We experienced a Holiday slowdown with some positive
results in certain areas for the month of December, closing out 2015. The total
number of listings sold in Key West for the month was 36. This is down from the
same time last year when 53 listings were sold. When compared to last year’s
sales, the average price of a single-family home was also down by 35.8 percent.
The average price of all types of residential sales showed less of a decrease
at 5.7 percent compared to a year ago. The Lower Keys saw a similar drop in the
number of sales, down from 23 in 2014 to 15 this year. The average price of
single-family homes in this area increased however 6.1 percent more than
compared to the year before. All properties combined in the lower Keys were
down in average price by 14.7 percent. These figures reflect a normal slowing
down of activity for the season across the country. Now that we are into a new
year, and the holiday season is over, these decreases are more likely to turn
around and will be worth watching to see where they will go.
Key
West Area Selling Price
Looking at the median prices of
homes sold in Key West for December, we have a more positive result with
figures going up by 10.2 percent for all properties. Condo and Townhome sales
showed an increase in median pricing, up 8.9 percent, while other residential
buildings, such as multiplexes, saw a significant increase of 39.2 percent.
Single family median prices were down 24.8 percent. The average days on the
market also had positive results with listings moving faster in December
compared to last year at the same time. The average days this last month was
down to 103 days, almost a month less than the 128 average days on market in
2014. In the Lower Keys the median selling price for all types of property was
lower overall, down by 6.9 percent from the year before. But single-family
homes saw a significant increase in median prices, up by 22.9 percent. There
was also growth in median prices for other types of property, such as
multi-family units, which increased by 30 percent. Condos and Townhouses
unfortunately saw a greater decrease of 65.9 percent, tipping the figures
downward when combined. The days on the market was another show of positive results
for the Lower Keys, where like Key West, the demand for homes is growing with
properties moving faster compared to the year before. The average days on the
market for December went down from 164 days in 2014 to 102 days this year, just
over two months 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 2014 Compared To 2015
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, Lower Keys, Marketing Stats Report
