During the month of August 2011, there were 269 properties listed in the Lower Keys real estate market. Of these properties, 54 were contingent or pending on the last day of the month, and 18 had been sold. Last August the number of properties listed was 321, the number contingent or pending was 50, and the number sold was 7. The trend of fewer listings and more sales continues to be GOOD NEWS for the Lower Keys.
The average and median prices of Lower Keys properties are higher than last year. According to the August 2011 Lower Keys Real Estate Statistical Analysis published by the Key West Association of Realtors, the average price of all properties sold in the Lower Keys in August 2011 was $485,472.00, which shows an increase of 24.7% over last August. The August 2011 median price for all properties sold in the Lower Keys was $365,000.00, which was an increase of 4.3% over the August 2010 median price.
To break the numbers down into more detail: All property sold in the Lower Keys in the month of August 2011 was single-family homes. The number of single-family homes sold in the Lower Keys during August 2011 was 18, and the number sold in August 2010 was 7. The median price of all single-family homes sold in August 2011 was $365,000.00.
An overview of the 2010 market in the Lower Keys shows that out of 167 properties sold, 119 were single-family homes, 8 were condos/townhomes, and 40 were other (duplex, mobile homes, multi-units) properties. The median price for single-family homes was $410,000, the median price for condos/townhomes was $262,500, and the median price for other properties was $130,750.
The current real estate market trend for the Lower Keys is very positive. With 52 fewer active listings than one year ago, sales are more than double comparing August to August, and median prices are increasing. This is a great time to take advantage of the real estate market in the Lower Keys. Give me a call today, and we’ll get started. Jimmy Lane: 305-766-0585.
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