June Statistical Report Indicates Robust Market Upswing
Is it time to buy a home in Key West? It’s a common echo heard that from prospective buyers and real estate investors these days – and not just in Key West. In every market, buyers are trying to assess whether the market has bottomed out and offers the best value of the decade.
In Key West, it would seem bargain hunters have missed the bottom of the market. If you compare the latest statistics from June 2011 to June 2010, the local market would appear to be well into recovery.
Sales are up almost 5% over last year, but the average selling price is $506,965 versus $368,899 in June 2010, a 37% increase. The single family home market saw a robust increase of 42.2% in price with the average home sold increasing from $524,476 to $746,057. (See June 2010 and the June 2011 statistical analyses for Key West’s real estate sales market.)
For single family homes, the average days on market are down to 140 from 170 last year. The total inventory of properties for sale has also dropped significantly from 520 in June 2010 to 445 in June 2011.
Is it time to buy in Key West? The trend is decidedly positive. The time to buy is now.
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