Thirty-five single family homes sold in the Old Town area in the 3rd Qtr of 2016. The 5-year, 2011 - 2015, average is 31. But, the average Sold price of these 35 homes was a whopping $1.3M, a 61% increase above the 5-year average of $807,000. September had only five closings and year-to-date sales (112 homes) still trail 2016 and 5-year totals; however, average sale price per square foot through September is $721, 35% above the 5-year average. Finally, the 54 summer sales, June - Sept, are 20% above the 5-year average. Can sales continue strong thru fall?
The below charts show sales of the seven most popular bed/bath combinations in Old Town Key West from January 1, 2006 to September 30, 2016.
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 neighborhood map here. The seven bed/bath combinations below contain enough sales to measure and evaluate trends after the 2004-2006 real estate Bubble.
- Seven, 1Bed/1Bath homes have sold in the Old Town area thru 9/30/2016. The average Days of Market was 93 days.
- The 2016 average sale price of $516,000 is 8% above the average sale price for 2015.
- In 2015, twelve 1/1 homes sold, the most since 2001.
- The average size of the 2016 Solds is 648 sq.ft., slightly smaller than 2015; however,
- The average sale price per sqft. is $796. This figure is 12% higher than 2015 and second highest since 2006.
- Sixteen, 2Bed/1Bath homes have sold in the Old Town area thru 9/30/2016. The average Days on Market was 88 days.
- The average Sold price of $582,000 is the same as 2015 which was 25% more than 2014.
- Five 2/1 homes are for sale with prices from $505K to $1.4M.
- Fifteen 2/1 homes sold in 2011, sixteen in 2012 and twenty-one in 2013 but only fourteen in 2014 so twenty-three sales for 2015 was very encouraging.
- Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town.
- Twenty-three, 2Bed/2Bath homes have sold in the Old Town area thru 9/30/2016. The average Days on Market was 114 Days.
- The average sold price of $690,000 is 18% below 2015 and only 62% above the low in 2009.
- Nine 2/2's are for sale, priced between $736,000 and $2.995M.
- Average Sold price per sqft in 2016 is $606, 9% below 2015 which was 15% more than 2014.
- Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West with 230 sales.
- Twelve, 3Bed/2Bath homes have sold in the Old Town area thru 9/30/2016. The average Days on Market was 111 Days.
- The average Sold price of $963,000 is 3% above 2015, which was 3% below 2014, and is 109% above the 2009 low.
- Average sold price per sqft. is $674, up 8% from 2015, primarily because the twelve homes sold are the smallest 3/2 homes sold since 2012.
- Twenty-seven 3/2's sold in 2014 and twenty-one sold in 2015.
- Since 2009, 3Bed/2Bath homes have been the 2nd biggest sellers in Old Town as value buyers take advantage of comparatively large homes at low prices.
- Sixteen, 3Bed/3Bath homes have sold in the Old Town area thru 9/30/2016. The average Days on Market was 116 Days.
- The average sold price of $1.452M is 19% above 2015 and 97% above the 2010 low.
- The average size of the fifteen sold is 1876 sq.ft., slightly above average; yet, the average Sold price per sqft. of $774 is the highest since 2005.
- Twenty-three 3/3's sold in 2014 and nineteen in 2015.
- Since 2009, 3Bed/3Bath homes have been the fourth biggest seller in Old Town Key West.
- Twelve, 4Bed/3Bath homes have sold in the Old Town area thru 9/30/2016. The average Days of Market was 309 Days.
- The 2016 average sale price of $2.163M is 39% above 2015 which was 10% below the 2014 average sold price. $2.163M is 156% above the 2009 low.
- Average Sold price per sq.ft. is $903 is the highest since 2005.
- The average size of the seven sold is 2396 sq.ft., large beautiful homes.
- This Bed/Bath configuration has finally solidified its price reversal. Plus, the twelve sales in 2012, the highest since 2008, and seven sales in 2015, with a climbing average sales price per square foot, shows strength.
- Eight, 4Bed/4Bath homes have sold in the Old Town area thru 9/30/2016. The average Days on Market was 225 Days.
- The average Sold price of $2.132M is 4% above the 2015 average Sold price which was 30% above 2014 and in the highest recorded. The $2.132M is 92% above the 2009 low.
- The 2016 average sold price per sq.ft. of $815 is 9% above the 2015 average sold price per sqft which was 24% above 2014.Since 2003, average number of annual sales is six, with nine sold in 2013, ten in 2014 and six in 2015.
- Year to year price action is choppy as a limited number of annual sales causes large fluctuations in average sales price.
Only a slow September caused the number of sales to drop off slightly in the 3rd Quarter (See the Red line in 2016). But the real news is the Red column in 2016 as 3rd Quarter average sales price leaped to its highest ever.
Once again the price gains were primarily in the 3 Bed/3 Bath and 4 Bed/3 Bath single family homes. Yet, sales are occuring across the price spectrum with fixer-uppers keeping the renovation work force in Old Town fully employed.
Cash sales continues to be a major factor at approximately 58% of all sales.
Historically September, October and November have been the slowest months of the year with an average of 8, 8 and 9 closings respectively. I do not see anything on the horizon to move those numbers significantly in either direction.
If you have any comments or questions, please contact me here.