Last July the number of properties listed was 333, the number contingent or pending was 53, and the number sold was 17. So, with fewer properties on the market, we are seeing level activity in pending sales. This is a trend in the right direction for the Lower Keys real estate market!
The average and median prices of Lower Keys properties are generally higher than those of last year. According to the July 2011 Lower Keys Real Estate Statistical Analysis published by the Key West Association of Realtors, the average price of all properties sold in the Lower Keys in July 2011 was $268,777.67 which showed a decline from the July 2010 average of $334,123.50. However, the July 2011 median price for all properties sold in the Lower Keys was $274,166.67, which was an increase over the July 2010 median price of $268,950.50
To break the numbers down into more detail: The number of single-family homes sold in the Lower Keys during July 2011 was 6. This number was lower than the 14 sold in July 2010. There was 1 condo/townhome sold in July 2011 and none sold in July 2010. In the month of July 2011, there was 1 other property (duplexes and multi-family) sold compared to 3 sold in July 2010. The median price of all single-family homes sold in July 2011 was $477,500.00
The current real estate market trend for the Lower Keys continues to be encouraging. With 62 fewer active listings than one year ago, sales are showing an upward movement and median prices have increased. This is a great time to take advantage of the positive trend in real estate for the Lower Keys, and I have many options to show you. Give me a call today. Jimmy Lane: 305-766-0585.