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Well, it is that time of year again in Key West. Halloween is over and everyone is starting to gear up for their particular holiday tradition. Because of the holidays, this time of year usually brings a slowdown in home buying activity. But for the month of October, statistics are showing that the ghouls and goblins didn’t scare off home buyers in Key West and the Lower Keys.
Our monthly analysis of the Key West Association of Realtors Statistics shows that October was another month in the plus category across the board. Listings in Key West are up nicely from 22 in 2011 to 34 this year. The Lower Keys listings are also up from 9 last year to 11 in 2012.
This trend is also reflected in the median selling price comparisons for the two areas. Looking at the graph to the right, we can see that Key West had a median selling price increase from $346,000 in October 2011 to $370,833 in 2012. This is a $248,333 price increase over last year. The Lower Keys are showing the same type of information. In October of 2011, the median selling price was $237,000, and last month, the median selling price was $308,750, which is an increase of $71,750 in the last year.
This means we had a 7.2% increase in home median selling prices in Key West and 30.3% in the Lower Keys. I know that many people are talking about the fact that this is the worst recovery we have ever had as a nation, but there are signs of recovery if we look for them. I believe, and many statisticians agree, we are only going to move forward with slow sustainable recovery, and now is the time to buy or sell.
So 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 is just one 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.