February's 13 Sales were the highest since August 2016 and place the year-to-date Sales total at 20, which matches the 5-year 1 Jan to 28 Feb average. Three of February's Sales exceeded $1M with one at $3.48M. Powering the resurgence were 6 sales of 3bed/2bath homes with sale prices from $620,000 to $1.670,000. Still, no 1bed/1bath or 4bed.4bath homes have sold. Overall, both average sales prices and average sales price per square foot are down slightly from end of 2016, -10% and -9% respectively. As of March 1st, there are four Pending properties - priced from $449K to $4.299M.
The below charts show sales of the seven most popular bed/bath combinations in Old Town Key West from January 1, 2007 to February 28, 2017.
These charts are for single family homes sold south and west of White St. and cover the neighborhoods of The Meadows, Old Town, Truman Annex and Casa Marina but not Sunset Key. You can view a map of the six neighborhoods of Old Town here and an analysis of 2016 sales, neighborhood by neighborhood, here.
The seven bed/bath combinations below contain enough sales to measure and evaluate trends after the 2004-2006 real estate Bubble.
- Zero, 1Bed/1Bath homes have sold in the Old Town area thru 2/28/2017.
- There are six 1/1's for sale ranging from $440K to $1.65M.
- The 2016 average sale price of $498,000 was 4% above the average sale price for 2015.
- In 2015, twelve 1/1 homes sold, the most since 2001. In 2016, 11 sold.
- The average size of the 2016 Solds was 621 sq.ft., slightly smaller than 2015; however, the 2016 average sale price per sqft. was $802. This figure was 12% higher than 2015 and highest since 2005.
- Three, 2Bed/1Bath homes have sold in the Old Town area thru 2/28/2017. The average number of Days on Market was 230 days.
- The average Sold price of $509,000 is down 12% from 2016 which at $582K was unchanged from 2015.
- Eight 2/1 homes are for sale with prices from $540K to $1.3M.
- Twenty-three homes sold in 2015, sixteen in 2016.
- Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town with 149 sales.
- Two, 2Bed/2Bath homes have sold in the Old Town area thru 2/28/2017. The averagenumber of Days on Market was 70 Days.
- The average sold price of $980,000 is up 42% from 2016 and is 131% above the low in 2009.
- Eighteen 2/2's are for sale, priced between $540,000 and $1.375M.
- The average Sold price per sqft for 2017 is $758. In 2016 the average was $614.
- Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West with 235 sales.
Sales of 3/2 homes have been in decline; 27 sales in 2014, 21 sales in 2015 and 15 sales in 2016.
- Eight, 3Bed/2Bath homes have sold in the Old Town area thru 2/28/2017. The average Days on Market was 65 Days.
- The average Sold price of $962,000 is down 7% fom 2016 which was 11% above 2015 and is 109% above the 2009 low.
- The average sold price per sqft. is $650, down 7% from 2016.
- Twenty-seven 3/2's sold in 2014, twenty-one sold in 2015 but only fifteen in 2016.
- Since 2009, 3Bed/2Bath homes have been the 2nd biggest sellers in Old Town with 161 sales.
- Two, 3Bed/3Bath homes have sold in the Old Town area thru 2/28/2017. The average number of Days on Market was 117 Days.
- The average sold price of $1.034 is down 28% from 2016 which was 20% above 2015.
- The average Sold price per sqft. of $683 is down 7% from 2016 which, at $737, was the highest since 2008.
- Twenty-three 3/3's sold in 2014, nineteen in 2015 and nineteen in 2016..
- Since 2009, 3Bed/3Bath homes have been the fourth biggest seller in Old Town Key West.
- Two, 4Bed/3Bath homes have sold in the Old Town area thru 2/28/2017. The average number of Days on Market was 55 days.
- The average sale price of $1.04M is 49% below 2016 which was 31% above 2015.
- The Sold price per sq.ft. is $591, down 30% from 2016 which, at $846, was the highest since 2005.
- Number of sales and sales prices for 4Bed/3Bath homes is very choppy though there has been an upward trend in average sale price since 2013.
- Zero, 4Bed/4Bath homes have sold in the Old Town area thru 2/28/2017.
- There are eleven 4/4's for sale ranging from $935K to $4.295M.
- In 2016 the average Sold price of $2.132M was 4% above the 2015 average Sold price which was 30% above 2014 and was the highest recorded.
- The 2016 average sold price per sq.ft. of $815 was 9% above the 2015 average sold price per sqft which was 24% above 2014.
- Since 2003, average number of annual sales is six, with nine sold in 2013, ten in 2014 and six in 2015.
- Year to year price action is choppy as a limited number of annual sales causes large fluctuations in average sales price.
After five consecutive months of less than 10 Closings, February's jump to 13 Closings was a welcomed sight. Still, with only four Pendings in the pipeline, March total Closings could be minimal, even if a few quick-close cash sales pop in.
Inventory remains strong at 138 homes with significant concentrations in The Meadows and the northern corner of Old Town - North.
And finally, congratulations to good friends Scot and Heather Korth as they received a 2017 Ceramic Star Preservation Award from the Historic Florida Keys Foundation for the renovation of their 3bed/2bath cottage at 307 Truman Avenue. Their builder, Thom Toler, was also rewarded for his superior work on the property. Well Done to all!
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