Key West Real Estate Sales Surge for 1st quarter 2010
The number of Key West residential properties sold during the 1st quarter 2010 surged over 61% from the same period in 2008. 171 residential properties changed hands during the period compared to 101 during the same time in 2009. Average selling price during that time dropped 11% however, the median sales price increased 2%. The average sales price decline in Key West Real Estate is the lowest decline in years and the increase in median sales price is the first in years, all good signs for the Key West housing market. Key West listings sold in 2008 was up 22% over 2007, thus the trend continues of more people getting back into the Key West Real Estate market.
For the month of April 2010 the number of Key West residential sales surged over 80% compared to April 2009. The number of Key West properties sold for April 2010 was 47 compared to 26 in the same month last year. Average sales price dropped around 10% however median sales price jumped over 12%, signaling a return of buyers into the higher priced Key West properties. Average days on the market for Key West Real estate also dropped to 113 days as compared to 167 days in April 2009.
Inventory also continues to decline with around 550 residential properties currently on the market, compared to over 700 this time last year.