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Friday, January 30, 2015

Where Have All the Houses Gone? - The Lack of Houses For Sale in Key West

I just returned to my desk after showing homes to a couple who are looking to purchase a home in Key West. I sat down at my desk and brought up my mls website. Eight properties went under contract since last night. I just checked the mls again and learned that we have 136 houses under contract of which 99 went under contract since January 1 of this year. Here's the kicker: 39 of the 99 went under contract during the past seven days. (Within thirty minutes of writing the above, another property went under contract. I did not change the data.)

If you have been sitting on the sidelines waiting for prices to "fall", you may have made a faulty assumption about the direction the housing market is going in Key West.  If you have been waiting for more inventory to hit the market, it will. People are always dieing, getting divorced, getting fired or voluntarily leaving their jobs and moving to some other location. These are predictable life events. It's just that we can't predict when these events will occur in the future.

The supply of houses is rapidly diminishing. CLICK HERE to search the Key West mls database for homes that are still available.  There are 322 condos, single family homes, duplexes, and multiple family houses available. The least expensive place is a 12' X 12' condo priced at $130,000 located in Bahama Village. There are 149 properties priced between $500,000 to $999,000. 102 properties are priced at $1,000,0000 or higher which are still available. The most expensive home is offered at $9,000,000 - it will probably be on the market for a while. I don't think I can make that prediction about the rest of the market.

If you are looking to buy a place in Key West and need a buyer's agent please call me, Gary Thomas, 305-766-2642.  I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your place in Paradise. 

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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.