The number of active listings for May 2012 is 387. This is down slightly from this same time last year by about 30 listings in the Key West housing market. Of these properties, 147 were contingent or pending on the last day of the month, and 64 were sold. Last year, during the month of May, the active listings numbered 445, contingent or pending were 137 and the number sold was 40.
During this same time, the Lower Keys showed active listings of 260. This is also down slightly from last year. The breakdown looks like this: contingent or pending 71 and sold numbered at 44. In 2011 May’s listings numbered 282 active, 61 contingent or pending and 14 had been sold.
In both of these comparisons, the overall listings were down, and on the surface this could be construed as the market softening. But when you take a closer look at the breakdown of number sold over the past year, there has actually been an increase. The difference in overall number of listings could just mean that fewer people decided not to sell their homes this year.
The median sales price comparisons, according to the April 2012 Key West Real Estate Statistical Analysis published by the Key West Association of Realtors, bear out this observation also. Median price for a single-family home in Key West is up from last year at $650,000 for this year and $325,000 last year. The Lower Keys numbers are also looking the same for a single-family home at $487,500 for this year and $325,000 last year. When you compare the numbers from April to May, the median price is also up in both Key West and the Lower Keys.
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Looking at these statistics, the market looks to be improving from year to year. With interest rates still at historic lows, now seems to be the best time to buy a home. Because no matter how you look at it, buying property is still the best investment someone can make. Even though the market has suffered in the past year, there are signs of stabilization, and a trend is starting to show upward movement.
Some come to the Keys and take the plunge (pun intended) and whether you’re a tourist, looking to move permanently to the Keys, or just someone who likes the beauty of nature, the great variety of amenities in the homes in our area are just more reason to want to live in beautiful Key West. If you’re interested in real estate in this attractive area contact me, Jimmy Lane, at Key West Real Estate: 305-766-0585.