During the month of November 2011, there were 410 properties actively listed in the Key West real estate market. Of these properties, 125 were contingent or pending on the last day of the month, and 18 properties had been sold. One year ago, during the month of November, the number of active listings was 526, the number of properties contingent or pending was 140, and the number sold was 22.
The Key West real estate market shows a positive trend when comparing the first eleven months of 2011 to the first eleven months of 2010. The number of active listings has increased in the past month while the number of sales has decreased. 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 November were higher than a year ago. According to the November 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 November 2010 was $494,312.67, and in November 2011 the average price decreased to $395,956.50. The median price of properties sold in November 2010 was $452,000.00 and dropped to a median price in November 2011 of $391,503.50.
To break the number of sales down into more detail: The number of single family homes sold in Key West during November 2011 and November 2010 was the same at a total of 9. The number of condos/townhomes sold in Key West in November 2011 was 7, compared to 12 last November. There was no other properties (duplexes and multi-family) sold in Key West during November 2011, and one other property sold in November 2010.
As the graphs comparing sales from January to November show, now is the perfect time for buyers and 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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