We sold this beauty of a home for $1,450,000 on August 31, 2011
The August statistics released by the Key West Association of Realtors validate what we have been seeing in the marketplace- that the Key West Real Estate market has begun its recovery from the decline we have seen in the past 3 years. The average price of the sold single family homes in August was $953,727- an amazing 79% increase from August 2010 where the average price sold was $532,682! To be fair, there was a very large property that sold in the Meadows for $3,000,000 which skewed this number upward, but the good news is that a 3 million dollar property sold in the Meadows. I don’t remember the last time that a home in The Meadows sold for 3 million dollars.
There were other positive indicators in the Key West Real Estate market. The number of active listings declined to 384, down from 501 a year ago. Further, the condo market which has been hit hard with pricing also posted a 30.7% increase in average sales price.
What does this mean for buyers? It means that the time to buy is now. The market is tightening and stabilizing. Those buyers who continue to “wait until the bottom falls out” should re-evaluate their position and make the move. We are working with about 15 buyers right now at different stages of readiness to buy. Many buyers are pulling the trigger. Some buyers who waited last year because they were afraid to make the move have lost properties they loved to other buyers who took the leap.
If you are interested in buying your piece of Key West Real Estate, contact me, Rudy Molinet at 305-240-1090 or via email rudy@rudymolinet.com
If you are interested in listing your property, please also give me a call. I anticipate a healthy selling season in the coming months based on the statistics we are seeing now. Don’t be left behind!
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