Posted: Aug 03, 2020
Old Town Key West July Home Sales Rebound Strongly
914 Williams Alley Old Town Key West

July's fifteen Old Town Key West single family home sales were the highest total for any month this year, beat the 5-year (2015 - 2019) July average by two and brought the year to date total sales to 72.  The 5-year average of Jan - July sales is 97. Eight of the fifteen sales were Cash, bringing year to date Cash sales to 49%, three percentage points below the 5-year average and twice the national average. On Prices, the average sold price topped $1M for the seventeenth time since Jan 2019. Conversely, the average sold price per square feet for July of $643 was the lowest since Sept 2017 and brought the year to date average to $758 per sqft.

____________________________________________________________________________________

 

The below charts show sales of the seven most popular bed/bath combinations in Old Town Key West from January 1, 2011 to July 31, 2020. 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 1st Half 2020 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 7/31/2020. The average number of days to sell is 50 days.
  • There are four 1/1 homes for sale from $439K to $799K.
  • The 2020 average sale price of $523,000 is 6% less than the average sale price for 2019 and 168% above the 2011 low.
  • In 2015, twelve homes sold and nine in 2016 and 2019, otherwise sales have been weak.
  • The average size of the 2020 homes sold is 681 sq.ft., biggest since 2013. The average sale price per sqft. of $768 is 14% below 2019.

2 Bedroom/1 Bathroom

  • Three, 2Bed/1Bath homes have sold in the Old Town area thru 7/31/2020.  The average number of days to sell is 95 days.
  • The 2020 average Sold price of $568,000 is 2% above 2019 which at $560K was down 29% from 2018. The $568K is 71% above the 2011 low.
  • Eight 2/1 homes are for sale with prices from $539K to $1.289M.
  • Twenty-five homes sold in 2018 and twenty-one in 2019.
  • Since 2009, 2Bed/1Bath homes have been the 3rd most popular selling home in Old Town with 206 sales

2 Bedroom/2 Bathroom

  • Fifteen, 2Bed/2Bath homes have sold in the Old Town area thru 7/31/2020. The average number of  Days to sell is 111 Days.
  • The average sold price of $899,000 is 1% above 2019, is the highest average sold price since 2006 and is 112% above the low in 2009.
  • Seventeen 2/2's are for sale, priced between $695K and $1.499M.
  • The 2020 average Sold price per sqft is $761, up 5% over 2019.  In 2019 the average was $724, in 2018 the average was $747.
  • Since 2009, 2Bed/2Bath homes have been the biggest sellers in Old Town Key West with 336 sales.

3 Bedroom/2 Bathroom

  • Fifteen, 3Bed/2Bath homes have sold in the Old Town area thru 7/31/2020. The average number of Days to sell is 122 Days.
  • The average Sold price of $1,110,000 is down 12% from 2019 and is 141% above the 2009 low.
  • The average sold price per sqft. is $753, down 3% from 2019.
  • Twenty-seven homes sold in 2017, twenty-five in 2018 and twenty-six in 2019.
  • Since 2009, 3Bed/2Bath homes have been the 2nd biggest sellers in Old Town with 246 sales.

3 Bedroom/3 Bathroom

  • Ten, 3Bed/3Bath homes have sold in the Old Town area thru 7/31/2020. The average number of Days to sell is 111 Days.
  • The 2020 average sold price of $1.327M is 4% below 2019 which was 11% below 2018. $1.327M is 80% above the 2010 low.
  • The average Sold price per sqft. of $802 is up 5% over 2019 and is the 3rd highest recorded for 3/3 homes.
  • Seventeen homes sold in 2018 and twenty-six in 2019.
  • Since 2009, 3Bed/3Bath homes have been the fourth biggest seller in Old Town Key West

4 Bedroom/3 Bathroom

  • Ten, 4bed/3bath homes have sold in the Old Town area thru 7/31/2020.  The average number of days to sell is 109 days.
  • The average sold price of $1.456M, is down 25% from 2019 and is 72% above the 2009 low.
  • More 4/3's have sold thru July than the total Sold in 5 of the last 6 years.
  • The average sales price per sqft is $689, down 25% from 2019.
  • There are five homes for sale, ranging in price from $1.49M to $2.625M.
  • 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

  • Two, 4Bed/4Bath homes have sold in the Old Town area thru 7/31/2020. Average number of Days to sell is 28 days. Five homes sold in 2019 at an average days on market of 52 days.
  • There are thirteen 4/4's for sale ranging from $1.69M to $3.9M.
  • The 2020 average sold price of $2.611M is up 7% over 2019, which was unchanged from 2018, and is up 27% since 2015.
  • The 2020 average sold price per sq.ft. of $1049 is down 6% from 2019.
  • Since 2003, average number of annual sales is six, with six in 2017, fourteen in 2018 and five in 2019.  Despite the choppy number of sales, price action has been steady, $2M - $2.4M.

Conclusion

 

Optimistic buyers focused on a better future made good investments in Old Town Key West real estate in July. Thru July, 49% of Old Town sales have been in Cash - another sign of confidence and positive thinking.

 

Additionally, as I walk and pedal through Old Town I see general contractors, roofers, painters, electricians and pool service companies improving and renovating property large and small.  Old Town property owners are not slacking off in their desire to have a well constructed, architecturally significant and environmentaly smart safe haven for their use and the use of their friends and family.

 

In Old Town Key West, there are 110 Homes For Sale, slightly below normal for summer, and in the pipeline there are 15 Contingent Sales and 5 Pending Sales.

 

If you have any Comments or Questions, please contact me here.

 

Good luck!

 

Additional Reources: