We have been talking lately about a shortage of inventory in the housing market, and a look at the Key West Association of Realtors report shows us that this trend is continuing. There were 33 fewer active properties than at this time last year in Key West. A decrease in the number of active properties usually means a shorter stay on the market for homes, and we are seeing this to be true now. The average number of days spent on market for all properties in Key West has decreased 1.3% over the last month.
An interesting note is that the average price for all properties sold in Key West has decreased to $360,937 down from September 2011 at $401,134. This is a decreased of about 10% overall meaning we are still in a buyer’s market, but I don’t believe it will stay this way for much longer, especially if the inventory continues to drop. So now is the perfect time to take advantage of this market!
On the other hand if we take a look at the Lower Keys market, we see that the 
prices are starting to rise just a bit. The average price is up 26.4%. The median selling price of properties in the Lower Keys has gone up 50.4% as well. There are also 49 fewer active properties listed compared to September 2011. The Lower Keys' statistics seem to display more favor to the seller! How ironic that Key West favors the buyer and the Lower Keys the seller!
It doesn’t matter if you are a buyer or seller – the Florida Keys are a sound real estate market to be in. This is because The Keys are protected from some of the dangers in the current real estate market due to the fact that it is an attractive vacation destination. The vacation rental market environment is a life preserver for the real estate investor, even with many residents here on a permanent basis. As long as the property is rentable, the investment is self-sustaining. This makes real estate more appealing for investment purposes here than a typical home purchased as a primary residence anywhere else in the country.
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 yet one more reason why you would 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.