Posted: Oct 03, 2021
Old Town Key West Home Sales Continue Record Run
Sculpture Garden Key West

September's five single family home sales brought the year to date record total to 199 sales in Old Town.  Eventhough 5 sales was the lowest monthly total for 2021, the 3rd Qtr still finished at 35 sales, two more than the 5-year (2016-2020) average of 33. Cash sales remained steady at 53%. On Prices, the average Sold price for these 199 sales remained steady at a record $1.66M, 27% above the end of both 2020 and 2019. September's average sales price per square foot of $988, the fifth month in a row over $930, raised the year to date average to a record $932.

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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, 2012 to September 30, 2021. 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 the number of sales and sale prices thru the 1st Half 2021 for each of these six neighborhoods 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

  • Seven, 1Bed/1Bath homes have sold in the Old Town area thru 9/30/2021. The average number of days to sell is 161 days. (One house was on market for 745 days).
  • There are three 1/1 homes for sale priced between $840K and $1.325M.
  • The 2021 average sale price of $522,000 is down 3% from 2020 and is 168% above the 2011 low.
  • In 2020 there were ten sales, the best since 2015 when twelve homes sold.
  • The average size of the 2021 homes sold is 515 sq.ft., well below average. The average sale price per sqft. of $1014 is 21% above 2020

2 Bedroom/1 Bathroom

  • Sixteen, 2Bed/1Bath homes have sold in the Old Town area thru 9/30/2021 at an average of 38 days to sell.
  • The 2021 average Sold price of $813,000 is up 29% over 2020 which was up 12% over 2019. The $813K is 145% above the 2011 low.
  • The average sold price per square foot of $836 is up 20% over 2020.
  • Two 2/1 homes are for sale at $685K and $1.2M.
  • Twenty-one homes sold in 2019, eight in 2020.
  • Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town with 227 sales

2 Bedroom/2 Bathroom

  • Thirty-six, 2Bed/2Bath homes have sold in the Old Town area thru 9/30/2021. The average number of Days to sell is 58 Days.
  • The average sold price of $1.146M is up 27% over the 2020 end of year price of $905K and is the highest average sold price ever.  $1.146M is 170% above the low in 2009.
  • Five 2/2's are for sale, priced between $887K and $1.9M.
  • The 2021 average Sold price per sqft is $947, up 23% from 2020.  In 2020 the average was $768, in 2019 the average was $724.
  • Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West with 385 sales.

3 Bedroom/2 Bathroom

  • Thirty-four, 3Bed/2Bath homes have sold in the Old Town area thru 9/30/2021. The average number of Days to sell is 83 Days.
  • The average Sold price of $1,371,000 is up 24% over 2020 and is 197% above the 2009 low.
  • The average sold price per sqft. is $908, up 23% over 2020.
  • Twenty-six homes sold in 2019, thirty in 2020. 34 sales is the most ever.
  • Since 2009, 3Bed/2Bath homes have been the 2nd biggest sellers in Old Town, exceeding twenty sales every year since 2013 except in 2016. Total sales since 2009 is 295 sales.

3 Bedroom/3 Bathroom

  • Thirty-five, 3Bed/3Bath homes have sold in the Old Town area thru 9/30/2021. The average number of Days to sell is 95 Days.
  • The 2021 average sold price of $1.809M is up 21% over 2020 which was up 8% over 2019. $1.809M is 145% above the 2010 low.
  • The average Sold price per sqft. of $996 is up 7% from 2020 and is the highest ever recorded for 3/3 homes.
  • Twenty-six homes sold in 2019 and nineteen in 2020.
  • Since 2009, 3Bed/3Bath homes have been the fourth biggest seller in Old Town Key West with 253 sales.

4 Bedroom/3 Bathroom

  • Twelve, 4bed/3bath homes have sold in the Old Town area thru 9/30/2021. The average number of days to sell is 106 days.
  • The average sold price of $2.34M, is up 46% from 2020 and is 177% above the 2009 low. There are five homes for sale, priced from $2.25M to $4.7M.
  • Sixteen 4/3's sold in 2020, more than 2019 and 2018 combined and was the highest annual total since seventeen sold in 2008.
  • The 2021 sales price per sqft of $1011 is up 38% over 2020 and is the highest ever.
  • 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

  • Seventeen, 4Bed/4Bath homes have sold in the Old Town area thru 8/31/2021. Average number of Days to sell is 69 days. Seventeen Solds is the most 4/4 solds EVER.
  • The 2021 average sold price of $2.387M is down 4% from 2020 which was up 3% over 2019 and is up 124% over the 2009 low.
  • The 2021 average sold price per sq.ft. of $940 is down 16% from 2020.
  • Since 2003, average number of annual sales is six, with fourteen in 2018, five in 2019 and two in 2020.  Despite the choppy number of sales, price action has been steady, $2.1M - $2.5M.

Summary

 

There are 13 Contingent and 3 Pending contracts in place, the best numbers since June and possibly filling October with sales. The 5-year average for sales for October is 9. October 2020, the fourth month of the ongoing surge, had 15 sales.

 

Inventory remains 66% below normal.  How come?  Those who wanted to sell have already pulled the tigger and those who remain ask, why would I leave a place that so many are paying up to get to?!

 

Of the 32 homes for sale in Old Town, four are between $600K - $900K, nine are between $1M - $2M, twelve are between $2M - $3M and seven top $3M. Over reach?

Conclusion

 

More highly regarded people than me say that Vacation and Second homes, the bread and butter of Old Town Key West, will defy any slowdown.

 

To be sure, politically engineered economic headwinds are a-brewing, (didn't the pandemic blow hard enough?) but that does not mean Key West isn't still a fine place to be. Key West is made for Pioneers.

 

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

 

Good luck!