The average and median prices of properties sold stayed fairly level compared to a year ago. According to the April 2011 Key West Real Estate Statistical Analysis published by the Key West Association of Realtors, the average price for all properties sold in Key West in April 2010 was $472,087.33 and in April 2011 the average price rose to $500,670.67. However, the median price of properties sold in April 2010 was $403,150.00 and fell slightly to a median price in March 2011 of $395,800.00.
To break the numbers down into more detail:
The number of single family homes sold in Key West during April 2011 was 28 compared to 21 single family homes sold in April 2010. The number of condos/townhomes sold in Key West in April 2011 was 27 compared to 24 last April. The number of other properties sold in Key West (duplexes and multifamily) was 2 in April 2011 which was identical to last year.
The average price of single family homes sold in Key West in April 2011 was $793,357.00 which was a 5.4% increase over one year ago. The median single family home price of $525,000.00 in April 2011 was a slight 0.9% down from the same month last year. The average price of condos/townhouses sold in April 2011 was $366,155.00, which showed an increase of 29.9% over April 2010. The median price of condos/townhouses sold in Key West in April 2011 was $319,900.00, which was an increase of 7.5% over the same time last year.
There were 241 active listings of single family homes for sale in Key West this April, 184 listings for condos/townhouses and 40 listings for other properties. This is 67 fewer properties on the active listings than this time last year which is a great sign! Of the total listings this April, 163 properties were contingent or pending at the time of the report and 57 properties were already sold.
The real estate numbers are good in Key West and life is good in Key West! All of this adds up to GOOD reasons for you to consider property in Key West today. Let’s get started! Jimmy Lane: 305-766-0585