Slim Pickings in Key West

Dictionary.com defines the phrase slim pickings as

A small amount left after others have taken a share. For example, After each of the children took what they wanted of Mother's things, it was slim pickings for the rest of the family. This expression alludes to animals devouring a carcass.

A couple of short years ago the moaners and groaners were belly aching over the 'glut' of houses for sale in Key West. Much of the glut has been sold, but some of the houses that were for sale then are still for sale today. Of that group many were priced way too high for the market or were located in areas that buyers just would not consider either because of the price, price per square foot, flood elevation, or just perceived bad area. A seller cannot change location, but he can change the price to meet the market. Some sellers learn and others do like they did in 6th grade math - they fail.

Most full time Key West real estate agents are very busy these days showing houses. Town is full of would-be buyers looking for their dream place in Key West. I am here to report that what was once a glut of houses is no more. We have slim pickings.

Since December 19, 2010 32 single family homes (priced from low $200s to $1.8 million) have gone under contract. During the same time 22 condos, townhomes, and duplexes have gone under contract. Those 54 units constitute approximately 9% of the Key West market that went under contract in the last 32 days.

Most of the sales activity has been in the sub $400,000 range which is the comfort level for many second home buyers and most full time local buyers. Seven single family homes priced between $850,000 to $1,895,000 went under contract with four homes priced over $1 million. That's pretty impressive.

I don't mean to overstate or to understate the current market. There are still over 500 condos, townhomes, and single family homes for sale in the Key West area. CLICK HERE to do your own free search of the Key West Association of Realtors mls database. See for yourself what is left for sale. I work with buyers all the time that have similar dream homes and price expectations in their minds. The number of properties available has achieved the slim pickings status. I don't want buyers to give up on getting their dream home. There are still plenty of over-priced properties out there. We are now a quarter way through the Key West selling season. My job is to help my buyers find their dream home in Key West and turn those slim pickings into a good deal.

If you are looking to purchase your dream home in Key West, please consider working with me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Let me help you find your place in Paradise.