Eight single family homes sold in Old Town in October. The 5-year (2013 - 2017) average is eight. This brings 2018 sales to 118.  The 5-year average number of sales January - October is 127; however, the 118 sales are 9% ahead of 2017 and 2% ahead of 2016. If November and December make their average sales, 2018 will finish with over 140 sales (5-year average is 143). On prices, October's averages sales price of $1.263M was the eighth month in 2018 over $1M.  The year to date average sales price per sqft of $777 is 8% above 2017, 11% above 2016 and 24% above 2015.

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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, 2008 to October 31, 2018. 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 mid-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

• Five, 1Bed/1Bath homes have sold in the Old Town area thru 10/31/2018. The average number of days to sell is 45 days.
• There are three 1/1 homes for sale from $499K to $689K.
• The 2018 average sale price of $508,000 is 5% less than the average sale price for 2017.
• In 2015, twelve homes sold, the most since 2001. In 2016, 9 sold. In 2017 there were 4 sales.
• The average size of the 2018 homes sold is 615 sq.ft., slightly below average; however, the average sale price per sqft. of $826 is only 4% below 2017.

2 Bedroom/1 Bathroom

• Twenty-one, 2Bed/1Bath homes have sold in the Old Town area thru 10/31/2018.  The average number of days to sell is 75 days.
• The average Sold price of $802,000 is up 44% from 2017 which at $557K was down 4% from 2016. The $802K is 142% above the 2011 low.
• Nine 2/1 homes are for sale with prices from $450K to $925K.
• Sixteen 2/1's sold in 2016, eleven in 2017.
• Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town with 178 sales.

2 Bedroom/2 Bathroom

• Twenty-three, 2Bed/2Bath homes have sold in the Old Town area thru 10/31/2018. The number of  Days to sell is 105 Days, 1% less than 2017.
• The average sold price of $819,000 is down 9% from 2017 and is 93% above the low in 2009.
• Ten 2/2's are for sale, priced between $550,000 and $1.68M.
• The average Sold price per sqft for 2018 is $742.  In 2017 the average was $704, in 2016 the average was $614.
• Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West with 281 sales.

3 Bedroom/2 Bathroom

• Twenty-one, 3Bed/2Bath homes have sold in the Old Town area thru 10/31/2018. The number of Days to sell is 129 Days.
• The average Sold price of $1,088,000 is up 8% from 2017 which was 2% below 2016 and is 136% above the 2009 low.
• The average sold price per sqft. is $682, up 1% from 2017.
• Twenty-one 3/2's sold in 2015, fifteen in 2016 and twenty-seven in 2017.
• Since 2009, 3Bed/2Bath homes have been the 2nd biggest sellers in Old Town with 201 sales.

3 Bedroom/3 Bathroom

• Sixteen, 3Bed/3Bath homes have sold in the Old Town area thru 10/31/2018. The average number of Days to sell is 175 Days.
• The average sold price of $1.543M is up 9% from 2017 which was 1% below 2016.
• The average Sold price per sqft. of $843 is up 5% from 2017 and is the highest since 2005.
• Nineteen homes sold in both 2015 and 2016 with twenty-two sales in 2017.
• Since 2009, 3Bed/3Bath homes have been the fourth biggest seller in Old Town Key West

4 Bedroom/3 Bathroom

• Seven, 4Bed/3Bath homes have sold in the Old Town area thru 10/31/2018.  Avrage number of days to sell is 86 days.  In 2017, the average number of Days to sell was 51 days.
• The average home sold price thru October is $1.828M, up 23% over 2017. In 2017 the average sale price was $1.488M with the 5-year average sales price at $1.525M.
• There are nine homes for sale ranging in price from $1.747M to $3.75M.
• 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 Bedroom/4 Bathroom

• Twelve, 4Bed/4Bath homes have sold in the Old Town area thru 10/31/2018. The average number of Days to sell is 128 days. Twelve sales is a record (going back to Jan 2012).
• There are seven 4/4's for sale ranging from $1.35M to $2.999M.
• The 2018 average Sold price of $2.3M is up 9% from 2017 which was 1% below 2016.
• The average sold price per sq.ft. of $835 is 10% above 2017.
• Since 2003, average number of annual sales is six, with six in 2015, eight in 2016 and six in 2017.  Since 2015, price action has been steady, $2M - $2.3M, despite a limited and choppy number of annual sales.

Conclusion

The weakest period of year for sales in Old Town is September thru December with no month averaging more than nine sales. Both 2016 and 2017 showed this most clearly as weak January - August sales fell off even more so at the end of the year.

2018 has been different.  January and February sales were below average but the rest of the year, including the Quarter just concluded, have shown strong sales; due largely to a moderating in the growth in sales price increases and ...

... confidence in the big picture of the economy, ready cash, modest increases in mortgage rates and a hurricane free season has kept buyers engaged.  The finish line is in sight - will it be a sprint or a flop? Present indications point to a strong finish. Beware the Ides of November.

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

Good luck!