Posted: May 31, 2020
Old Town Key West Real Estate in May - Home Sales Stumble Prices Hold Firm
914 Williams Alley Old Town Key West

Nine single family homes sold in the Old Town Key West area in May, 50% off the 5-year (2015 - 2019) average of 18 and places year-to-date sales of 52 homes at 27% behind the 5-year average, 33% behind Jan - May 2019 and 17% behind Jan - May 2018. Sales of two bed/two bath and three bed/two bath dominate as they have for the past decade. On Prices, the average Sold price in May of $1.163M continued the over $1M trend as there were only three sales below $1M. The May average Sold price per square foot dropped slightly to $775, lowering the Jan - May 2020 average to $796 or 16% above the 5-year Jan - May average.

____________________________________________________________________________________

 

The below charts show sales of the seven most popular bed/bath combinations in Old Town Key West from January 1, 2011 to May 31, 2020. 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 2019 full-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

  • Three, 1Bed/1Bath homes have sold in the Old Town area thru 5/31/2020. The average number of days to sell is 41 days.
  • There are six 1/1 homes for sale from $389K to $799K.
  • The 2020 average sale price of $545,000 is 2% less than the average sale price for 2019 and 179% above the 2011 low.
  • In 2015, twelve homes sold and nine in 2016 and 2019, otherwise sales have been weak.
  • The average size of the 2020 homes sold is 700 sq.ft., biggest since 2013. The average sale price per sqft. of $779 is 13% below 2019.

2 Bedroom/1 Bathroom

  • Two, 2Bed/1Bath homes have sold in the Old Town area thru 5/31/2020.  The average number of days to sell is 72 days.
  • The 2020 average Sold price of $613,000 is 9% above 2019 which at $560K was down 29% from 2018. The $613K is 84% above the 2011 low.
  • Six 2/1 homes are for sale with prices from $624K to $1.289M.
  • Twenty-five homes sold in 2018 and twenty-one in 2019.
  • Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town with 205 sales

2 Bedroom/2 Bathroom

  • Twelve, 2Bed/2Bath homes have sold in the Old Town area thru 5/31/2020. The average number of  Days to sell is 99 Days.
  • The average sold price of $926,000 is 4% above 2019 and is 118% above the low in 2009.
  • Sixteen 2/2's are for sale, priced between $749K and $1.525M.
  • The 2020 average Sold price per sqft  is $819, up 13% over 2019.  In 2019 the average was $724, in 2018 the average was $747.
  • Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West with 333 sales.

3 Bedroom/2 Bathroom

  • Nine, 3Bed/2Bath homes have sold in the Old Town area thru 5/31/2020. The average number of Days to sell is 86 Days.
  • The average Sold price of $1,158,000 is down 8% from 2019 and is 151% above the 2009 low.
  • The average sold price per sqft. is $761, down 2% from 2019.
  • Twenty-seven homes sold in 2017, twenty-five in 2018 and twenty-six in 2019.
  • Since 2009, 3Bed/2Bath homes have been the 2nd biggest sellers in Old Town with 240 sales.

3 Bedroom/3 Bathroom

  • Eight, 3Bed/3Bath homes have sold in the Old Town area thru 5/31/2020. The average number of Days to sell is 44 Days.
  • The 2020 average sold price of $1.372M is 1% below 2019 which was 11% below 2018. $1.372M is 86% above the 2010 low.
  • The average Sold price per sqft. of $820 is up 7% over 2019 and is the 2nd highest recorded for 3/3 homes.
  • Seventeen homes sold in 2018 and twenty-six in 2019.
  • 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 5/31/2020.  The average number of days to sell is 101 days.
  • The average sold price of $1.455M, is down 25% from 2019 and 72% above the 2009 low.
  • The average sales price per sqft is $691, down 25% from 2019.
  • There are seven homes for sale, ranging in price from $1.249M to $3.35M.
  • 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

  • Two, 4Bed/4Bath homes have sold in the Old Town area thru 5/31/2020. Average number of Days to sell is 28 days. Five homes sold in 2019 at an average days on market of 52 days.
  • There are eleven 4/4's for sale ranging from $1.69M to $3.85M.
  • The 2020 average sold price of $2.611M is up 7% over 2019, which was unchanged from 2018, and is up 27% since 2015.
  • The 2020 average sold price per sq.ft. of $1049 is down 6% from 2019.
  • Since 2003, average number of annual sales is six, with six in 2017, fourteen in 2018 and five in 2019.  Despite the choppy number of sales, price action has been steady, $2M - $2.4M.

Conclusion

 

We all knew this was coming so no surprises.  Key West continues to open up its economy, moving cautiously from 24% to 50% and of course the roadblock that for the last 7 weeks or so has prevented non-Monroe County residents from entering the Keys comes down June 1st. 

 

Welcome back tourists.  We have missed you.  Please, we have done everything possible to keep Covid at bay and so for the time being No shirt, no shoes, no mask, no service. Safety first. Believe it.

 

Everything I read; Investors Business Daily, Wall Street Journal, Zacks.com, etc., points to a big 3rd Quarter 2020 and powerful end to the year. Markets keep heading Northeast with sentiment following.  I believe it too; but, there is not yet here.

 

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

 

Good luck!

 

Additional Resources: