Posted: Feb 03, 2022
Old Town Key West Sales Begin 2022 with Gusto

Thirteen single family homes sold in January 2022, one more than the 5-year (2017 - 2021) of twelve. But it is the ferver and velocity of sales that is making headlines. Persistent demand created multiple offers per sale.  Four of January's sales contracts came in above asking price and the average sale price to list price ratio was 97%. On prices, the average sales price for the thirteen sales was $1.46M at an average sales price per square feet of $1093. In 2021, ten months averaged more than $1.46M and the end of year average sales price per sqft was $959.

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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 January 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

  • Two, 1Bed/1Bath homes have sold in the Old Town area thru 1/31/2022. The average number of days to sell is 152 days. (Eight homes sold in 2021).
  • The 2022 average sale price of $990,000 is up 59% from 2021 and is 408% above the 2011 low.
  • Eight homes sold in 2021, ten homes in 2020.
  • The average size of the 2022 homes sold is 645 sq.ft., above average. The average sale price per sqft. of $1535 is 42% above 2021 and is the highest ever.

2 Bedroom/1 Bathroom

  • Zero, 2Bed/1Bath homes sold in the Old Town area in January. In 2021, eighteen homes sold at an average of 36 days to sell.
  • The 2021 average Sold price of $830,000 was up 32% over 2020 which was up 12% over 2019. The $830K is 150% above the 2011 low.
  • The average sold price per square foot in 2021 of $850 was up 22% over 2020.
  • Two 2/1 homes are for sale at $725K and $1.169M.
  • Twenty-one 2/1 homes sold in 2019, eight in 2020.
  • Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town with 229 sales

2 Bedroom/2 Bathroom

  • Four, 2Bed/2Bath homes have sold in the Old Town area thru 1/31/2022. The average number of Days to sell is 15 Days. 43 homes sold in 2021 at an average of 58 Days.
  • The average sold price of $1.047M is down 12% from 2021's $1.193M which was the highest average sold price ever.  $1.047M is 146% above the low in 2009.
  • Six 2/2's are for sale, priced between $649K and $1.8M.
  • The 2022 average Sold price per sqft is $1100, up 14% over 2021. 
  • Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West with 396 sales

3 Bedroom/2 Bathroom

  • Five, 3Bed/2Bath homes have sold in the Old Town area thru 1/31/2022. The average number of Days to sell is 28 Days.
  • The average Sold price of $1.479M is 9% above 2021 and is the highest ever for a 3/2 home.The $1.479M is 194% above the 2009 low.
  • The average sold price per sqft. is $918, down 1% from 2021..
  • Forty-five 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 311 sales.

3 Bedroom/3 Bathroom

  • One, 3Bed/3Bath home sold in the Old Town area thru 1/31/2022. The number of Days to sell was Zero. In 2021, 41 homes sold in 2021, the most ever, at an average of 96 Days.
  • The 2022 sold price of $2.9M is up 62% over 2021 average which was up 8% over 2019. $2.9M is 293% above the 2010 low.
  • The average Sold price per sqft. of $1566 is up 57% over 2021 and is the highest ever recorded for 3/3 homes.
  • Nineteen homes sold in 2020 and twenty-six homes sold in 2019.
  • Since 2009, 3Bed/3Bath homes have been the fourth biggest seller in Old Town Key West with 260 sales.

4 Bedroom/3 Bathroom

  • Zero, 4bed/3bath homes have sold in the Old Town area in January. In 2021, 14 homes sold at an average number of days to sell of 95 Days.
  • The 2021 average sold price of $2.383M, was up 49% over 2020 and was 182% above the 2009 low.
  • There are four homes for sale, priced from $2.4M to $4.7M.
  • The 2021 average sales price per sqft of $1009 was up 38% over 2020 and was 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

  • One, 4Bed/4Bath home sold in the Old Town area thru 1/31/2022. Number of Days to sell is 134 Days. In 2021, 18 homes sold, the most 4/4's solds EVER.
  • The 2022 sold price of $2.55M is up 5% over 2021 and is up 124% over the 2009 low.
  • The 2022 sold price per sq.ft. of $1063 is up 11% over 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.

Summary

 

Thirty single family homes are listed for sale in the MLS in the Old Town area of Key West.  Normally this would be 120+. Meanwhile, demand has neither diminished nor is it expected.

 

I recently placed a beautiful Old Town home for sale in the MLS on a Sunday evening.  Before my Monday morning began, I had two full price offers in my Inbox, with seven offers at or above list price by the end of the day. By COB Tuesday the deal was done. The Sellers were thrilled.  So were the Buyers.

 

Six of the thirteen sales in January were in Cash.  There are 27 Contingent contracts and 8 Pending.  February and March are in the books. 

 

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

 

Good luck and Welcome to 2022.