Seven single family homes sold in the Old Town area in January 2018.  The 5-year, 2013 - 2017, average is nine.  This is a declining average as January sales peaked in 2014 and have declined in 2015, 2016 and 2017. Monthly single family home sales have been below their respective 5-year average for six of the past seven months. The sales prices of the seven January sales ranged from $420,000 to $1,125,000 with an average of $840,000.  Average sales price per square foot was $749, 20% above January 2017, 4% above the average for all of 2017 and 18% above the 5-year average.

Welcome to 2018

The below charts show sales of the seven most popular bed/bath combinations in Old Town Key West from January 1, 2008 to January 31, 2018. 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 and an analysis of 2017 end-of-year sales, neighborhood by neighborhood, here.

The seven bed/bath combinations below contain enough sales to measure and evaluate trends after the 2004-2006 real estate Bubble.

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• Zero, 1Bed/1Bath homes have sold in the Old Town area thru 1/31/2018. 2017 ended with the average number of days to sell as 99 days.
• There are two 1/1 homes for sale at $599K and $1.595M.
• The 2017 average sale price of $534,000 was 7% above the average sale price for 2016.
• In 2015, twelve homes sold, the most since 2001. In 2016, 9 sold. In 2017 there were 4 sales.
• The average size of the 2017 homes sold was 623 sq.ft., slightly above average; however, the average sale price per sqft. was $857, 7% above 2016 and highest since 2005.

• Two, 2Bed/1Bath homes have sold in the Old Town area thru 1/31/2018.  The average number of days to sell is 345 days.
• The average Sold price of $773,000 is up 39% from 2017 which at $557K was down 4% from 2016.
• Four 2/1 homes are for sale with prices from $499K to $1.2M.
• Sixteen 2/1's sold in 2016, eleven in 2017.
• Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town with 159 sales.

• One, 2Bed/2Bath home has sold in the Old Town area thru 1/31/2018. The number of  Days to sell is 237 Days. In 2017 the average was 106 days.
• The sold price of $910,000 is up 2% from 2017 and is 114% above the low in 2009.
• Seventeen 2/2's are for sale, priced between $675,000 and $1.595M.
• The Sold price per sqft for 2018 is $1091.  In 2017 the average was $704, in 2016 the average was $614.
• Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West with 259 sales.

• One, 3Bed/2Bath home has sold in the Old Town area thru 1/31/2018. The number of Days to sell is 353 Days.
• The average Sold price of $1,130,000 is up 12% from 2017 which was 2% below 2016 and is 145% above the 2009 low.
• The sold price per sqft. is $733, up 9% from 2017.
• Twenty-one sold in 2015, fifteen in 2016 and twenty-seven in 2017.
• Since 2009, 3Bed/2Bath homes have been the 2nd biggest sellers in Old Town with 181 sales.

• One, 3Bed/3Bath home has sold in the Old Town area thru 1/31/2018. The number of Days to sell is 884 Days!
• The sold price of $865K is down 39% from 2017 which was 1% below 2016.
• The average Sold price per sqft. of $576 is down 29% from 2017.  2017's $806 was the highest since 2005.
• Nineteen homes sold in 2015 and 2016 with twenty-two sales in 2017.
• Since 2009, 3Bed/3Bath homes have been the fourth biggest seller in Old Town Key West

• Zero, 4Bed/3Bath homes have sold in the Old Town area thru 1/31/2018.  In 2017, the average number of Days to sell was 51 days.
• The 2017 average sale price of $1.488M was 27% below 2016 with the 5-year average sales price of $1.525M.
• The 2017 average Sold price per sq.ft. was $813, down 4% from 2016 yet well above the 5-yr average of $638.
• Number of sales and sales prices for 4Bed/3Bath homes is very choppy though there has been an upward trend in average sale price since 2013.

• Zero, 4Bed/4Bath homes have sold in the Old Town area thru 1/31/2018.  In 2017 the average number of Days to sell was 185 days.
• There are thirteen 4/4's for sale ranging from $1.29M to $6.25M.
• The 2017 average Sold price was $2.103M, down 1% from 2016 which was 4% above the 2015.
• The 2017 average sold price per sq.ft. of $762 was 6% below 2016.
• Since 2003, average number of annual sales is six, with six in 2015, eight in 2016 and six in 2017.
• Year to year price action is choppy as a limited number of annual sales causes large fluctuations in average sales price.

Summary

There are 110 single family homes for sale in the Old Town area with prices ranging from $525,000 to $15,800,000 and a Median price of $1,597,000 (if you omit the two properties over $15M).  Contrast this with 2017 End of Year Sales results that had 121 sales at an average sale price of $1,181,000.

There are project homes for sale and 100% ready-to-go beauties that just need your toothbrush in the holder. 

So, come on down and take a look at what Key West has to offer:

• Safety and security,
• Enhanced small town dining, arts and live theater,
• Expanding, non-stop air transportation to major east coast cities,
• Clean air and tropical ocean waters. 

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

Good luck and welcome to 2018!