Are We Bullish On Key West Real Estate? You Can Bet Your Top Dollar We Are!
Still waiting to buy property in Key West? Wait no more! For the fifth straight month, Key West buyers have pushed prices up – If you still aren’t sure, the latest figures will put another nail in any naysayer’s doubts.
Overall, the average sales price was up 30.1% when comparing October 2011 sales with that of 2010 for the same month. Single family home prices rose 27.9% and 35% for condos. The total for single family homes was off by 25%, but the average days on market dropped to 80 from 132.
The median price for single family homes was up 48%! The median price for SF was $379,00 a year ago. This October it was $578,000.
The inventory also indicates a strengthening market for sellers: a total of 516 homes were available in October 2010; active listings for Oct. 2011: 397.
These increases are coming during months that are traditionally slower months in real estate activity; to see strong sales figures during summer and fall makes us at Marquis Properties, increasingly bullish on the Key West real estate market.
For the full statistical report see: http://www.rudymolinet.com/pdf/kw-marketreport-oct2011.pdf, and for reports on previous months and years: Key West Realtor Association Reports.
