Key West and Lower Keys Market Stats for July 2014

The total number of listings sold in Key West in the month of July was 39. This is down 11.4 percent from the same time last year when 44 listings were sold. When compared to last year’s sales, the average listing price of a single family home was also down 11.9 percent lower than last year. The median selling price for a single family home has gone down 12.7 percent compared to 2013. In the Lower Keys, the total number of listings sold in July was 20, down 9.1 percent from what sold the same time last year, which were 22 units. The average list price for a single family home however went up 9.2 percent for the Lower Keys. The median sale price of single family homes also increased 10.9 percent compared to July 2013. Taking both areas into account, this summer is showing slightly slower than last year for sales, however this is not cause for concern as the total numbers and percentage differences are low enough to indicate a steady holding pattern when compared to last year.

Key West Area Selling Price

In reviewing all types of residential real estate sales, an increase in the average selling price and median selling price was reported. Key West saw a significant increase in the average selling price, jumping up 27.5 percent from 2013. There was an 11.9 percent increase to median sales in Key West as well. In the Lower Keys, there was a 0.4 percent increase in the average selling price, with a 5.3 percent increase to the median selling price. Other good news for both areas is that the number of days a house is on the market has continued to decrease compared to last year. Key West saw on average for all listings, a drop from 125 days down to 77 days. In the Lower Keys, the number of days for all listings went down significantly from 152 down to 135 days. This has been another steady pattern for residential sales in the area, with the demand for Key West homes keeping the inventory fresh with quicker turnover compared to the year before. Overall, the market in Key West has slowed a bit for this summer, but still holds steady. 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.