Over Asking Solds

 

I check the Key West MLS HOTSHEET multiple times throughout the day - every day.The HOTSHEET shows MLS changes in real time including new listings, price changes, back on the market, contingent show, contingent, pending, and closed listings plus text changes. 

Last Friday afternoon I noticed three more solds posted since earlier in the day. I looked at each sold to see the property, the price paid and the agents involved. It was only after I looked at each sale that I noticed all sold over asking. Then I recalled seeing several over asking solds earlier in the week. 

We all know that homes are selling over asking across the nation. So what is going on here is not an anomaly. This year I personally sold three houses over asking. I also know that the Key West real estate market exploded in sales this spring and that sales from then are still posing.

I decided to look back at single family solds from April 1st to August 23 and found we had 242 homes sold in Key West. The median home sold for -4.14% under asking. For years the number has averaged between 5 to 6%. That's not a huge drop but it tells us that demand is driving sales prices up and we already know that our sales prices are up significantly over the past two cycles. 

Then I examined each MLS sold to see the house, the location, and the price paid in relation to asking price. Percentage numbers in the raw don't make sense to anybody but statisticians as far a I am concerned. What I found confirms what I have told my customers and written in my blog for years. The most in demand homes were located in Old Town and Casa Marina and that most of those sales were either full price or within a few thousand of asking (plus multiple over asking). The New Town area homes sold lower. 

I went back and found 33 of the 242 sold homes sold over asking. That is 20.9% of the solds during this limited time period. I have never experienced anything like this.