The November Suprise in Key West Real Estate Sales

On August 24, 2020 I blogged about Key West real estate sales since March when Monroe County authorities blocked US 1 from Key Largo to Key West. At first it almost felt like we were isolated from the rest of the world. Well, I guess we were. Non essential businesses, bars, restaurants, and hotels shut down. We wore our masks. We fared better than the rest of Florida. Buyers returned to Key West soon after the barriers were removed. We were back in the business of selling houses. On that day in August I wrote: 

"A total of 131 single family homes have closed since March 1, 2020 for an average sold price of $1,023,176. Eight of those sales were for homes that sold for an average sold price of $2,907,500. I have been a doubter of the over - two million dollar market for several years. It is real. It does exist and it has flourished in the pandemic."

I did a similar search today with the starting date of August 24th. A total of 69 single family homes have closed since August 24 with an average list price of $1,1003,862 and average sold price of $954,589. These home sales occurred in all parts of town. Thirty per cent (or 21) of those sale were for homes priced over $1,000,000 which had an average list price of $1,705,333 and average sold price of $1,616,785.

I view the 67 day sales results as a surprise given the state of the nation (and world) at this moment. Still, I decided to look back at the same time period in 2019. I found 37 single family home sales in Key West with an average list price of $1,078,554 and an average sales price of $1,035,568. Surprisingly, only 16 single family homes priced over $1,000,000 were among the solds. 

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