November sales of single family homes in the Old Town area took a breather with only seven closings.  It is not unusual for November to be a slow month.  Since 2010, closings in November have averaged only eight.  Closings will restart in December as there are twelve Contingent and eight Pending in the pipeline.  Since 2010 closings in December have averaged fourteen.  Prices inched modestly higher with larger two and three bedroom homes close to regaining pre-bubble prices.

The below charts show sales of the seven most popular bed/bath combinations in Old Town Key West from January 1, 2006 to November 30, 2014.

These charts are for single family homes sold south and west of White St. and cover the neighborhoods the Meadows, Old Town, Truman Annex and Casa Marina but not Sunset Key.  You can view a neighborhood map here. The seven bed/bath combinations below contain enough sales to measure and evaluate trends before, during and after the 2004-2006 real estate Bubble.

Ten, 1Bed/1Bath homes have sold in the Old Town area thru 11/30/2014, the most since 2010! One is a genuine one-of-a-kind home surrounded by a 10,000 sqft tropical rain forest in the middle of Old Town; hence its sale price of $1.24M!  Buyers are very choosey about buying small Old Town homes. The average price of the three 1/1's for sale is $579,800 with an average price per square foot of $868, well above the 2009 - 2013 average of $541.

Twelve, 2Bed/1Bath homes have sold in the Old Town area thru 11/30/2014.  The average Sold price of $569,000 is 37% more than in 2013.  Price per sqft. of $637 is up 45% over 2013 which was 13% over 2012. Ten 2/1 homes are for sale with prices up to $799,000. Fifteen 2/1 homes sold in 2011, sixteen in 2012 and twenty-one in 2013 but only twelve thru November! Overpriced? Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town.

2 Bedroom/2 Bathroom homes are selling at 72% above the 2009 low!

Twenty-nine, 2Bed/2Bath homes have sold in the Old Town area thru 11/30/2014. The average sale price of $773,000 is 33% above 2013 and 82% above the low in 2009. There are fifteen 2/2's for sale, priced between $515,000 and $1.199M. Average price per sqft of these fifteen is $590, 32% more than the five year average of $470 per sqft.  Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West.

3 Bedroom/2 Bathroom homes are selling at 104% above the 2009 low!

Twenty-four, 3Bed/2Bath homes have sold in the Old Town area thru 11/30/2014. The average Sold price of $930,000 is 26% more than 2013 which was 25% more than 2012 and is up 102% from the 2009 low! The average sold price per sqft. is $551. Eighteen 3/2's sold in 2012 and twenty-one sold in 2013. The nine presently For Sale offer a wide range of price and matching quality. Since 2009, 3Bed/2Bath homes have been the second biggest sellers in Old Town Key West.

3 Bedroom/3 Bathroom homes are selling at 77% above the 2010 low!

Twenty-two, 3Bed/3Bath homes have sold in the Old Town area thru 11/30/2014. The average Sold price of $1.213M is 20% more than 2013 and is 64% above the 2010 low. The average sold price per sqft. of $662 is 23% more than 2013 and 49% above the 2009-2013 average. Twenty-seven 3/3's sold in 2012, the highest recorded, and twenty-six in 2013.  There are thirteen 3/3's For Sale from $659K to $3.975M. Since 2009, 3Bed/3Bath homes have been the fourth biggest seller in Old Town Key West.

Four, 4Bed/3Bath homes have sold in the Old Town area thru 11/30/2014. The average Sold price of $1.723M is 59% more than the average Sold price for 2013. This Bed/Bath configuration has yet to solidly reverse price decline. HOWEVER. The twelve sales in 2012, the highest since 2008, and eleven sales in 2013, with a climbing average sales price per square foot, shows strength. There are nine 4/3's For Sale priced between $775K and $3.2M.

Ten, 4Bed/4Bath homes have sold in the Old Town area thru 11/30/2014. The average Sold price of $1.577M is 4% above 2013, 13% above the 10-year average and 42% above the 2009 low. The average sold price per sqft of $606 is 6% above 2013 which was 47% more than 2012. Since 2003 the average number of annual sales is six, so nine sold for 2013 was excellent. Year to year price action is choppy as a limited number of annual sales causes large fluctuations in average sales price.

Conclusion

As sale prices regain their pre-bubble levels, it will be very important to monitor number of sales. Even if sale prices continue to climb, if the number of sales drop off, then eventually; i.e. quickly, sale prices will stagnate.  

The recovery in Key West has been led by value buyers, particularly of larger homes.  If Key West homes can not maintain that value orientation, then buyers will look elsewhere. 

If you have any comments or questions, please contact me here.

Good luck!