The total number of listings sold in Key West in the month of April was
64. This is up 1.6 percent from the same time last year when 63 listings sold.
When compared to last year’s sales, the average listing price of a single
family home is up significantly at 42.4 percent higher than last year. The
median selling price has gone up as well, but not as dramatically as the list
prices, at a 6.2 percent increase. In the Lower Keys, the total number of
listings sold in April was 21, down 19.2 percent from what sold the same time
last year, which was 26 units. There was a 4.1 percent drop in average list
prices for single family homes, and median sales themselves averaged 5.4
percent lower compared to April 2013. Taking both areas into account, there was
a market stall in number of sales comparing April 2013 and April 2014, showing
a no significant change over the last year.
Key West
Area Selling Price
Looking at the real estate market analysis between April 2013
and April 2014 for both areas, median sales are still on the rise. In Key
West, there was a greater increase seen in the sale and listing prices,
compared to lower Key West. In the lower Keys specifically, there was a small decrease
in single family homes, with little to no sales for condos, townhouses, and
multifamily units. There has been some fluctuation on the number of days a
house is on the market in both areas as well. Key West saw less days on the
market for listings. Single family houses went from 150 days on the market in April
2013 down to 98 days, just over 1/3 less time in 2014. In the Lower Keys, the
number of days for single family units on the market increased from 133 up to 223
days. Of other note for the Lower Keys was that there were no condo or
townhouse sales completed in April both in 2013 and 2014, a possible trend to
watch for. Overall, the market in Key West remains steady, with the largest
increase noted in the average and median prices showing a significant increase
in both areas combined. 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.
Labels: jimmy lane, key west, Lower Keys, Market Report
