Real Estate sales in Key West and the Lower Keys
were strong for the month of March. The total number of listings sold in Key
West during the month was 71. This is not only a jump in the number of sales
from the month prior, but also reflects an increase compared to the same time
last year, when 54 listings were sold. Comparing March 2014 to March 2015, average
selling prices were up as well with an overall increased average of 20.5
percent for all sales. The average selling price of a single family home was up
5.5 percent. However, the median sold price went down for single family homes
by 9.5 percent. In the Lower Keys, the total number of listings sold in March saw
a large increase, with the total number of units sold last month being 38 units
compared to 27 units in March 2014. The overall average sold price of all types
of property went up 19.5 percent in the Lower Keys, and for single family homes
the average sold price was up significantly at 23.6 percent. Median sale prices
for single family homes also increased by a large percentage, 34.5. Reviewing
both areas together, March saw an increase in the number of sales, as well in
both average and median prices. This significant rise in sales and prices for
March indicates continued growth and strength in the market for our area.
Key
West Area Selling Price
Looking at
the real estate market analysis between March 2014 and March 2015, Key West saw
the greatest increase in sales within single-family homes, coming in 72.7
percent more than in 2014. The Lower Keys saw a similar rise in sales of
single-family homes compared to a year ago, with a 72.2 percent increase in the
number of units sold. This continued climb in the number of sold single family listings
is indicative of a stable market for residential real estate within the Keys. Time
on the market increased comparing year-to-year listings. Key West single-family
houses went from 108 days on the market in March 2014 up to 169 days in March 2015.
In the Lower Keys, the number of days on the market went from 85 days in March
2014 up to 94 days this year for single family homes. This data shows a larger
demand for housing in both Key West and the Lower Keys for the month, but that
buyers are taking more time to decide on the right home. It will be worth
watching to see if the strong growth in sales continues throughout the rest of
the year.
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, Lower Keys, Monthly Market Report
