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Key West Market Stats for November 2018

November’s market stats reflect the ongoing demand for homes around Key West. There were significant increases in figures across the board compared to a year ago. While we were still bouncing back from Hurricane Irma this time last year, the market showed improvement by the start of the 2018 holiday season. This year’s figures show the solid growth we should see in the area throughout 2019.

Comparing data from a year ago, list prices went up, with the average list price for November 2018 at $937,882, compared to $935,214 a year ago. This is a 0.29 percent increase in year-to-year data. Median list prices for the month went up more, coming in at $659,000, up by 9.11 percent from $604,000 in November 2017. Year-to-date listing prices continue to show a rise as well, with a median of $695,000, a 7.09 percent increase.

Both average and median sale prices for the month went up by a significant amount. Average sale prices for November 2018 came in at $770,200, compared to $618,046 in November 2017. This is up by a solid 24.62 percent. Median sale prices saw additional growth as well, reported at $551,000, compared to $480,000 a year ago, up by 14.79 percent.

Key West Area Selling Price

November’s sales report shows 45 properties sold in Key West, compared to 27 transactions completed in November 2017, a 66.7 percent increase reflecting the demand for property around Key West. Year-to-date sold listings show Key West continues its steady climb upward, with 555 listings sold so far, compared to 516 last year for the same period, a 7.6 percent increase. There were 99 listings added to the market last month, with a total of 513 active listings for the market. Of the new listings on the market, 140 are priced at $99,999 or below, and almost 230 of the listings range between $200,000 and $999,999. Whatever your budget, there’s a home for you in Key West.

Key West Area Total Listings Sold

Days on the market saw a bit of a fluctuation, but overall holding steady. The average days on the market for listings sold last month was 161, compared to 107 days a year ago, while median days on the market went down to 102 days, compared to 108 in November 2017. Year-to-Date days on the market reflect the steady demand for homes, with a closer range on the average days; 161 days on average compared to 150 days last year. The median days on the market for the year show a decrease of 13.41 percent, down to 71 days from 82.

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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