Key West and Lower Keys Market Stats for August 2015

August was not the best performing month for Real Estate sales in the Keys. Both areas, Key West and the Lower Keys saw fewer sales compared to last year. The total number of listings sold in Key West during the month was 38, down 26.9 percent from the same time last year when 52 listings were sold. Comparing August 2014 to August 2015, average sold prices in Key West were down as well at 17.0 percent less for all sales, with single-family homes in Key West seeing a small decrease of 7.1 percent. The median-sold price was down about the same as the average price, by 17.2 percent for all sales, with a decrease of 8.0 percent for single-family homes in particular. In the Lower Keys, the total number of listings sold in August was less than in August 2014, with a total of 15 units sold compared to 20 a year ago. The overall average sold price of all types of property did go up however, by 5.7 percent. Single-Family homes saw an increase in the average prices as well, a significant 52.1 percent increase, reflecting that for those homes that did sell in August, there was a demand. Median-sale prices for all homes in the Lower Keys saw a decrease of 7.2 percent, however, the median price of single-family homes went up 27.3 percent. Reviewing both areas together, August may have slowed down a bit, but there were still some improvements, and the market is still holding steady enough to be strong.

Key West Area Selling Price

Looking at the real estate market analysis between August 2014 and August 2015, there were some other increases to take note of. In Key West, condo sales went up in average pricing by 1.4 percent. The other key improvement for the market in August was the average days on the market. The time these units were on the market speaks of their high demand, as both areas saw houses move significantly quicker off the market in August compared to a year ago. Key West homes went from being on the market on average 122 days down to just 68 days; that is almost half the time. The Lower Keys went from an average of 306 days on the market down to 220, almost one hundred days less.

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.