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

October saw a slower than average month in home sales. The total number of listings sold in Key West for the month was 37. This is down from the same time last year when 51 listings were sold. When compared to last year’s sales, the average price of a single-family home went down 20.6 percent. Because condo and townhome sales were up 24.5 percent, the drop in pricing for all properties was only 4.8 percent. The Lower Keys also saw a drop in the number of sales, down from 31 in 2014 to 27 this year. The average price of single-family homes went down as well, 10.7 percent less than compared to the year before. All properties overall in the Lower Keys were also down in average price, by 13.3 percent. These figures reflect a normal slowing down of activity for the season across the country. With school having been in session for a couple of months now, and the holidays right around the corner, less activity in October is no surprise, and nothing to be concerned about for the long term.

Looking at the Median prices of homes sold in Key West for October, there was also a decline, down 3.5 percent for all properties. Condo & Townhome sales were the one category with an increase in median pricing, up 12.1 percent, while single-family homes were down 10.4 percent. The average days on the market saw an increase of 19 days, going up from 106 days to 125. In the Lower Keys the median selling price for all types of property was also less, down 9.3 percent from the year before. But single-family homes saw an increase of 6.1 percent. The days on the market also improved a significant amount, showing the Lower Key is building momentum for demand in homes. The October 2014 average days on the market were 293. This year the average has dropped down to 178, with homes selling almost twice as fast from a year ago. 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