Real Estate sales in Key West increased in the
number of units sold, while the Lower Keys saw a slower month in unit sales. Increases
were seen regarding median selling prices in both areas however. The total
number of listings sold in Key West during the month was 65, up significantly
from the same time last year when 39 listings were sold. Comparing July 2014 to
July 2015, average sold prices in Key West were down a small amount at 4.9
percent less for all sales, while single family homes in Key West increased by 8.1
percent. The median sold price was up 9.9 percent for all sales and 17.7
percent for single family homes in particular. In the Lower Keys, the total
number of listings sold in July was less than in July 2014, with a total of 13
units sold. However, the overall average sold price of all types of property
went up a great amount, increasing 64 percent. This increase is due to sales in
Condo/ townhouse properties which doubled in price from the year before. Single
Family homes saw an increase in the average prices of 7.8 percent. Median sale
prices for all homes in the Lower Keys saw an increase of 66.1 percent with
single family homes rising 21 percent. Reviewing both areas together, July shows
an increasing demand for single family homes, condos and town homes in the Keys
and a continuing strong seller’s market.
Key
West Area Selling Price
Looking at
the real estate market analysis between July 2014 and July 2015, Key West saw
the greatest increase in sales with condos & townhouses for the second
month in a row, coming in 86.7 percent higher than in 2014. 28 units were sold
compared to 15 last year. While the Lower Keys didn’t sell many units, those
that sold were in high demand, as witnessed by the large scale increase in the
average and median prices of the condos and town homes that were on the market.
Properties in this sector increased in price from $216,125 on average in 2014
up to $434,250 this year. The time these units were on the market also speaks
of their high demand, as they were on average listed for only 5 days each before
being sold. The Lower Keys saw an overall decrease in the time on the market
from 135 days in 2014 down to 72 this year, properties are moving faster in the
lower Keys. In Key West, there was a bit of an increase in the number of days
on the market, moving from an average of 77 to 82. While there was a small
increase in the Days on the Market, the rise in median and average prices in the
area points to a continued demand in home in and around Key West.
Key West Area Total Listings Sold 2015
Compared To 2014
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.
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 Stats, Monthly Market Report
