The Lower Keys real estate market is mixed compared to the numbers of one year ago. The number of properties actively listed this October was 270, and the number sold by the end of the month was 9. In October 2010, the number of properties actively listed was 311, and the number sold was 10. So, while there were 41 fewer properties listed this October, the 9 sales were only fractionally lower than the 10 in 2010.
The average and median prices of properties sold show both increases and decreases from the same month a year ago. According to the October 2011 Lower Keys Real Estate Statistical Analysis published by the Key West Association of Realtors, the average price for all properties sold in the Lower Keys during October 2010 was $266,559.50, and in October 2011 the average price was $239,750.00, which is a decrease of -10.1%. The median price of properties sold in October 2010 was $258,750.00, and the median price in October 2011 was $237,000.00, which is a decrease of -8.4%. In October 2010 the average days on the market for properties in the Lower Keys was 146. This number climbed to 162 for October 2011.
To break the numbers down into more detail: The number of single-family homes sold in the Lower Keys during October 2011 was 5, and the number sold in October 2010 was 7. There were no sales of condos/townhomes in the Lower Keys during either October 2011 or October 2010. The number of other properties (duplex, multi-units, and mobile homes) sold in the Lower Keys was 4 in October 2011 compared to 3 last year.
The average price of single-family homes sold in the Lower Keys during October 2011 was $306,000.00, which was a 22.0 % decrease from one year ago. The median price of $305,000.00 in October 2011 was a decrease of 26.5% from the $415,000.00 median price in October 2010. There were no condo/townhomes sold in October 2011. The average price of the 4 other properties sold in October 2011 was $173,500.00, and the median price was $169,000.00.
There were 155 active listings of single-family homes for sale in the Lower Keys this October. The active listings also included 14 listings for condos/townhomes, and 101 listings for other properties. Of the total 270 properties listed 42 properties were contingent or pending at the time of the report and 9 properties were sold. One year ago there were 184 active listings for single-family homes, 15 for condos/townhomes, and 112 for other properties.
The overall real estate scene is good for the Lower Keys and life is good in the Lower Keys! All of this adds up to GOOD reasons for you to consider property in the Lower Keys today. Give me a call. Jimmy Lane: 305-766-0585 or contact me online.
Check out 365 Things To Do In Key West and share the link with your friends!