Key West and Lower Keys Market Stats for February 2016

February was a slower month overall for residential real estate sales in the Florida Keys area. The total number of listings sold in Key West for the month was 44. This is down from the same time last year when 52 listings were sold. When compared to last year’s sales, the average price of a single-family home decreased by 5.4 percent. The average price of all types of residential sales also decreased by 18.8 percent compared to a year ago. Condos and townhomes saw the only growth with a 15.6 percent increase in the average selling price. The popularity of condos and townhomes in the Key West area continues to rise. The Lower Keys saw a decrease in the number of sales, with 14 units sold this year, compared to 18 in 2015. The average price of single-family homes was a big plus with an increase of 11.1 percent more than the year before. All properties combined in the lower Keys were down in average price by 14.7 percent. This type of slowing is not expected to last. As we move into the end of the first quarter of 2016, we will be watching to see when the shift toward increasing sales comes back up again.

Key West Area Selling Price

  

Looking at the median prices of homes sold in Key West for February, we had mixed results. All types of real estate sold saw a decrease of 20.6 percent. This result is skewed, however, by miscellaneous properties which had a large number of sales in 2015, but not this last month. When looking at condo and townhome sales, there was an increase in median pricing, up 27 percent, and single-family median prices increased by 11.5 percent. The average days on the market also had positive results, with listings moving faster in February, compared to last year at the same time. The average days on the market went down to 97 days, compared to an average of 107 days on the market in 2015. In the Lower Keys, the median selling price for all types of property also reported a decrease, coming in 16.7 percent, compared to the year before. Single-family homes saw an increase in median prices, however, up by 6.7 percent. The average days on the market for February for the Lower Keys saw a significant change when comparing the year prior. In February 2015, properties were listed on average for 206 days. This past month, the average days was only 62. With properties beginning to move much faster in this area, it is clear that people want to buy in the Lower Keys. 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 2016 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.