Key West Real Estate Market
Information for Key West Real Estate Buyers
Are you considering investing in Key West real estate or selling your island abode? Now is the time to act: buyers are moving quickly and homes are not sitting on the market for long. Enjoy the island’s vibrant Conch community with your own slice of paradise in Key West. Learn more about this fast-moving market and the limited inventory of available properties.
In the past two years, total home sales have increased significantly. In 2014, total home sales were up by 14.2% from 2013 and 3.3% from 2012. The market has recovered from its low point in 2010, and is ideal for buyers seeking the unique experiences only the Southernmost City can provide with prospects for future appreciation.
Single-family homes are especially desirable properties. In 2014, total sales for single-family homes increased by 12.1% from 2013 and 6.2% from 2012. Cozy cottages, historic homes, exquisite waterfront properties and many more can be found in Key West at reasonable prices. Experienced Key West real estate agents ensure that buyers never settle for less than the best.
Information for Key West Real Estate Sellers
If you’re looking to sell your home in Key West, the outlook is increasingly positive. The average selling price of a Key West home is up by 11.8% from 2013 and 13.8% from 2012. One-of-a-kind properties in paradise are highly sought after, as the median selling price of a home increased by 22.9% from 2013 and 9.6% from 2012. These numbers are encouraging for parties interested in selling their homes at or above market value.
For parties eager to sell their homes quickly, the average number of days on the market for a Key West property dropped by 23% from 2013 and 13% from 2012. 333 properties were listed on the market at the beginning of 2014, and a total of 312 were still on the market as the year came to a close. Similar trends can be observed in 2013, with 354 properties on the market at the onset of the year and 322 at the year’s end. With decreasing inventory over the past 2 years, more properties are likely to have competing bids and sell faster.
Overall, the hottest months of 2014 for home sales were March, April, May, August and December. Slower months for home sales included January, September and November. With beautiful and coveted island properties available to meet the needs of every buyer, the Key West real estate market continues to flourish.
Source: Key West Association of Realtors