The
total number of listings sold in Key West during the month of February was 52.
This is a small increase from the same time last year with 50 listings sold.
Comparing February 2014 to February 2015 average selling prices were up
substantially, with an overall increased average of 40.2 percent for all sales.
The average selling price of a single-family home was up 8.4 percent. However,
the median sold price went down for single-family homes, by 8.0 percent. In the
Lower Keys, the total number of listings sold in February saw a large increase,
with the total number of units sold last month being 26 units, compared to 6
units in February 2014. The overall average sold price of all types of property
went up 5.9 percent in the Lower Keys, but the average selling price of
single-family homes specifically, was down by 6.5 percent. Median sale prices
for single-family homes also dropped by 14.1 percent. Reviewing both areas
together, February saw an increase in the number of sales overall. Taking both
areas’ sold prices and all property types into account February saw an
increase, indicating continued growth in real estate for the month.
Key West Area
Selling Price
Looking at the real estate market
analysis between February 2014 and February 2015, Key West had an increase in
the sold number of single-family homes, and multifamily units, but fewer condos
and townhouses were sold. The Lower Keys saw a substantial rise in sales of
single-family homes compared to a year ago. The continued climb in the number
of sold listings is indicative of a stable market for residential real estate
within the Keys. Listings spent fewer days on the market when comparing the
year-to-year data. Key West single-family houses went from 135 days on the
market in February 2014 down by over a month to 103 days in February 2015. In
the Lower Keys, the number of days on the market went from 139 days down a
staggering drop to just 11 days on average for a single-family home. This data
shows a larger demand for housing in the Lower Keys for the month, showcasing
the Lower Keys as a Seller’s Market at this time. It will be worth watching to
see if this trend continues, and for how long.
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,
JimmyLane, at
Key WestReal Estate: 305-776-0585.
Labels: JimmyLane, Market Stats Report
