During the month of October 2011, there were 397 properties actively listed in the Key West real estate market. Of these properties, 126 were contingent or pending on the last day of the month, and 21 properties had been sold. One year ago, during the month of October, the number of active listings was 516, the number of properties contingent or pending was 142, and the number sold was 26.
The Key West real estate market shows a very positive trend when comparing the first ten months of 2011 to the first ten months of 2010. The number of active listings has decreased almost every month since January 2011. The number of sales has decreased as well. The good news is that the average selling price increased, and the median selling price increased in 2011. This is GREAT NEWS for our local real estate market!
Both the average and median prices of properties sold this October were higher than a year ago. According to the October 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 October 2010 was $346,087.67, and in October 2011 the average price increased to $450,129.00. The median price of properties sold in October 2010 was $304,000.00 and rose to a median price in October 2011 of $376,666.67.
To break the number of sales down into more detail: The number of single family homes sold in Key West during October 2011 was 12 compared to 16 sold in 2010. The number of condos/townhomes sold in Key West in October 2011 was 8, compared to 10 last October. There was one other property (duplexes and multi-family) sold in Key West during October 2011, and one other property sold in October 2010.
As the graphs comparing sales from January to October show, now is the perfect time for sellers 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 or contact me online at http://www.jimmylane.com
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