Real Estate sales in Key West and the Lower Keys held
steady for the month of April. The most significant increase was in the total
number of Single Family homes sold in particular for both areas. There were
some increases and decreases across the board, and when reviewed together
indicate a holding pattern for the market. The total number of listings sold in
Key West during the month was 56, down 12.5 percent compared to the same time
last year when 64 listings were sold. Comparing April 2014 to April 2015 average
sold price, figures were up 4.3 percent for all sales. The average selling price
of a single family home went down 13.4 percent. But, the median sold price went
up for single family homes by 16 percent. This increase reflects the strength
of demand in the market. In the Lower Keys, the total number of listings sold
in April was 38 compared to 22 units in April 2014. The overall average sold
price of all types of property went down 24.1 percent in the Lower Keys. But, for
single family homes, the average sold price was up 10.9 percent, again
reflecting the strong demand in the area. Median sale prices for single family
homes also increased 11.2 percent. Reviewing both areas together, April saw
some fluctuation in the number of sales in both average and median prices as
well, with the big picture showing a continued steady market.
Key
West Area Selling Price
Looking at
the real estate market analysis between April 2014 and April 2015, Key West saw
the greatest increase in sales within single family homes, coming in 29.2
percent more than in 2014. The Lower Keys saw another spectacular 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 strong demand for residential real estate
within the Keys. Time on the market remained the same comparing year-to-year
listings for Key West single-family houses being at 98 days on the market in April
2014 and 97 days in April 2015. In the Lower Keys, the number of days on the
market went from 214 days in April 2014 down to 121 days this year for single
family homes. This is also another indicator that demand for homes is growing
in the Lower Keys in particular. 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 Market Stats, Lower Keys Market State
