May was a very busy month in Key West for real estate sales. The number of sales closed almost doubled compared to the number of listings that sold in May of 2011.
As I look at the statistics for May (which are published by the Key West Association of Realtors, which is directly from the MLS) I am wowed by what I see happening. I know everyone keeps talking about the real estate market turning around, but the proof is in the numbers, right?
Well, here are the numbers, which I found very interesting.....
Prices are going up - It is just a fact. The median sale price in Key West (year to date through May) is up over 14% compared to 2011 during the same period.
The median single family home price is now up to almost $515,000. The median for all homes, which includes town-homes, condos and mobile homes is at about $410,000.
Inventory is down, which is one of the key factors that drive prices up. The number of homes that are currently for sale is down 18% compared to the same time last year.
This is down a whopping 37% compared to the number of homes that were for sale at this time in 2010.
I know this may not be the best news for buyers that have been on the fence about the right time to buy, but it is good news for sellers.
Buyers, there are still good deals to be had, it just means you have to move quickly when you find a home you like at a good price. The bargains are now being scooped up after just days on the market.
At least for Key West it looks like all the news about the future recovery of the housing market seems to be coming to fruition.
What do you think?
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