There continues to be a drop in the number of active listings since the same month last year. In June 2010 there were 520 properties actively listed. With 75 fewer listings on the market this June, sales increased over last year. This is a very healthy move in the Key West real estate market.
The average and median prices of properties sold were higher than a year ago. According to the June 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 June 2010 was $370,043.67 and in June 2011 the average price increased to $506,965.00. The median price of properties sold in June 2010 was $327,166.67 and rose to a median price in June 2011 of $452,000.00
To break the numbers down into more detail: The number of single-family homes sold in Key West during June 2011 was 22 compared to 21 single-family homes sold in June 2010. The number of condos/townhomes sold in Key West in June 2011 was 16, compared to 14 last June. The number of other properties (duplexes and multi-family) sold in Key West was 2 in June 2011 and 1 in June 2010.
In the year-to-year comparison of average and median prices of properties sold, all categories show an increase in prices. The median price of single homes sold in June 2011 was $631,000.00, which is an increase of 48.5% over last June. The median price of condos and townhomes sold in June 2011was $327,500.00, which shows a 16.3% increase over last year. The median price of other properties (duplexes and multi-family) sold in June 2011 was $452,000.00 which was a 38.2% increase over June 2010.
In summary, the real estate sales, average prices and median prices in Key West all rose this June compared to June 2010. The number of properties on the market was down by 75. This is good news for Key West and good news for you. This is the perfect time to act - take advantage of this market! Give me a call today. Jimmy Lane: 305-766-0585.