Real estate sales in Key West and the Lower Keys saw
amazing highs, with a solid growth in the number of sales overall, and a steady
rise in both average and median sales. The most significant increase in Key
West was in the total number of single family homes sold, while in the Lower
Keys, the biggest growth was seen in the selling prices overall. The total
number of listings sold in Key West during the month was 47, up an incredible
74.1 percent compared to the same time last year when 27 listings were sold. Comparing
May 2014 to May 2015, average sold price figures were up 6.9 percent for all
sales. The average selling price of a single family home went up 10.2 percent
in particular. The median sold price also went up 2.8 percent for all sales,
with another significant rise for single family homes, up 25 percent. This
increase reflects the strength of demand in the market, in particular for
single family homes. In the Lower Keys, the total number of listings sold in May
was 22, compared to 24 units in May 2014. While this is a small decrease, the
number of single family homes went up one from 16 to 17, clearly showing that
these types of homes are what is in demand, as they represent the majority of
sales for the month. The overall average sold price of all types of property
went up 18.1 percent in the Lower Keys, with single family homes, up greatly at
41.1 percent, again reflecting the strong demand in the area. Median sale
prices for all homes on the Lower Keys increased 13.0 percent, with single
family homes rising 34.7 percent. Reviewing both areas together, May shows an
increasing demand for single family homes in the Keys, and a strong seller’s
market.
Key
West Area Selling Price
Looking at
the real estate market analysis between May 2014 and May 2015, Key West saw the
greatest decrease in sales of condos & townhouses, coming in 17.2 percent less
than in 2014. 24 units were sold compared to 29 last year. Both the average and
median prices did go up for these units; however, up 21% for the average price
and 20.5 percent for median prices. The Lower Keys saw no activity on condos or
townhouses for the month. Time on the market saw a small increase of a couple
of weeks in Key West, moving from 137 to 154 on average for all sales. Single
family homes, however, held relatively steady with only a 4 day increase. The
lower demand for homes shows in the days on the market, shortening by almost
two weeks from 134 days on market average, down to 113 days. Single family
homes moved significantly quicker in the area though, selling over a month
sooner compared to last year, from 144 days to 108 days. This is also another strong
indicator that demand for homes is continuing to grow in the Lower Keys in
particular. It will be worth watching to see if the pattern holds 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, Market Stats
