July was a steady month for the Key West residential real estate market with only slight fluctuations compared to July 2017. Listing prices are still climbing, with the average list price for July 2018 at $948,166 compared to $925,485 a year ago. This is a 2.45 percent increase in year-to-year data. Median list prices for the month came in at $649,900, up by 6.72 percent from $609,000 in July 2017.
Average sold prices were reported at $776,759, down a mere 1.38 percent compared to a year ago. The median sold price for single-family homes in the Key West area was reported at $610,000, down by less than ½ a percent compared to July 2017, when the median sale price was $612,000. There was a wide range of range in sale prices, with the majority between $300,000-$899,999, and several properties sold between $850,000- $1,599,999.
Key West Area Selling Price
July’s sales report shows 45 properties sold in Key West, compared to 47 transactions completed in July 2017, a 4.3 percent decrease. Year-to-date sold listing show Key West is on the rise overall for the year with 384 listings sold so far, compared to 380 last for the same period, 1.1 increase which reflects a stable market overall. There were 29 pending sales by month’s end, and another 63 listings added to the market. There was a total of 519 active listings in July, with most of them ranging between $350,000-$2,999,999. YTD Active listings total 1,076 with a total of 591 new listings coming onto the market so far in 2018. Whatever your budget and lifestyle needs, there’s sure to be a Key West property for you.
Key West Area Total Listings Sold
Days on the market picked up for the month reflecting the ongoing demand for properties in Key West. The average days on the market for listings sold last month was 142 compared to 183 days a year ago. Median days on the market went down to 56 days compared to 183 in July 2017. As we move into the fall season we anticipate properties to continue to move at a quick pace and will be watching to see how this continues.
Other markets will continue to see large upswings and downtimes based on the weather, but in Key West, we avoid many of those restrictions. Our climate is steady and will continue to draw buyers to our area year-round. Whether you are a tourist or looking to make a permanent change to the Keys, there are many reasons to move to our beautiful area. If you would like more information on the real estate in this amazing area, contact me, Jimmy Lane, at Key West Real Estate: 305-766-0585.