Key West residential sales for March saw some solid growth in both sold listing numbers and prices. The average list price for March 2018 was reported at $985,940, compared to $857,158 a year ago. This reflects a 15.02 percent increase, which is impacted in part by several properties coming to market with a listing price between $1-3 million. Median list prices for the month came in at $690,000, up 9.70 percent from $629,000 in March 2017. While averages can vary greatly with listings at either end of price ranges, median list prices tend to change over the long-term.
Comparing listing prices to sale prices, seller confidence continues to be strong, and rightly so as homes are selling well above median list prices, both for the current month and compared to the year prior. Median sale prices for March went up by 36.51 percent, to $718,750, compared to the $526,500 reported in March 2017. This increase is also up significantly from the month prior, and residential homes in the Key West area are continuing to be in demand. Average sale prices also went up to $775,927, up 5.54 percent.
Key West Area Selling Price
March’s sales report shows 70 properties sold in Key West, more than double what was sold last month, and up by 27.3 percent compared to March 2017 when 55 homes were sold. The number of pending list sales for the month came in at 55, down 25.07 percent from a year ago. Year-to-date sales however, are up to 156 so far in 2018, compared to 135 last year, a 15.6 percent increase overall.
There were 542 active listings this March, compared to 636 in March 2017. The number of new listings added in March went up however, to 102 from 93 last year at the same time. Year-to-date new listings are down a bit to 313 compared to 347 a year ago; active listings YTD went down to 801 compared to 887. With a lower inventory alongside ongoing demand for properties in the region, now may be the ideal time to list your property if you’re planning to sell.
Key West Area Total Listings Sold
Homes sold in March remained on the market longer than a year ago. The average days on the market for listings sold last month was 173 compared to 95 last year. Median days on the market are not spread so far apart, at 67 days compared to 59 in 2017. This is almost a month faster than in February 2018, showing the demand for homes in the area continues to hold strong and steady. Median year-to-date days on the market show a similar result in the length of time, being 77 days compared to 60. As we get into longer days and the approach of summer, we anticipate homes will move faster.
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.