Key West Real Estate Market Report January 2011

The Key West real estate market is still showing some mixed signs for the month of January 2011. The number of sales was exactly the same as January 2010, but prices are climbing in some price ranges and types of properties and declining in others. There were 30 residential Key West real estate sales (includes homes, condos, townhomes, and multi-family) this January, The average residential Key West real estate sales price was $390,858.67, up 9.7% from the same month the previous year. The median residential Key West real estate sales price was $299,000, down 9.8% from the same month the previous year. The average residential Key West real estate days on market was 159, up from 157 the same month the previous year.
To break the numbers down even further:

The number of sales of Key West homes was 10, down 23.1% from the same month the previous year. The average sales price for Key West homes was $525,000, 36.1% higher than the same month for the previous year. Median sales price of Key West homes was $370,000, up 9.1% from the same month the previous year. Average days on market for Key West homes went from 190 the previous year to 232 this year.

The number of Key West condo and Key West townhome sales was 14, the same number as same month the previous year. The average Key West condo and Key West townhome price was $307,000, no difference from same month for the previous year. Median Key West condo and Key West townhome price was $212500, 26.7% lower than the same month the previous year. Average days on market dropped to 84 from 129 from the same month the previous year.

The Key West real estate market now has only 511 residential listings as of 1-1-2011.  That’s down 10% from a year ago. There are 268 Key West homes for sale, 192 Key West condo and Key West townhome listings for sale, and 51 Key West Multi-family listings for sale.

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