Key West Real Estate: Key West and Lower Keys Market Stats for January 2016

There was a bit of a lull in the number of sales for Key West in January, but it was with a significant increase in the prices of those properties that did sell during the month. The total number of listings sold in Key West for the month was 32. This is down from the same time last year when 50 listings were sold. When compared to last year’s sales, the average price of a single-family home increased by 20.1 percent. The average price of all types of residential sales showed even more growth with a 35.6 percent increase compared to a year ago. Condos and townhomes saw the biggest growth in sales figures with a 57.7 percent increase in the average selling price. This will be one type of property worth watching to see if they continue in popularity with buyers. The Lower Keys saw an increase in the number of sales, with 24 units sold this year compared to 17 in 2015. The average price of single-family homes in this area increased also, up an incredible 53.1 percent more than the year before. All properties combined in the lower Keys were up in average price by 26.5 percent. These figures show that even with slower activity in closed sales, the Florida Keys are where people want to live, and the demand for property is continuing to grow.

Looking at the median prices of homes sold in Key West for January, we have more positive results with figures going up by 22.2 percent for all properties. Condo and Townhome sales showed an increase in median pricing, up 39.1 percent, while other residential buildings, such as multiplexes, saw a significant increase of 25.7 percent. Single family median prices were up as well by 8.9 percent. The average days on the market also had positive results with listings moving faster in January compared to last year at the same time. The average days on the market went down to 135 days, almost a month less than the 160 average days on the market in 2015. In the Lower Keys the median selling price for all types of property also improved, up by 16.1 percent from the year before. Single-family homes saw a significant increase in median prices, up by 21.6 percent. There was also growth in median prices for other types of property, such as multi-family units, which increased by 13.1 percent. There were no sales of condos or townhouses in the Lower Keys for the month. The average days on the market for January went up in the Lower Keys from 101 days in 2015 to 250 days this year. This increase in the time to sell a property on average in the Lower Keys shows us that buyers are looking for specific features when buying a home. The increased figures in sales prices shows us that those that are buying are finding the property they want, and they see the worth in the investment. 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.