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Sunday, July 1, 2012

Key West Mid-Year Sales Report

 I did a quick search of the residential real estate sales in the Key West area for the first six months of 2012. The sales area I used was from Mile Marker 0 (Old Town at Mallory Square) to Shark Key. I excluded Big Coppit sales as I do not think they represent the Key West market.  A total of 138 single family homes sold in this area at a median price of $670,850 or $374 per sq ft. During the same time period in 2011, a total of 139 single family homes sold at at the median price of $640,203 or $358 per sq ft. 

I then went back to the 2012 data and looked at only the Old Town, Meadows, and Casa Marina areas to determine the sales for these areas more preferred by second home buyers. I found there were 63 sales with an median sales price of $829,022 or $494 per sq ft.

Since most people who read my blog are looking for their dream house in Old Town, I narrowed the focus to single family houses in Old Town priced over $500,000. Thirty two single family homes sold in this area at an average sales price of $943,328 or $521 per sq ft. Next,  I narrowed the focus even further and looked for houses that sold that were listed less than one year. I found 24 sales at an average price of $890,268 or $515 per sq ft with an average 95/105 days on the market. I excluded all listings over 31 days and found 11 single family houses sold within one month of listing date at an average price of  $915,000 or $523 per sq ft. Several of these houses went under contract within a couple of days after listed. (The lesson here is watch the new listings and be prepared to act fast.)  Finally, I searched only houses that had been listed for over 500 days. Readers will recognize some of threse because I wrote about some of them several times. Nine such houses finally sold at a median  price of $850.611 or $463 per sq ft.

At the beginning of 2012 I was very optimistic about the selling season, but I became more pessimistic as the months dragged on.  I think I sensed the apprehension many buyers still had. I actually lost a couple of sales because buyers feared a possible double dip recession and voiced concern over what was (or still is) going on in Europe.  Our inter-connected world probably caused other buyers to hold off making purchases now sensing that times may get tougher.  

Currently there are 78 single family homes shown as contingent or pending in the Key West area. Forty of these properties are either bank owned or short sales awaiting final bank approval. Several of these properties have been shown as contingent or pending for well over half a year or longer. The remaining 38 sales are traditonal market sales. 

The biggest obstacle I see to selling real estate in Key West at the moment is lack of inventory. Most of the buyers I work with want the Key West getaway place that they can occaissonally rent for a bit of income to help suppliment the costs of buying the property. If you look back at the house sales for 2012 you will see aggressive buying for new listings under 31 days on the market. And you will see stale inventory getting purchased as well. The buyers are there. The inventory is shrinking and buyers are looking for something (almost anything) to buy.

If you are among the many who buy a place in Key West, CLICK HERE to search the Key West Association of Realtors mls database. Put in your own search criteria and see what you find.  If you see something that interests you, please consider contacting me, Gary Thomas, 305-766-2642, or send me an email at I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your place in Paradise.

1 comment:

Anonymous said...

Couldn't agree with you more Gary. I honestly can't remember the last time a really good home at a great price came on the market. Those days appear to be over. Now its gonna be interesting to see the aggressive pricing that will most likely happen in the upcoming selling season. My guess is that if people want to buy any home in Key West they are going to have to pony up some serious cash for it!


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Gary Thomas in a Nutshell

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Key West, Florida, United States
I first read about Key West in a magazine called "After Dark" sometime in the mid 1970's. But it wasn't until March 1984 that I made my first visit to the island that would become my home. I had two weeks for a vacation and reserved a room at Colours Guesthouse (now Marrero's Guest House) for one week. I thought that if I didn't like Key West, I could always go back to Miami or Ft. Lauderdale for the rest of my trip. But after a couple of days in Key West, that was no longer a consideration. But when I wanted to extend my stay for the extra week I found there was no room at the inn. The guesthouse owner did find me a room at LaTeDa, the infamous guesthouse/restaurant. That's a story I'll write another day. But those two weeks in Key West gave me the realization that I had found Paradise. Key West has been my home since 1993 and my only regret is that it took me so long to get here. I am a full time Realtor at Preferred Properties CRI. Let me help you find your new home or business in Paradise. Living in Paradise is not a slogan, it's a way of life.