July Real Estate Sales for Key West

I have often reported that the best time to buy a home in Key West is during the summer when sales are low. There usually is not as large a selection because sellers typically wait until late fall to list hoping to sell in a more robust market.

Key West had only ten single family residential sales for the month of July. The least expensive was a 2 bed 1 bath home with 627 square feet. It was on the market only 27 days and was listed and sold at $390,000. The average home was a 2 bedroom 2 bath with 1309 square feet that was listed at $912,709 but sold for $826,591 after being on the market 186 days. The most expensive home for the period was a 3 bedroom 4 bathroom with 2,710 square feet that was listed and sold at $2,675,000 after 549 days on the market. There were 17 sales during the same time period in 2006 and 17 sales during 2005.

Condo sales were much worse. There were only 5 condos sold during that same time period. The least expensive was a 2 bedroom 1 bathroom on the golf course with 680 square feet. It was listed and sold after being on the market for over a year. It was re-listed at $392,000 and went under contract 4 days later. It sold for full price. The average condo was a 2 bedroom 2 bathroom with 1,036 square feet listed at $656,800 and sold at $584,200 after 239 days on the market. There were 13 sales during the same time period in 2006 and 18 sales during 2005.

The National Association of Realtors reported dismal sales results last week for the period ending July 31st and that sent (and other disappointing economic news) the DOW into a tailspin. There is no mistaking it: Key West real estate is in the dumps. Here is another interesting tidbit.

The Key West rental market isn't fairing much better. There seems to be an oversupply of homes, condos, and apartments for rent. Many would-be sellers have opted to rent there properties rather than trying to sell them in this market. That means that renters for once have an advantage because the rates are down for rentals as well or the rates have not risen by 10% over the prior year as is the norm.

The houses and condos that sold quickly during the month of July were priced to sell. Not priced to see how many cobwebs could be grown. There are some good deals in the Key West market. CLICK HERE to preview all current mls listings in real time and then give me a call to see if we can find a home or condo that suits your needs. Thanks.