Key West Real Estate: Key West and Lower Keys Market Stats for September 2015

September saw a return to positive sales for both Key West and the Lower Keys when comparing sales data to a year ago. The total number of listings sold in Key West during the month was 47, up 38.2 percent from the same time last year when 34 listings were sold. Comparing September 2014 to September 2015, average sold prices in Key West were up as well, a significant jump of 35.5 percent more for all sales. Single-family homes in Key West saw an increase in the average sale prices of 21.5 percent specifically. The median sold price was up 27.1 percent for all sales, with an increase of 5.0 percent for single-family homes in particular. In the Lower Keys, the total number of listings sold in September 2015 was more than in September 2014, with a total of 21 units sold this year compared to 18 the year prior. The overall average sold price of all types of property went up an incredible 57.8 percent, another sure indicator that this area is hot for residential Real Estate. Single-Family homes in the Lower Keys saw an increase in average prices on their own, of 13.2 percent. Median sale prices for all homes in the Lower Keys saw an increase of 28.1 percent, with the median price of single-family homes going up 22.3 percent. Reviewing both areas together, September shows that there is continued growth in the Real Estate market in the region.

Looking further into the real estate market analysis between September 2014 and September 2015, there were some other significant increases to take note of as well. In Key West, residential multiplex properties and other types of buildings saw a dramatic increase with a 100 percent increase in the number of sales and a 65.9 percent increase in the average price of these sales. The demand for these other types of property was also seen in the Lower Keys with a 66.7 percent increase in the number sales and a 159.0 percent increase in the average price. These statistics point toward investment interests rising in the region. There was one “negative” increase for the month of September, that of the average days on the market for listings. Key West homes went from being on the market on average for 112 days a year ago to 204 days, a 27.1 percent increase overall. The Lower Keys saw an even larger increase to the average days on the market, moving from an average of 99 days in 2014 up to 399 this year. This is not reason to be discouraged however, as this data reflects only a one-month snapshot of how quickly houses are selling. With the significant increases in the number of units sold and the prices achieved, the Keys region has a strong Real Estate Market. 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.