Posted: May 04, 2020
Old Town Key West Home Sales Stumble in April
914 Williams Alley Old Town Key West

April sales in Old Town Key West stumbled but not as bad as some naysayers had predicted.  April's 11 sales were 6 fewer than the 5-year (2015 - 2019) average of 17 sales and brought the total number of sales for 2020 to 43 or 19% less than the 5-year average of 53 sales. There are 117 homes for sale, 5 new listings in April. On March 1 there were 135 homes for sale. On Prices, the average sold price for these eleven sales was $1,341,000 at an average of $750 per square foot. The average sold price per sqft thru April is $801, 2% less than for all of 2019 and 3% greater than for all of 2019.

____________________________________________________________________________________

 

The below charts show sales of the seven most popular bed/bath combinations in Old Town Key West from January 1, 2011 to April 30, 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 4/30/2020. The average number of days to sell is 41 days.
  • There are eight 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.
  • The nine homes sold in 2019 tops total sales in 2018, 2017 and 2016.  In 2015, twelve homes sold, but sales had fallen every year since.
  • The average size of the 2020 homes sold is 700 sq.ft., above average. 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 4/30/2020.  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 $495K 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

  • Eleven, 2Bed/2Bath homes have sold in the Old Town area thru 4/30/2020. The average number of  Days to sell is 103 Days.
  • The average sold price of $931,000 is 4% above 2019 and is 119% above the low in 2009.
  • Sixteen 2/2's are for sale, priced between $610K and $1.439M.
  • The 2020 average Sold price per sqft  is $810, up 12% 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 332 sales.

3 Bedroom/2 Bathroom

  • Eight, 3Bed/2Bath homes have sold in the Old Town area thru 4/30/2020. The average number of Days to sell is 97 Days.
  • The average Sold price of $1,173,000 is down 7% from 2019 and is 154% above the 2009 low.
  • The average sold price per sqft. is $748, down 4% 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 239 sales.

3 Bedroom/3 Bathroom

  • Four, 3Bed/3Bath homes have sold in the Old Town area thru 4/30/2020. The average number of Days to sell is 37 Days.
  • The 2020 average sold price of $1.383M is identical to 2019 which was 11% below 2018. $1.383M is 87% above the 2010 low.
  • The average Sold price per sqft. of $885 is up 16% over 2019 and is the 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

 

  • Six, 4bed/3bath homes have sold in the Old Town area thru 4/30/2020.  The average number of days to sell is 95 days.
  • The average sold price of $1.398M, is down 28% from 2019 and 65% above the 2009 low.
  • The average sales price per sqft is $664, down 28% from 2019.
  • There are eight homes for sale, ranging in price from $1.29M 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 4/30/2020. 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 $3.5M.
  • 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 up 6% over 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

 

Key West's real estate glass remains more than half full and less than half empty. This is due in large part to the faith of buyers in the long term merit and goodwill of the 33040 zip code. 

 

Additionally and since 2010, cash buyers, 47% of 2020 sales thru April, and enhanced lending standards for mortgage buyers, have built a solid, equity-rich foundation from which Key West real estate can endure market shocks both local and beyond.

 

Civic leaders have wisely constructed a virtual moat around the Florida Keys.  Business and spiritual leaders have thoughtfully constructed networks of support for those most in need. As I wrote in my March 24 All Hands on Deck, my faith is in the combined forces of our public and private sectors to best remedy this situation. All we have to do is pay attention and keep our heads.Those who have bought and continue to buy Key West real estate confirm this belief.

 

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

 

Good luck!

 

Additional Resources: