Key West Real Estate : 2012 Year in Review

February 22nd, 2013

In 2012, buyers and sellers across the United States heard that the real estate market was on the upswing in many of the major metropolitan areas. As experts in the Lower Keys and Key West real estate market, Preferred Properties would like to offer a synopsis on how our local area fared during 2012.

We’ll be comparing a few different statistics published by the Key West Association of Realtors from 2010-2012 to see how much the real estate market changed.

Key West Real Estate

Metrics 2012 2011 2010
Homes Sold 489 437 426
Days on Market 129 160 134
Avg. Monthly Inventory 374 440 533
Avg. Sale Price $494,000 $451,000 $414,000

 

Lower Florida Keys Real Estate

Metrics 2012 2011 2010
Homes Sold 218 183 167
Days on Market 207 146 148
Avg. Monthly Inventory 241 278 317
Avg. Sale Price $308,000 $319,000 $285,000

Looking at this segment of data a reasonable person could conclude that the Lower Keys & Key West Real Estate market has improved substantially over the past 3 years. However, let’s take this a little bit further. Has the Lower Keys & Key West Real Estate market returned to the hotspot that it once was before the recession?

The answer: Not hardly! Many analysts have seen promising trends over the past few years, but that’s when you compare the numbers to the market in a dismal economy. When the market hits rock bottom, there’s nowhere else to go but up.

In the peak of the Florida Keys Real Estate market, the average sales price in Key West was around $800,000 and you could hardly get anything for under $1mm. As you can see the average sales price in 2012 is almost half of what is was in 2006. In addition, when you were listing real estate in the Florida Keys during 2006, almost every property would have a bidding war and many of the homes didn’t sit on the market for long.

If you’re in the market to buy a home in Key West, now is still one of the best times to buy and get a great deal for your money. You’re buying a home with a 30-50% discount compared to just 6 years ago! You can go to bed easy knowing that you’re getting a great deal.