During the month of March 2012, there were 265 properties listed in the Lower Keys real estate market. Of these properties, 71 were contingent or pending on the last day of the month, and 29 had been sold. Last year at this same time, the active listings numbered 287, contingent or pending were 50, and the number sold was 81.
Looking at these numbers in chart form, we can see that Lower Key Property Sales have dropped slightly over the past year. This type of decline can happen for many reasons. One of the causes may actually be that homeowners have decided to keep their homes and not be on the market. If this is the case, then the comparison would actually show that sales have flattened out.
Another area where we can see the same trend is in the average and median sales prices during the past year. Even though a slight downward trend is still with us, sales of condos and townhouses show a rise over last year. So when looking at the big picture, the market is not in that bad of a shape.
According to the April 2012 Lower Key Real Estate Statistical Analysis published by the Key West Association of Realtors, the average price for all properties sold in the Lower Keys in April 2011 was $414,666.50 and in April 2012, the average decreased to $304,852.67. The median price of properties sold in April 2011 was $282,500.00 and decreased to 263,000.00 in April 2012. This further shows that about half the homes in the Lower Keys actually sold for around $20,000 less this year. Considering that many homes in the rest of the country are selling for much less, the Lower Keys are still in pretty good economic shape.
To break the number of sales down into more detail: the number of single-family homes sold in the Lower Keys during the month of April 2012 was 19, and in April 2011 it was 19. The number of condos/townhomes sold in the Lower Keys in April 2012 was 1 as opposed to none in April of 2011. There were 9 other properties (duplexes and multi-family) sold in the Lower Keys during April 2012 with 3 being sold in April 2011. Depending on how you read the numbers, the real estate market in the Lower Keys can look a little shaky, but after breaking down the numbers a little further, we can see that the market in the Lower Keys is on pretty stable ground.
As the graphs comparing sales statistics for the Lower Keys 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.
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