The recession was traumatic for many, but with it came more affordable housing in the Key West area. In 2005 you could not buy a single family home in New Town under $500,000. Now there are 19 of them available. The average sales price in March of 2013 was $543,000. In March of this year it was $626,000. Interest rates are increasing too with an average rate this year of 4.46% compared to last year of 3.35%. As the changes take place the dream of ownership for many locals is vanishing, as is the trend nationwide with home prices rising faster than income.
It is sad to see the opportunity of home ownership for those who live and work here escaping. If you took advantage of lower prices brought to us with the decline of the real estate market it was a good decision, but if you didn’t now is the time to act.