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Key West Market Stats for May 2018

The Key West real estate market held steady overall with some good increases in sales figures for May. The average list price for May 2018 was reported at $978,948 compared to $883,393 a year ago. This is a 10.82 percent increase in year-to-year data. Seller confidence is also reflected in month-to-month data, with the shift of a 10.35 percent increase in average prices moving up almost a ½ percent in May. Median list prices for the month came in at $665,000, up 7.43 percent from $619,000 in May 2017, and almost 1.5 percent higher growth rate compared to the month prior. The wider range of list prices between average and median figures is due to several properties listed on the market at $1,000,000- $5,000,000 or more.

Actual sales growth was strong for the month of May. Average sold prices in were reported at $809,409, up by 8.46 percent compared to a year ago. The median sold price for single family homes in the Key West area was reported at $590,000, up by 1.81 compared to May 2017, when the median sale price was $579,500. The majority of units sold in May ranged in sale prices between $350,000- $699,999, while there were also several properties sold between $750,000- $949,000. The demand for homes in Key West continues to be high.

Key West Area Selling Price

May’s sales report shows 63 properties sold in Key West, compared to 56 transactions completed in May 2017, a 12.5 percent increase. There were 42 pending sales by month’s end, and another 66 listings added to the market. There was a total of 535 active listings in May, with the majority of them ranging between $300,000- $2,249,999. YTD Active listings total 940, with a total of 455 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 show a bit of a mixed bag between averages and median figures. The average days on the market for listings sold last month was 152 compared to 118 days a year ago. Yet median days on the market went down to 79 days compared to 81 in May 2017. Median and average year-to-date days on the market show similar results. Average YTD days on the market were 177 compared to 134 a year ago, while median YTD data shows 67 days compared to 71.

There are different factors which can attribute to the time a property remains on the market. Higher priced homes often take longer to sell. With a large number of homes priced above $1,000,000, the increase in average days on the market is noticeable. Median figures give a great “in the middle’ snapshot however; this number decreasing shows that Key West is an active market.

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.

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