Overall the past year has seen a fairly stable real estate market in Key West. As you can see in this chart showing, “Number of Key West Properties Sold”, the past year had the typical seasonal highs and lows, but the range remained stable. The number of properties (including single family homes, condos, town homes, mobile homes, & multi-units) sold in Key West in March 2010 was 52 and the number sold in March 2011 was 42.
Although the number of properties sold is down a bit from last year, the average price was up by 4.3%. According to the March 2011 Key West Real Estate Statistical Analysis published by the Key West Association of Realtors, the average price for all properties sold in KeyWest during March 2010 was $451,715.33 and in March 2011 the average price was $470,942.33.
The median price of properties sold in March 2010 was $342,133.33 and the median price in March 2011 was $333,833.33. It took less time to sell properties in March 2011 than one year ago. In March 2010 the average days on market for Key West was 167. This number dropped to 133 in March 2011.
To break the numbers down into more detail:
The number of single family homes sold in Key West during March 2011 was 24 compared to 31 last year. The number of condos/town homes sold in Key West during March 2011 was 15 compared to 19 last year. The number of other properties sold in Key West was 3 in March 2011 compared to 2 last year.
The average price of single family homes sold in Key West during March 2011 was $517,125 which was a 13.9 % drop from one year ago. The median price of $410,000 in March 2011, however, was up 5.2% from last year. The average price of condos/town homes sold in March 2011 was $616,869 which was a 44.1% increase over last year. However, the median price of condos/town homes at $320, 000 in March 2011 was a mere 3.2% higher than last March.
There were 245 active listings of single family homes for sale in Key West this March, 190 listings for condos/town homes, and 39 listings for other properties. Of this total, 169 properties were contingent or pending at the time of the report and 42 properties were sold.
Any way we look at the numbers and charts, this is a good time to be in Key West! The numbers are healthy and the lifestyle is fabulous. I am here to help you get started in your search for Key West property or your sale of Key West property. Give me a call today. Jimmy Lane, 305-766-0585.