It was a January down, February up, March flat/down. Single family home sales in Old Town for the 1st Qtr 2017 finished with 31 sales, down 16% from the 5-year, 1st Qtr average of 37 sales. Of the 31 sales, 12 were over $1M with an overall average sales price per square foot of $685 which is up 8% over the 1st Qtr for 2016 and up 20% over the 5-year average. 30% of the sales were in cash. Inventory is plentiful with 125 single family homes for sale in the Old Town area.
The below charts show sales of the seven most popular bed/bath combinations in Old Town Key West from January 1, 2007 to March 31, 2017. 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 neighborhoods of The Meadows, Old Town, Truman Annex and Casa Marina but not Sunset Key. You can view a map of the six neighborhoods of Old Town and an analysis of 2016 sales, neighborhood by neighborhood, here.
The seven bed/bath combinations below contain enough sales to measure and evaluate trends after the 2004-2006 real estate Bubble.
- One, 1Bed/1Bath home has sold in the Old Town area thru 3/31/2017.
- There are four 1/1's for sale ranging from $440K to $1.65M.
- The 2017 sale price of $400,000 was 20% below the average sale price for 2015.
- In 2014, eleven homes sold. In 2015, twelve homes sold, the most since 2001. In 2016, 9 sold.
- The size of the 2017 Sold is 660 sq.ft., slightly larger than average; however, the sale price per sqft. was $606, 24% lower than 2016 and lowest since 2013.
- Four, 2Bed/1Bath homes have sold in the Old Town area thru 3/31/2017. The average number of Days on Market was 257 days.
- The average Sold price of $512,000 is down 12% from 2016 which at $582K was unchanged from 2015.
- Eight 2/1 homes are for sale with prices from $530K to $1.3M.
- Twenty-three homes sold in 2015, sixteen in 2016.
- Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town with 150 sales.
- Three, 2Bed/2Bath homes have sold in the Old Town area thru 2/28/2017. The average number of Days on Market was 75 Days.
- The average sold price of $878,000 is up 27% from 2016 and is 107% above the low in 2009.
- Sixteen 2/2's are for sale, priced between $550,000 and $1.375M.
- The average Sold price per sqft for 2017 is $715. In 2016 the average was $614.
- Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West with 236 sales.
- ELEVEN, 3Bed/2Bath homes have sold in the Old Town area thru 3/31/2017. The average Days on Market was 94 Days.
- The average Sold price of $934,000 is down 10% fom 2016 which was 11% above 2015 and is 103% above the 2009 low.
- The average sold price per sqft. is $660, down 10% from 2016.
- Twenty-seven 3/2's sold in 2014, twenty-one sold in 2015 but only fifteen in 2016.
- Since 2009, 3Bed/2Bath homes have been the 2nd biggest sellers in Old Town with 164 sales.
- Three, 3Bed/3Bath homes have sold in the Old Town area thru 3/31/2017. The average number of Days on Market was 98 Days.
- The average sold price of $1.256 is down 12% from 2016 which was 20% above 2015.
- The average Sold price per sqft. of $710 is down 4% from 2016 which, at $737, was the highest since 2008.
- Twenty-three 3/3's sold in 2014, nineteen in 2015 and nineteen in 2016..
- Since 2009, 3Bed/3Bath homes have been the fourth biggest seller in Old Town Key West.
- Three, 4Bed/3Bath homes have sold in the Old Town area thru 3/31/2017. The average number of Days on Market was 48 days.
- The average sale price of $1.119M is 45% below 2016.
- The Sold price per sq.ft. is $631, down 25% from 2016 which, at $846, was the highest since 2005.
- Number of sales and sales prices for 4Bed/3Bath homes is very choppy though there has been an upward trend in average sale price since 2013.
- One, 4Bed/4Bath home has sold in the Old Town area thru 3/31/2017.
- There are thirteen 4/4's for sale ranging from $935K to $6.25M.
- The 2017 Sold price is $1.25M, 25% below the average sold price at the end of 2016 which was 4% above the 2015.
- The 2017 sold price per sq.ft. of $606 is 25% below 2016.
- Since 2003, average number of annual sales is six, with nine sold in 2013, ten in 2014, six in 2015 and eight in 2016.
- Year to year price action is choppy as a limited number of annual sales causes large fluctuations in average sales price.
The chart above shows 1st Qtr sales (the dark Blue line) falling for the second year in a row from 51 sales in 2015 to 34 sales in 2016 to 31 sales in 2017. In fact, every quarter in 2016 had fewer sales than the same quarter in 2015.
Conversely, the average sales price for the 1st Qtr of 2017 (the dark blue column) recorded its highest ever for a 1st Qtr at $1.124M. This is the 4th Qtr in a row with an average sales price for a single family house in Old Town of over $1M.
Over the 5-year period of 2012 - 2016, the 1st Qtr registered 26% of total annual sales (2nd Qtr at 32%, 3rd Qtr at 23%, 4th Qtr at 19%). Assuming the trend continues and the 31 homes sold in the 1str Qtr of 2017 is 26% of total 2017 sales, then the total single family home sales in Old Town for 2017 would approximate 119 sales. This would be the fewest number of sales since 2012.
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