Posted: Feb 04, 2019
Old Town Key West January Home Sales Begin 2019 with a Bang!
Southernmost Point Key West

January Closed 16 single family home sales in Old Town, most for a January ever and 60% above the 5-year average of 10 sales!  In recent years, only May 2017 (17 sales) and April 2018 (21 sales) have been higher.  There were 137 sales in 2018, reversing a decline in sales in 2016 (129 sales) and 2017 (121 sales). January's follow-through continues that upward trend. Prices too continued up. The average sales price of $1,266,000 was the eleventh month of the last thirteen over $1M.  The average sales price per sqft of $928 was the highest ever recorded and topped 2018's end of year $781 (highest recorded) by 19%.

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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 January 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

  • Two, 1Bed/1Bath homes sold in the Old Town area thru 1/31/2019. The average number of days to sell is 97 days.
  • There are six 1/1 homes for sale from $449K to $5.5M.
  • The 2019 average sale price of $630,000 is 24% more than the average sale price for 2018.
  • In 2015, twelve homes sold, but sales have fallen since. In 2016, 9 sold, in 2017, 4 sales, in 2018, 5 sales.
  • The average size of the 2019 homes sold is 690 sq.ft., slightly above average. The average sale price per sqft. of $912 is 10% above 2018.

2 Bedroom/1 Bathroom

  • Three, 2Bed/1Bath homes sold in the Old Town area thru 1/31/2019.  The average number of days to sell is 256 days.
  • The average Sold price of $458,000 is down 42% from 2018 which at $784K was up 41% from 2017. The $458K is 38% above the 2011 low.
  • Nine 2/1 homes are for sale with prices from $610K to $925K.
  • 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 185 sales.

2 Bedroom/2 Bathroom

  • Three, 2Bed/2Bath homes sold in the Old Town area thru 1/31/2019. The number of  Days to sell is 37 Days, 67% less than 2018.
  • The average sold price of $795,000 is down 5% from 2018 and is 87% above the low in 2009.
  • Nineteen 2/2's are for sale, priced between $595,000 and $1.425M.
  • The average Sold price per sqft for 2019 is $627.  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 288 sales.

3 Bedroom/2 Bathroom

  • Three, 3Bed/2Bath homes sold in the Old Town area thru 1/31/2019. The number of Days to sell is 86 Days.
  • The average Sold price of $1,850,000 is up 76% from 2018 which was 2% above 2017 and is 301% above the 2009 low.
  • The average sold price per sqft. is $1131, up 65% 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 208 sales.

3 Bedroom/3 Bathroom

  • Three, 3Bed/3Bath homes sold in the Old Town area thru 1/31/2019. The average number of Days to sell is 23 Days.
  • The average sold price of $1.73M is up 12% from 2018 which was 9% above 2017.
  • The average Sold price per sqft. of $915 is up 8% from 2018 and is the highest on record.
  • 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 Bedroom/3 Bathroom

 

  • Zero, 4Bed/3Bath homes have sold in the Old Town area thru 1/31/201.  Nine homes sold in 2018 at an average number of days to sell of 114 days.
  • The average sold price in 2018 was $1.864M, up 25% over 2017. The 5-year average sales price is $1.732M.
  • There are nineteen homes for sale, ranging in price from $995K 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

  • Zero, 4Bed/4Bath homes have sold in the Old Town area thru 1/31/2019. Fourteen homes sold in 2018, the most on record.
  • There are ten 4/4's for sale ranging from $1.85M to $3.5M.
  • 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

 

January sales result from contracts for sale written and signed in November and December, historically weak months for contracts for future Old Town closings.  Additionally, November and December 2018 were a pair of months when it was enthusiastically reported by multiple pundits that the sky was falling. Not for these Buyers!

 

Ten of the sixteen sales, $400,000 to $2,400,000, were in cash. This confidence in the Old Town market provides resilience during any downturn. Cash buyers don't cut and run if the market stumbles. In 2018, 52% of single family home sales in Old Town were in cash, double the national average.

 

If you have a moment, please take a 4 minute read of my End of Year 2018 Sales Report. It was an upbeat year all-around for single family home sales in Old Town.

 

Good news in 2019 sales should continue as there are twenty Contingent and seven Pending properties in the pipeline. Hopefully upbeat national economic news; interest rate hikes and concomitant borrowing costs on hold, tepid inflation, steady job and wage growth, banking stock turnarounds, etc. will keep buyer attitudes about adding Old Town real estate to their portfolio of investments in the Go mode.

 

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

 

Welcome to 2019!