The Key West Real Estate market was a mixed bag the month of July 2010. There were 33 residential Key West Real Estate sales (includes homes, condos, townhouses, and multi-family), 8% less than July 2009. The average residential Key West Real Estate sales price was $341,000, up 7.2% from the same month the previous year. The median residential Key West Real Estate sales price was $303,000, up 13% the same month the previous year. The average residential Key West Real Estate days on market was 123, down from 170 the same month the previous year.
The average sales price for Key West Homes was $393,000, 4 ½ % higher than the same month for the previous year, but the number of sales of Key West Homes dropped 22% to 14 from the same month the previous year. Median sales price of Key West Homes was $382,000, 18% higher the same month the previous year. Average days on market for Key West Homes dropped to 98 from 199 from the same month the previous year.
The number of Key West Condo and Key West Townhouses sales was 18, the same as the same month the previous year. The average Key West Condo and Key West Townhouses price was $351,000, 35% higher than the same month for the previous year. Median Key West Condo and Key West Townhouses price was $248,000, 18% higher the same month the previous year. Average days on market dropped to 86 from 140 from the same month the previous year.
In my opinion, prices are up because the lower end of the market is now appreciating as the inventory shrinks. The Key West Real Estate market now has only 518 residential listings as of 8-1-2010. There are 278 Key West Homes for sale, 177 Key West Condo and Key West Townhouses listings for sale, and 63 Key West Multi-family listings for sale.
Year to date for 2010 in the Key West Real Estate market shows that the number of listings sold is almost 30% over the same period last year. We have had more than 277 residential Key West Real Estate closings so far this year. 2009 Key West Real Estate sales were up 22% over 2008 so the market is gaining steam. In addition, days on the market for Key West Real Estate has decreased to 134 days as opposed to 151 for 2009.
The market would most likely be showing additional strength in the number of sales and higher prices, but the oil spill threat put a number of people on hold. Now that the oil spill appears to be under control and NOAA has stated Key West has a 0% chance of oil reaching our waters, we will hopefully gain our momentum back as we head into the busy fall and winter seasons….