Key West Real Estate vs Florida Real Estate 2015

July 18th, 2015

If you’re looking to invest in Key West real estate or you’re selling your island oasis, then take a look at this snapshot of the real estate market in Key West and how it compares to the rest of Florida. This year looks to be better for both buyers and sellers as the Florida and Key West housing markets will continue to grow more stable throughout 2015. Consumers are optimistic about the housing market more so than at any other point since the recovery began.

In Q1 2015, 92 single-family homes were sold in Key West with an average selling price of $777,591. The number of listings sold in Key West were up 47.8% and the average selling price decreased by 7% from Q1 2014. Additionally, Key West has seen a slight decline year-over-year in the number of active listings on the market.

In Q1 2015, 59,599 single-family homes were sold in Florida with an average selling price of $269,980. The number of listings sold in Florida were up 18.6% and the average selling price increased by 4.4% from Q1 2014. Florida has seen a 7.4% increase of new listings year-over-year.

While single-family home prices have remained relatively constant, the number of homes sold continues to increase year over year. The following are two charts showing the number of homes sold in Key West and Florida over the past three years. The number of homes sold in Florida each quarter is in the thousands, while Key West sells less than 100 single-family homes per quarter. Q1 2015 was great for Key West as it capped off three consecutive quarters on an upward trend. The rest of Florida has seen a downward trend since Q2 2014.

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