The number of single family homes sold in Old Town continued a steady-to-up pace in July with 16 homes sold against a 5-year average for July of 10 sold. Likewise the average sale price of $610 per square foot was 34% above the 5-year average of $454 but, the $610 was the lowest value since February 2015. Thru July, one bedroom and smaller two bedroom homes have the highest percent price appreciation over 2014. Inventory is stable though for the life of me I can not understand why some people list their home for sale at a price that will not sell.
The below charts show sales of the seven most popular bed/bath combinations in Old Town Key West from January 1, 2006 to July 31, 2015.
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 neighborhood map here. The seven bed/bath combinations below contain enough sales to measure and evaluate trends after the 2004-2006 real estate Bubble.
- Eight 1Bed/1Bath homes have sold in the Old Town area thru 7/31/2015.
- Average sale price of $526,000 is 18% above the average sale price for 2014.
- In 2014, eleven 1/1 homes sold, the most since 2010! Buyers are very choosey about buying smaller Old Town homes.
- The average size of the eight sold is 740 sq.ft., 19% larger than the 2010 - 2014 average. The average sale price per sqft. of $711 is 18% higher, than the 2010 - 2014 average.
- Seventeen 2Bed/1Bath homes have sold in the Old Town area thru 7/31/2015.
- Average Sold price of $596,000 is 27% more than 2014 which was 13% more than in 2013.
- Three 2/1 homes are for sale with prices from $465K to $555K.
- Fifteen 2/1 homes sold in 2011, sixteen in 2012 and twenty-one in 2013 but only fourteen in 2014 so seventeen sales thru July is very encouraging.
- Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town
And the winner with the most sales so far this year is ...
- Thirty, 2Bed/2Bath homes have sold in the Old Town area thru 7/31/2015.
- Average sale price of $759,000 is 2% above 2014 and 79% above the low in 2009.
- Thirteen 2/2's are for sale, priced between $399,000 and $1.25M.
- Average sold price per sqft thru July is $660, 15% more than the five year average.
- Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West.
Has sale price appreciation for 3-bedroom homes hit it's peak?
- Twelve 3Bed/2Bath homes have sold in the Old Town area thru 7/31/2015.
- Average Sold price of $967,000 is 1% above 2014 which was 30% more than 2013 and is up 110% from the 2009 low.
- Average sold price per sqft. is $617, up 9% from 2014.
- Twenty-one 3/2's sold in 2013 and twenty-seven sold in 2014.
- Since 2009, 3Bed/2Bath homes have been the second biggest sellers in Old Town Key West.
- Fourteen 3Bed/3Bath homes have sold in the Old Town area thru 7/31/2015.
- Average Sold price of $1.331M is 9% more than 2014 which was 20% more than 2013. Average sold price per sqft. of $724 is 9% more than 2014 and up for the 5th year in a row.
- Twenty-seven 3/3's sold in 2012, the highest recorded, and twenty-six in 2013.
- Since 2009, 3Bed/3Bath homes have been the fourth biggest seller in Old Town Key West.
- Five 4Bed/3Bath homes have sold in the Old Town area thru 7/31/2015.
- Average sale price of $1.522M is 12% lower than the 2014 average sold price which was 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.
- Four 4Bed/4Bath homes have sold in the Old Town area thru 7/31/2015.
- Average sale price of $2.45M is 55% above the 2014 average Sold price which was 4% above 2013, and 120% above the 2009 low.
- Average sold price per sqft of $868 is 43% above 2014.
- Since 2003, average number of annual sales is six, with nine sold in 2013 and 10 in 2014.
- Year to year price action is choppy as a limited number of annual sales causes large fluctuations in average sales price.
Summary
To be sure, sale prices have enjoyed now a 5-year run and while they have not accelerated wildly as during the 2004-2006 run-up, I have to wonder if there is much appreciation left in this run.
Overwhelmingly, buyers are buying to hold, at least for the mid-term, unlike earlier buyers who bought, updated and sold for the cash flow from the sale.
Additionally, an expanding buyer base, first-timers and mid-career professionals, tells me the probability of a back slide is minimal, basing perhaps, but a sale and price retreat at this time and under present overall economic conditions looks remote.