February's eight single family homes sold In Old Town was two less than the 5-year, 2014 - 2018 average for February of ten and brought the year to date total to 24 Sales, 20% above the 5-year Jan - Feb average of 20. The 24 sales are 85% greater than Jan - Feb 2018's anemic start. The pipeline for sales looks strong with 19 Contingent and 5 Pending Sales. The average Sales Price of $1,485,000 topped $1M for the twelth month of the last fourteen. The average sales price per square foot of $850 settled below January's record of $928 per sqft but was still fourth highest since January 2018.

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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 February 28, 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 have sold in the Old Town area thru 2/28/2019. The average number of days to sell is 97 days.
• There are six 1/1 homes for sale from $419K to $899K.
• 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 have sold in the Old Town area thru 2/28/2019.  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 $519K 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

• Five, 2Bed/2Bath homes have sold in the Old Town area thru 2/28/2019. The average number of  Days to sell is 34 Days, 70% less than 2018.
• The average sold price of $785,000 is down 6% from 2018 and is 85% above the low in 2009.
• Nineteen 2/2's are for sale, priced between $655,000 and $1.399M.
• The average Sold price per sqft for 2019 is $634.  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 290 sales.

3 Bedroom/2 Bathroom

• Five, 3Bed/2Bath homes have sold in the Old Town area thru 2/28/2019. The average number of Days to sell is 91 Days.
• The average Sold price of $1,435,000 is up 36% from 2018 which was 2% above 2017 and is 211% above the 2009 low.
• The average sold price per sqft. is $873, up 27% 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 210 sales.

3 Bedroom/3 Bathroom

• Four, 3Bed/3Bath homes have sold in the Old Town area thru 2/28/2019. The average number of Days to sell is 74 Days.
• The average sold price of $1.612M is up 4% from 2018 which was 9% above 2017.
• The average Sold price per sqft. of $948 is up 12% 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

• One, 4Bed/3Bath home has sold in the Old Town area thru 2/28/2019.  Nine homes sold in 2018 at an average number of days to sell of 63 days.
• The sold price of this 2019 sale was $3M, up 61% over 2018. The 5-year average sales price is $1.732M.
• There are fifteen homes for sale, ranging in price from $950K to $5.84M.
• 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 2/28/2019. 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.

Summary

Leaders continue to lead as 2bed/2bath and 3bed/2bath homes have taken the early lead in total sales. Both configurations are well polished, ready to wear and price out comparably (over the past 5 years) in price per square feet with the 3/2 averaging 400 sqft larger.

The Old Town inventory is good, interest rates show no signs of increasing, Cash remains King and the market, following a solid 2018, is Active. What's that phrase -

Don't a-touch a-nothin.

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

Good luck!

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