There is a drop in the number of active listings each month compared to last year. In August 2010 there were 503 properties actively listed and 25 sales. This August there were 119 fewer properties on the market and yet more sales than last year. This marks a very positive trend for the Key West real estate market.
Both the average and median prices of properties sold this August were higher than a year ago. According to the August 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 August 2010 was $406,967.67, and in August 2011 the average price increased to $537,413.67. The median price of properties sold in August 2010 was $341,500.00 and rose to a median price in August 2011 of $352,000.00.
To break the numbers down into more detail: The number of single-family homes sold in Key West during August 2010 and August 2011 was the same at 11. The number of condos/townhomes sold in Key West in August 2011 was 22, compared to 12 last August. There were 4 other properties (duplexes and multi-family) sold in Key West during August 2011, and 2 other properties sold in August 2010.
In the year-to-year comparison of average and median prices of properties sold, two categories show an increase in prices. The median price of single homes sold in August 2011 was $450,000.00, which is an increase of 36.4% over last August. The median price of condos and townhomes sold in August 2011 was $318,500.00, which shows a 9.1% increase over last year. The low number of “other” category properties sold does not allow for a true comparison,
Good news - - 119 fewer active properties than last year and more sold at higher prices. 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.