Key West Real Estate Data July 2012

August 10th, 2012

“Is now the best time to buy real estate in Key West?” If you’re one of the many buyers looking for the answer to this question, Preferred Properties has some Key West real estate data to share with you. Here are some market highlights from the Key West Association of Realtors:

1. In July 2012, there were 355 Active listings in Key West, which marks the lowest amount of inventory in the past 5 years. In addition to the limited inventory in the Key West real estate market, the amount of time it takes to sell a house has decreased on average by about 15 days over the past 12 months. Based on these statistics alone, you could make an inference that the Key West real estate market is beginning to shift from a buyers market to a sellers market, but wait there’s more.

2. In addition to limited Key West real estate inventory, single family homes have increased the average selling price 4% from 2011 and an astonishing 15% since 2010. The median sales price has increased 3% since 2011 and 16% since 2010.

Back porch view of 3529 Sunrise

Preferred Properties firmly believes that Key West home prices will continue to increase over the next 12 months and if you plan to buy a Key West home in the near future, you should approach the market with a moderate sense of urgency. You may find the home of your dreams and hesitating for too long could result in a bidding war or even worse, losing the home of your dreams!