The average sales price for Key West homes was $533,000, 13% higher than the same month for the previous year, but the number of sales of Key West homes dropped 31% to 11 from the same month the previous year. Median sales price of Key West homes was $330,000, 5% lower than the same month the previous year. Average days on market for Key West homes dropped to 93 from 269 from the same month the previous year.
The number of Key West condo and Key West townhome sales was 12, 9% higher than the same month the previous year. The average Key West condo and Key West townhome price was $286,000, 29% higher than the same month for the previous year. Median Key West condo and Key West townhome price was $292,000, 55% higher than the same month the previous year. Average days on market dropped to 51 from 135 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 503 residential listings as of 9-1-2010. There are 272 Key West homes for sale, 173 Key West condo and Key West townhome listings for sale, and 58 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 16% over the same period last year. We have had more than 302 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, the number of 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 Gulf 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, it appears we are starting to pick up as we head into the high season. My phone has started to ring with clients planning trips down to take advantage of the Old Town Key West market while they still can. Locals are continuing to snap up the remaining inventory of waterfront homes and new town properties. Also, many fisherman have been buying up the supply of lower keys homes in the $300,000 to $500,000, with many open water homes selling for much more than that. With so few listings out there, we are seeing bidding wars on the well priced properties more often than not.