Key West and Lower Keys Market Stats for February 2014

The total number of listings sold in Key West in the month of February was 49. This is a steady rise from the same time last year when 41 listings sold. When compared to last year’s sales, the price of a single family home is up slightly at 7.2 percent higher than last year. But the actual average selling price has gone down 11.6 percent. In the Lower Keys, the total number of listings sold in February was 6, which is significantly lower than what sold the same time last year, which were 32 units. There was a 3.7 percent drop in sold prices for single family homes and sales averaged 29 percent lower compared to February 2013. 

Key West Area Selling Price

 Looking at the real estate market analysis between February 2013 and February 2014 for both areas, there was a small decrease in the average sale price compared to last year, but an overall increase in the median sale price. In the lower Keys specifically, there was a decrease across all types of sales, single family homes, condos, townhouses and multifamily units. Key West showed the most growth in sales with the number of condo and townhouse sales more than doubling in number. Overall, the market in Key West remains steady. One key factor reflecting this is the number of days a house is on the market. Key West single family houses went from 256 days on the market in February 2013 down to 136 days, over 3 months less in 2014. In the Lower Keys, the number of days on the market went from 202 down to 166 days, over 40 days less time on the market. Other markets will continue to see large upswings and downtimes based on the weather but in Key West, we avoid many of those restrictions. Our climate is steady and will continue to draw buyers to our area year round.

 Key West Area Total Listings Sold 2014 Compared To 2013

Whether you are a tourist or looking to make a permanent change to the Keys, there are many reasons to move to our beautiful area. If you would like more information on the real estate in this amazing area, contact me, Jimmy Lane, at Key West Real Estate: 305-776-0585.