Lower Keys Real Estate Market Report March 2011

The Lower Keys real estate market has had seasonal highs and lows this past year, but the beginning of 2011 brought a steady climb. As this chart shows, the number of properties sold in March 2011 is slightly above the number sold in March 2010. The total number of properties (including single family homes, condos, town-homes, mobile homes, & multi-units) sold in the Lower Keys  in March 2010 was 18 and the number sold in March 2011 was 21.

 The number of properties sold and the average price of these properties both showed positive growth. According to the March 2011 Lower Keys Real Estate Statistical Analysis published by the Key West Association of Realtors, the average price for all properties sold in the Lower Keys during March 2010 was $341,507.67 and in March 2011 the average price was $387,098.33. The median price of properties sold in March 2010 was $259,183.33 and the median price in March 2011 was $338,000.00. In March 2010 the average days on market for the Lower Keys was 83. This number rose slightly to 131 in March 2011. 

To break the numbers down into more detail: 

The number of single family homes sold in the Lower Keys during March 2011 was 11 and that is identical to the number sold in March 2010. The number of condos/townhomes sold in the Lower Keys during March 2011 was 1 compared to 1 last year. The number of other properties sold in the Lower Keys was 9 in March 2011 compared to 6 last year.

The average price of single family homes sold in the Lower Keys during March 2011 was $525,739.00 which was a 15.3 % drop from one year ago. The median price of $389,000.00 in March 2011, however, was basically the same last year. There is no meaningful average data for condos/townhomes because only 1 unit was sold each year.

There were 171 active listings of single family homes for sale in the Lower Keys this March, 19 listings for condos/townhomes, and 96 listings for other properties. Of this total, 57 properties were contingent or pending at the time of the report and 21 properties were sold.

The real estate numbers are good for the Lower Keys and life is good in the Lower Keys! All of this adds up to GOOD reasons for you to consider property in the Lower Keys today.  Give me a call and we’ll get started. Jimmy Lane 305-766-0585