Looking at the statistical analysis for Key West and the Lower Keys that the Key West Association of REALTORS has published for the month of June, one could almost think they have made a mistake and published the same information as last month. But once a closer look is taken, we can see that there really is a slight difference in the numbers and the information is in fact correct and true as always. With that being said, let’s see what the Association is saying that happened in the month of June.
One set of numbers that reinforces this information and the most interesting part of the analysis is that there were a total of 39 dwellings sold in 2012 as opposed to 42 in 2011, which means that there were 3 fewer dwellings sold in 2012 than in 2011. We may have speculated earlier that the market was basically flat and these numbers really prove this to be the case.
If we look at the Lower Keys statistics, they present the same picture. The number of single family homes sold in 2012 was 14, up from 13 in 2011. Condo sales remained the same and in other types of housing 4 sold in 2012 and 2 in 2011. Here again though the totals really sustain our ideas that the market has flattened out. We have 19 dwellings sold in 2012 and 16 sold in 2011.
The median selling prices are also pointing in the same direction. The Median price of a single family home is a bit lower at $411, 000 in 2012 compared to $555,000 in 2011. The same is true in the Lower Keys; the median price for a single family home was $427,000 in 2012 and $440,000 in 2011. But this has been the case for a few months now.
Something that has also stayed the same is the fact that right now is the best time to buy a home. We have just showed that prices are down and interest rates remain at the lowest they have been in years. Another item that we can all agree on is that the market has stabilized, and if you wait too long interest and prices will eventually start rising.
So come on down to Key West 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 the 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.