The total number of listings sold in Key West in the
month of October was 50. This is a significant rise from the same time last
year when 33 listings sold. When compared to last year’s sales, the selling
price of a single family home was up 18.5 percent from last year, but the
actual average selling price has gone down 11.2 percent. In the Lower Keys, the
total number of listings sold in October was 31, which were significantly higher
(almost 100 percent) than what sold the same time last year, which were 16
units. There was a 15.8 percent increase in selling prices for single-family
homes, and sales averaged 2.2 percent higher compared to October 2013. Taking
both areas together, there has been a decrease in the average selling and
median prices for all homes.
Key
West Area Selling Price
Looking at
the real estate market analysis between October 2013 and October 2014 for
both areas, there was a significant increase in the number of sales overall. Both Key West and the Lower Keys
had an increase across all types of sales including single-family homes, condos,
townhomes, and multifamily units. While some median sale prices have declined a
small amount in Key West, the increase in sales of housing units indicates a
growing market for the season. Another key factor reflecting a growing trend is
the number of days a house is on the market. Key West single-family houses went
from 114 days on the market in October 2013 down to 99 days in 2014. In the
Lower Keys, the number of days on the market went from 78 down to 68 days. When
compared to other months throughout the year, our winter months show an increase
in sales and less time on the market, good news for sellers.
Key West Area Total Listings Sold
2014 Compared To 2013
Other markets will continue to see large upswings and down times 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.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 Market Stats, Market Report
