The total number of listings sold in Key West during
the month of January was 50. This is a substantial increase from the same time
last year with 38 listings sold. While this is great news to report, the list
and sold prices were down for the month on average. Compared to last year’s
sales, the selling price of a single family home was down 35.3 percent and the median selling price was down 23.1 percent. In the Lower Keys, the total number of
listings sold in January was just about the same as January 2014, 16 units were
sold this year, compared to 17 the year before. The average list and selling
prices of single family homes in the Lower Keys saw an increase for the month. There
was an 18.8 percent increase in list prices, with the median selling price
listed 12.3 percent higher compared to January 2014. Reviewing both areas together, January
saw an increase in the number of sales overall. Taking both areas’ pricing into
account January was lower; however, the end result of more listings sold
reflects a steady market.
Key
West Area Selling Price
Looking at
the real estate market analysis between January 2014 and January 2015, Key West
had an increase across all types of sales including single-family homes, condos,
townhomes and multifamily units. The Lower Keys also saw more single-family
homes and condos sold compared to a year ago. The steady climb in the number of
sold listings is indicative of a continued steady market for residential real estate
within the Keys. Buyers are taking more time in selecting homes at this time
however, as indicated by an increase in the days on the market. Key West
single-family houses went from 131 days on the market in January 2014 up to 179
days in January 2015, adding just over a month to the time it takes for a home
to sell on average. In the Lower Keys, the number of days on the market went
from 64 days up to 130 days for a single-family home. However, comparing all
types of residential sales in the Lower Keys, there has been a great swing in
the days on the market, moving from an average 269 days in January 2014 down to
84 this year. This reflects more desirability for the area overall.
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 2015
Compared To 2014
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 Stats Report
