The Key West Association of Realtors sent out the May Real Estate Sales Report yesterday. It confirms what I have been citing anecdotally about real estate sales increasing in the numbers of units sold and in the sales price appreciation since 2009. CLICK HERE to review the May Sales Reports for the Key West area only.
I won't bore you to tears with what sold but you can CLICK HERE to see the single family home sales for Key West during May. My search varies a bit from that of the Key West Association of Realtors . Mine shows that there were 19 single family home sales in Key West during May. Three were noted by the listing agent as short sales and four were bank owned properties. The average price per sq ft was $388. This marks a little improvement over the same time in 2009 when there were 15 sales four of which were bank owned houses and three were shown as short sales. (One of the flaws of our mls system is that some agents (or their sellers) do not want to show that a short sale actually occurred. )
There were 18 townhome and condominium sales during May 2010. Three of the sale weRe bank owned properties and six were shown as short sales. The average price per sq ft was $365 during May 2010. Compare that with 2009 sales figures which showed 14 total sales of which 8 were bank owned condos/townhomes and 3 short sales that had an average sales price of $251 per sq ft. That is a price increase of 68% over the same time last year. Compare also the number of bank owned units was down to 3 in 2010 as opposed to 8 in 2009. Don't tell me that bank sales don't depress the market. They brutalize it. CLICK HERE to see what sold in May 2010.
Despite what some naysayers say, the real estate market in Key West is on the rise once again. We have a small island with a limited supply of homes and condos. The State of Florida has imposed a very restrictive policy on new housing construction. As the "oversupply" of available houses (condos and townhomes) diminish, the prices on well located properties in good condition should increase. If you have been waiting for prices to go lower, you may be disappointed to see that prices are going up instead.
I took the photo at the top of today's blog a couple of weeks ago. I was driving home from Winn Dixie when I saw the BBQ Pampered Pet sign and screamed in delight. I had to turn around and go back to take a pic. CLICK HERE to see the rest of the sign. You already knew we don't eat our pets in Key West. Didn't you?
If you are looking to purchase a second home in Key West, please contact me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc.
