The total number of listings sold in Key West in the month of March was 53. This is down 18.5% from the same time last year when 65 listings sold. When compared to last year’s sales, the price of a single family home is up significantly at 26.4 percent higher than last year. The actual average selling price has gone up as well at a 46.2 percent increase. In the Lower Keys, the total number of listings sold in March was 27, coming in at 50 percent higher than what sold the same time last year, which were 18 units. There was a 25.8 percent drop in sale prices for single family homes and sales themselves averaged 17.4 percent lower compared to March2013. Taking both areas into account, there was a small increase in sales overall between March 2013 and March 2014, showing a steady market over the last year. Single Family homes saw the greatest increase.
Key West Area Selling Price
Looking at the real estate market analysis between March2013 and March2014 for both areas, Median Sales are up overall, with more units sold in the Lower Keys compared to Key West. In Key West, there was a greater increase seen in the sale and listing prices, compared to lower Key West. In the lower Keys specifically, there was a small increase across all types of sales, single family homes, condos, townhouses and multifamily units. Key West showed a loss in sales with the number of single family, condo and townhouse sales, but increased in other property sales compared to last year. There has been some fluctuation on the number of days a house is on the market in both areas as well. Key West single family houses went from 175 days on the market in March2013 down to 108 days, over 2 months less in 2014. In the Lower Keys, the number of days on the market went from 113 down to 85 days, almost a month less time on the market. Overall, the market in Key West remains steady. Other markets will continue to see large upswings and downtimes based on the weather but in Key West, we avoid many of those restrictions. Our climate is steady and will continue to draw buyers to our area year round.
Key West Area Total Listings Sold 2014 Compared To 2013
Whether you are a tourist or looking to make a permanent change to the Keys, there are many reasons to move to our beautiful area. If you would like more information on the real estate in this amazing area, contact me, Jimmy Lane, at Key West Real Estate: 305-776-0585.
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