The Lower Keys real estate markets are looking good compared to the numbers of one year ago. The number of properties actively listed this February was 285. There were 55 properties under contract to be sold with 13 actually closing during the month. In February 2011, the number of properties actively listed was 285, the number pending was at 54, while the number sold was 23.
The average and median prices of properties sold show shifts from the same month a year ago. According to the February 2012 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 February 2011 was $372,603.33, and in February 2012 the average price dropped to $248,928.67, which is a decrease of 33.2%. The median price of properties sold in February 2011 was $283,333.33, and the median price in February 2012 was $239,666.67, which is a decrease of 15.4%. In February 2011, the average days on the market for properties in the Lower Keys was 143. This number increased slightly to 148 for February 2012.
To break the numbers down into more detail: There were 7 single-family homes sold in the Lower Keys during February 2012, and the number sold in February 2011 was 9. There was a single sale of condos/townhomes in the Lower Keys during February 2012 and one in February 2011. The number of other properties (duplex, multi-units, and mobile homes) sold in the Lower Keys was 5 in February 2012 compared to 7 last year.
The average price of single-family homes sold in the Lower Keys during February 2012 was $326,786.00, which was a 48.9% decrease from one year ago. The median price of $299,000.00 in February 2012 was a decrease of 23.3% from the $390,000.00 median price in February 2011. There was 1 condo/townhome sold in February 2012 at an average price of $300,000.00 which was an increase of 3.4% over February 2011. The average price of the 5 other properties sold in February 2012 was $120,000.00, and the median price was $120,000.00, which was a 29.4% decrease from 2011.
There were 182 active listings of single-family homes for sale in the Lower Keys this February. The active listings also included 13 listings for condos/townhomes and 102 listings for other properties. Of the total 297 properties listed, 55 properties were contingent or pending at the time of the report, and none actually closed. One year ago there were 170 active listings for single-family homes, 19 for condos/townhomes, and 96 for other properties.
The buyer’s real estate scene and life are 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.
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