If you’ve been tracking Key West real estate sales, you won’t be surprised by the continued strength and stability of property sales reflected in the sales figures for December 2012. Property prices jumped 19.6% for all types of properties sold compared with December 2011 figures. Much of that gain was in condo sales, where the average selling price jumped a whopping 44% from one year prior.
The average sales price for single family homes jumped 11.2%, ($642,250.00 in Dec. 2011 vs. 714,368.00 in Dec. 2012). The number of listings sold overall remained almost the same – 49 sold in Dec. 2011, vs. 50 in the same month of 2012, a 2% increase.
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Overall, in 2012 Key West sales volume climbed 11.9% in 2012 – with 489 properties sold last year, versus 434 in 2011. The average selling price increased 9.7% for the year with $494,849.00 for 2012 versus $451,284.33 the prior year.
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Real estate experts tend to agree that tight inventories are a major drive of the continued recovery in national markets, and Key West’s numbers support that. The Key West MLS listed roughly 20-25% fewer properties for sale during any given month in 2012 versus the previous year. The overall inventory in Key West has shrunk as much as 75% compared with the last quarter of 2008 and early 2009.
Nationally, the listings of homes for sale continued to contract; December statistics reflect a 4.4 month supply; in November there was a 4.8 month inventory. A six month supply is considered to be the balance point between a seller’s and a buyer’s market.
“Interest rates are still at record lows, and while lending restrictions are generally tight, Key West continues to outperform most markets,” said Rudy Molinet, broker for Marquis Properties and the consistent leader for the Key West residential sales. “We expect 2013 to continue to strengthen. If you’re not already in this market, you should be.”
Key West’s highly desirable climate, fascinating culture and charming and distinctive historic architecture attracts large numbers of wealthy retirees and second home owners and savvy buyers are well aware of Key West’s stable market. For those who have missed the earlier market indicators that signal the time to buy, the outlook remains strong and there is no better day than today to make an offer on your dream island home.
Rudy and his team, including co-owner and partner, Harry Hoehn, have been tracking Key West’s market recovery over the past 3 years. To review the reports of the local real estate sales and metrics, see the market reports. Rudy is the market’s top producer and has demonstrated an ability to sell homes much faster than the market average.
Call Rudy directly today to sell or buy your home in Paradise: 305-240-1090.
Source: Local real estate market sales statistics from the Key West Realtor Association.
