There continues to be a drop in the number of active listings each month compared to last year. In July 2010 there were 518 properties actively listed and 33 sales. The fact of 88 fewer properties on the market this July over last July signals a positive trend for the Key West real estate market.
Both the average and median prices of properties sold this July were higher than a year ago. According to the July 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 July 2010 was $344,009.67, and in July 2011 the average price increased to $477,378.00. The median price of properties sold in July 2010 was $303,666.67 and rose to a median price in July 2011 of $405,000,00.
To break the numbers down into more detail: The number of single-family homes sold in Key West during July 2011 was 14 compared to 14 single-family homes sold in July 2010. The number of condos/townhomes sold in Key West in July 2011 was 9, compared to 17 last July. There were no other properties (duplexes and multi-family) sold in Key West during July 2011, and 1 other property was sold in July 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 July 2011 was $485,000.00, which is an increase of 27% over last July. The median price of condos and townhomes sold in July 2011 was $325,000.00, which shows a 30.5% increase over last year. With only one property sold in the "other" category, no comparison can be made.
It is good news to see fewer properties on the market and the value of properties rising. Now is the perfect time to take advantage of this market! I'm ready to assist with my knowledge of Key West and my extensive real estate experience. Give me a call today. Jimmy Lane: 305-766-0585.