Here’s a look at the 1st quarter of residential sales in Key West. Will the recovery that began in 2011 continue in 2012?
In Key West, during 2010, there were four months when 35 or fewer residences; single family homes, condos, townhouse or duplex, were sold. In 2011 there were five months when 35 or fewer residences were sold. In 2010, the home average sales price was $437,000. By the end of 2011, the residential average sales price was $501,000.
So, whereas average sales prices for 2011 increased 15% over 2010, the total number of residential sales in 2011 as compared to 2010 rose barely 2%.
Through the 1st Qtr of 2012, the Key West average residential sales price of $432,000 is:
- 1% less than the average monthly sales price for 2010
- 14% less than the average monthly sales price for 2011
- 1% more than the 1st Qtr of 2010 and
- 9% less than the 1st Qtr of 2011.
The Key West average number of monthly sales, 37, is:
- 3% less than the monthly average for 2010
- 5% less than the monthly average for 2011
- 17% less than the 1st Qtr of 2010 and
- 7% less than the 1st Qtr of 2011.
What does all of this mean? The market got off to a flat start for 2012. So, what about the rest of 2012?
First, lets look at another data source.
Every quarter my company, Coldwell Banker Schmitt Real Estate Company, produces a Quarterly Newsletter. This data-filled report provides MLS derived information about sales and prices from Key Largo to Key West and includes all real estate companies, not just Coldwell Banker Schmitt. The newsletter provides year over year comparisons so you can see the Big Picture for your area (To read the entire newsletter, click on the Newsletter links above or below).
In addition to the data in Coldwell Banker Schmitt’s newsletter, there are insights to marketing and historical information about how the Keys were developed. Key West data includes all sales of all non-commercial properties, including multi-unit buildings, land and boat slips, whereas my chart above is only residences. Please take a moment to read the newsletter and if you like it let me know and I’ll get it to you every quarter.
Here’s some detailed information about the success areas not covered in the newsletter that are specific to Old Town Key West:
- Seven, 2bed/2 bath homes in Old Town sold in the 1st Qtr 2012 at 21% more than their average sale price in 2011.
- Nine, 3bed/3bath homes sold in Old Town in the 1st Qtr of 2012 though at 9% less than their average sales price in 2011. BUT, these nine sales exceed the total number of 3bed/3bath sales for each of 2005, 2006 and 2010 and are over half the number of 3bed/3bath sales for 2007, 2008, 2009 and 2011, so larger homes are “in” for the time being.
Which brings us back to, what’s up for the rest of 2012?
In Old Town, through March 31, 2012
- There were 30 sales of single family homes with 12 sales of single family homes Pending. So 12 Pending sales means there are approximately 5 weeks of sales in the pipeline.
- There were 21 sales of condos, townhouses and duplexes with 4 sales of the same Pending. So 4 Pending sales means there are approximately 3 weeks of sales in the pipeline.
For the rest of Key West, through March 31, 2012
- There were 33 sales of single family homes with 4 sales of single family homes Pending. So 4 Pending sales means there are approximately 2 weeks of sales in the pipeline.
- There were 28 sales of condos, townhouses and duplexes with 5 sales of the same Pending. So 5 Pending sales means there are approximately 3 weeks of sales in the pipeline.
Across the board, Key West future sales are very tight, and this after the 1st Quarter of the year which is usually the best quarter for sales and usually creates enough Pendings to propel sales well into the 2nd Quarter.
What should you do if you are selling your home?
My recommendation is that you should definitely hire a Realtor who has a Premium Marketing Plan that taps all the marketing tools; internet, social media, print and personal contact, to sell your home. Hire a Realtor who does his homework before he sits down with you are your table, listens to what are your goals, answers directly your questions and is focused on selling your property.
Let’s get together and get your house sold.
If you have any comments, please contact me here.