088, down 5% from 2022.
• Twenty-seven 3/2 homes sold in 2022, 3rd 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 348 sales.

3 Bedroom/3 Bathroom

• Twelve, 3Bed/3Bath homes have sold in the Old Town area thru 10/31/2023 at an average of 104 Days to sell. For all 2022, 18 homes sold at an average of 40 Days, fastest ever.
• The 2023 average sold price of $2.495M is up 9% from 2022 and 238% above the 2010 low.
• The average Sold price per sqft. of $1473 is up 20% over 2022.
• 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 289 sales

4 Bedroom/3 Bathroom

• Four, 4bed/3bath homes have sold in the Old Town area thru 10/31/2023 at an average of 49 Days to sell. For all 2022, 13 homes sold at an average of 66 days to sell.
• The 2023 average sold price of $2.99M is down 16% from 2022 and is 254% above the 2009 low.
• The 2023 average sales price per sq.ft. of $2111, highest ever, is up 49% over 2022.
• There are seven 4/3 homes for sale priced between $3.2M and $4.6M.

4 Bedroom/4 Bathroom

• Eight, 4Bed/4Bath homes have sold in the Old Town area thru 10/31/2023 at an average of 37 days to sell. For all 2022, nine homes sold at an average 49 days.
• The 2023 average sold price of $2.929M is down 11% from 2022 and is up 163% over the 2009 low.
• The 2023 average sold price per sq.ft. of $1081 is down 16% 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

Inventory jumped in October to 64 homes for sale, up twenty properties over September and highest since May. 2/2's, 3/2's and 3/3's saw the largest increases in inventory.

Still, there are only three Contingent and two Pending contracts so November and December sales will continue to struggle.

Cash sales continue to dominate at 69%. As stated in the September sales report, the majority of sales are between out of area Sellers and Buyers as the vast majority of Key Westers are priced out of the market.

If the Fed holds interest rates steady at their December 12-13 meeting, then a rebound of listings and sales into 2024 could continue.

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

Good luck.