Posted: Aug 06, 2018
Solid Sales in July Get the Summer Going
Fort Zachary Taylor National Park

Twelve homes sold in July matching the 5 year (2013 - 2017) average for July sales. The 87 sales through July are 4% more than sales through July 2017. July sales were in the core of Old Town sales; 2bed/2bath, 3bed/2bath and 3bed/3bath homes. On Pricing, the averages sales price of $984,000 was the 2nd month in 2018 below $1M (January the other).  Average sales price per sqft was a solid $768, 3rd highest for the year, yielding an average through July of $749 per sqft. Both average sales price and average price per sqft continue to rise, albeit in mid single digits.

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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 July 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

  • Four, 1Bed/1Bath homes have sold in the Old Town area thru 7/31/2018. The average number of days to sell is 45 days.
  • There is one 1/1 home for sale at $599K.
  • The 2018 average sale price of $467,000 is 13% 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 560 sq.ft., well below average; however, the average sale price per sqft. of $835 is only 3% below 2017.

 

2 Bedroom/1 Bathroom

 

  • Fifteen, 2Bed/1Bath homes have sold in the Old Town area thru 7/31/2018.  The average number of days to sell is 70 days.
  • The average Sold price of $855,000 is up 53% from 2017 which at $557K was down 4% from 2016. The $855K is 158% above the 2011 low.
  • Eight 2/1 homes are for sale with prices from $575K to $1.03M.
  • 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 172 sales.

 

2 Bedroom/2 Bathroom

  • Sixteen, 2Bed/2Bath homes have sold in the Old Town area thru 7/31/2018. The number of  Days to sell is 128 Days, 20% longer than 2017.
  • The average sold price of $958,000 is up 7% from 2017 and is 126% above the low in 2009.
  • Sixteen 2/2's are for sale, priced between $775,000 and $1.68M.
  • The average Sold price per sqft for 2018 is $874.  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 274 sales.

 

3 Bedroom/2 Bathroom

 

  • Sixteen, 3Bed/2Bath homes have sold in the Old Town area thru 7/31/2018. The number of Days to sell is 139 Days.
  • The average Sold price of $1,050,000 is up 4% from 2017 which was 2% below 2016 and is 128% above the 2009 low.
  • The average sold price per sqft. is $669, down 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 196 sales.

 

3 Bedroom/3 Bathroom

  • Thirteen, 3Bed/3Bath homes have sold in the Old Town area thru 7/31/2018. The average number of Days to sell is 132 Days.
  • The average sold price of $1.345M is down 5% from 2017 which was 1% below 2016.
  • The average Sold price per sqft. of $756 is down 6% from 2017.  2017's $806 was 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

  • Four, 4Bed/3Bath homes have sold in the Old Town area thru 7/31/2018.  Avrage number of days to sell is 107 days.  In 2017, the average number of Days to sell was 51 days.
  • The average home sold price thru July is $1.974M, up 33% over 2017. In 2017 the average sale price of $1.488M was 27% below 2016 with the 5-year average sales price of $1.525M.
  • There are 8 homes for sale ranging in price from $1.04M to $3.75M.
  • 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.

 

4 Bedroom/4 Bathroom

  • Ten, 4Bed/4Bath homes have sold in the Old Town area thru 7/31/2018. The average number of Days to sell is 126 days. Ten sales equals the record for sales set in 2014.
  • There are seven 4/4's for sale ranging from $1.6M to $6.2M.
  • The 2018 average Sold price of $2.26M is up 6% from 2017 which was 1% below 2016.
  • The average sold price per sq.ft. of $787 is 3% above 2017.
  • Since 2003, average number of annual sales is six, with six in 2015, eight in 2016 and six in 2017.Year to year price action is choppy as a limited number of annual sales causes large fluctuations in average sales price.

 

Summary

 

Twelve sales in July, seven in cash, bodes well for summer sales and with an average Days on Market (DOM) of only 83 Days proves that Buyers are actively looking and will pull the trigger on properties well priced. Serious Sellers take note.

 

Total sales for 2018 still appear headed for 125+/-. Totals sales for 2017 were 121 and for 2016 there were 129 sales.  If Sellers and their Agents can hold the line on sale price increases, then hopefully sales can begin to return to their five-year (2013 to 2017) average of 143 homes sold.

 

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

 

Good luck!