Posted: Jun 03, 2019
Old Town Home Sales in May Continue Strong
Sunset at the Tower, Turtle Kraals

May's twenty Old Town sales are the best for any month in 2019 and only the second time since May 2015 that a month had 20 Closings. Year to date sales of 77 tops the 5 year (2014 - 2018) average by 15% and tops Jan - May 2018 by 22%, 2017 by 24% and 2016 by 33%.  Historically, March - June "the season" comprises 44% of annual sales.  March - May, has sold 86% of that figure. Three price items to note. The average sales price of $957,000 was the first time this year under $1M. Second, only five of the twenty sales were over $1M. Third, the average sales price per square foot of $654 was the lowest since September 2017.

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The below charts show sales of the seven most popular bed/bath combinations in Old Town Key West from January 1, 2010 to May 31, 2019. When there is a difference between total home sales and the sum of sales in the below seven charts it is because of a sale of, for instance, a 2bed/3bath or 3bed/1bath house or a house with more than four bedrooms.

 

These charts are for single family homes sold south and west of White St. and cover the six neighborhoods of The Meadows, Old Town North and South, Bahama Village, Truman Annex and Casa Marina but not Sunset Key.  You can view a map of the six neighborhoods of Old Town here.  An analysis of 2018 end of year sales, neighborhood by neighborhood, is here.

 

The seven bed/bath combinations below contain enough sales to measure and evaluate trends after the 2004-2006 real estate Bubble.

1 Bedroom/1 Bathroom

  • Seven, 1Bed/1Bath homes have sold in the Old Town area thru 5/31/2019. The average number of days to sell is 74 days.
  • There are three 1/1 homes for sale from $499K to $608K.
  • The 2019 average sale price of $580,000 is 14% more than the average sale price for 2018.
  • The seven homes sold thru May tops both 2018 and 2017.  In 2015, twelve homes sold, but sales had fallen every year since.
  • The average size of the 2019 homes sold is 674 sq.ft., slightly above average. The average sale price per sqft. of $860 is 4% above 2018

2 Bedroom/1 Bathroom

 

  • Twelve, 2Bed/1Bath homes have sold in the Old Town area thru 5/31/2019.  The average number of days to sell is 146 days. (One home at 600+ days).
  • The average Sold price of $553,000 is down 29% from 2018 which at $784K was up 41% from 2017. The $553K is 57% above the 2011 low.
  • Seven 2/1 homes are for sale with prices from $464K to $759K.
  • Sixteen 2/1's sold in 2016, eleven in 2017, twenty-five in 2018.
  • Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town with 194 sales.

2 Bedroom/2 Bathroom

  • Eighteen, 2Bed/2Bath homes have sold in the Old Town area thru 5/31/2019. The average number of  Days to sell is 76 Days, 33% faster than 2018.
  • The average sold price of $899,000 is up 7% from 2018 and is 112% above the low in 2009.
  • Eighten 2/2's are for sale, priced between $669,000 and $1.645M.
  • The average Sold price per sqft for 2019 is $682.  In 2018 the average was $747, in 2017 the average was $704.
  • Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West with 303 sales.

3 Bedrooms/2 Bathrooms

  • Twelve, 3Bed/2Bath homes have sold in the Old Town area thru 5/31/2019. The average number of Days to sell is 138 Days.
  • The average Sold price of $1,318,000 is up 25% from 2018 which was 2% above 2017 and is 186% above the 2009 low.
  • The average sold price per sqft. is $832, up 21% from 2018.
  • Fifteen 3/2's sold in 2016, twenty-seven in 2017 and twenty-five in 2018.
  • Since 2009, 3Bed/2Bath homes have been the 2nd biggest sellers in Old Town with 217 sales.

3 Bedrooms/3 Bathrooms

  • Fourteen, 3Bed/3Bath homes have sold in the Old Town area thru 5/31/2019. The average number of Days to sell is 96 Days.
  • The average sold price of $1.331M is down 14% from 2018 which was 9% above 2017.
  • The average Sold price per sqft. of $716 is down 15% from 2018 and is the first down year since 2010.
  • Nineteen homes sold in both 2015 and 2016 with twenty-two sales in 2017 and seventeen in 2018.
  • Since 2009, 3Bed/3Bath homes have been the fourth biggest seller in Old Town Key West

4 Bedrooms/3 Bathrooms

  • Three, 4Bed/3Bath home has sold in the Old Town area thru 5/31/2019.  The average number of days to sell is 115 days.
  • The average sold price for 2019 sales is $1.975M, up 6% over 2018. The 5-year average sales price is $1.732M.
  • The average sales price per sqft is $879, up 17% over 2018.
  • There are thirteen homes for sale, ranging in price from $950K to $3.45M.
  • Number of sales and sales prices for 4Bed/3Bath homes is very choppy though there has been an erratic up trend in average sale price since 2013.

4 Bedrooms/4 Bathrooms

  • Zero, 4Bed/4Bath homes have sold in the Old Town area thru 5/31/2019. Fourteen homes sold in 2018, the most on record.
  • There are ten 4/4's for sale ranging from $1.85M to $3.4M.
  • The 2018 average Sold price of $2.424M was up 14% over 2017 which was 1% below 2016.
  • The 2018 average sold price per sq.ft. of $912 was 20% above 2017.
  • Since 2003, average number of annual sales is six, with eight in 2016, six in 2017 and fourteen in 2018.  Since 2015, price action has been steady, $2M - $2.4M, despite a limited and choppy number of annual sales.

Conclusion

 

The Median price of the thirty-eight sales in April and May 2019 is $898,000. Average sales price per sqft is $681. Twenty-five sales have been under $1M.  Still big money numbers for sure; however, clear indicators of a broadening base of Old Town Key West buyers who are benefitting from an expanding economy and who see an Old Town home as an enjoyable and risk-worthy contributor to their overall financial portfolio.

 

At 40%, cash sales still top the 23% national average but, that 40% is down from the five year average of 52%. The purchasing power of 30 year interest rates, now sitting at 4%, allows for a broader buyer base. Plus, because Florida has no state income tax and Monroe County property taxes are very low, buyers do not have to worry about the caps on local and state taxes as described in the TCJA.

 

As of June 1, there are 11 Contingent and 7 Pending contracts for sale on Old Town homes. These figures are down fractionally from the end of April but show June sales as likely make its 5 year average of 15. 

 

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

 

Good luck!