Wow, what a real estate year we have had here in sunny Key West. The year started on a down note. We had just started to see light at the end of the real estate slump tunnel, at this time in 2012. It seemed like the worst was over but we were still on shaky ground. Fortunately, as the year has progressed, there has been a slow but steady growth in not only sales, but in the median price of homes as well.
In Key West, during the calendar year between Dec. 2011 and Dec. 2012, the median selling price of a single family home was $523,500 in 2012, up from $401,000; a more than modest gain for the year. The Lower Keys showed a little more modest gain with the median selling price of a single family home at $441,500 in 2012, up from $385,500 in 2011. I think these numbers show a continued sustainable growth, which will make the market more stable in the long run.
But one thing that I have found very interesting is the amount of listings sold, in both areas, is about the same for both 2011 and 2012. In the Lower Keys, there were a total of 17 listings sold in December, 2011, and a total of 12 listings sold in 2012. Key West checked in with almost identical figures at a total of 50 listings sold in 2012 and 49 in 2011.
I know that these numbers seem to show that there has been no real growth in the economy. But, we are not losing ground either. This shows that the real estate sector of the economy is very stable at this time. Also, with the recent developments in Washington, interest rates for home purchases will be staying at their lower level. So as other parts of the economy catch up, we will be seeing more steady growth on throughout the coming year.
I look at the picture like this: we have avoided the fiscal cliff, the real estate market continues to improve, interest rates are still low, and Key West is one of the most beautiful places in the country to live. I think that paints a pretty good picture. So come down to Key West to check out how the locals live, 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 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.