Key West and Lower Keys Market Stats for June 2015

Real Estate sales in Key West and the Lower Keys held steady with the number of units sold. Increases were seen regarding the average and median selling prices however. The total number of listings sold in Key West during the month was 47, down slightly from the same time last year when 49 listings were sold. Comparing June 2014 to June 2015, average sold prices in Key West were up 10.6 percent for all sales, while single-family homes in Key West increased by 13.7 percent. The median sold price also went up 6.5 percent for all sales, and 19.7 percent for single-family homes in particular. In the Lower Keys, the total number of listings sold in June was the same as June 2014, with a total of 20 units sold. The overall average sold price of all types of property went up at 2.0 percent in the Lower Keys. Single-Family homes saw an increase in the average prices of 36.4 percent. Median sale prices for all homes in the Lower Keys saw a larger increase of 13.4 percent with single-family homes rising 37.8 percent. Reviewing both areas together, June 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 June 2014 and June 2015, Key West saw the greatest increase in sales with condos and townhouses coming in 11.1 percent higher than in 2014. 20 units were sold compared to 18 last year. Both the average and median prices did go up for these units however, up 37.1% for the average price and 5.8 percent for median prices. The Lower Keys saw no activity on condos or townhouses for the month. Time on the market saw an increase of about 6 weeks in Key West, moving from 174 days up to 221 days on average for all sales. Single-family homes, however, held relatively steady with a 1-day decrease in the time on market. In the Lower Keys homes are moving faster in terms of the number of days on the market, going from an average of 317 days down to 218, comparing 2014 to 2015 figures. Single-family homes moved significantly quicker in the area in particular, selling over a month sooner compared to last year, from 121 days down to 75. This is also another strong indicator that demand for homes is continuing to grow in the Keys. 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, JimmyLane, at Key WestReal Estate: 305-776-0585.