The trend in Key West Real Estate continues as the number of sales increase and median prices outside of the Key West Historic District are also up slightly. The median prices in Old Town Key West and Casa Marina in Key West continue to fall slightly. You can see the latest Key West homes for sale information by searching the MLS here: http://www.dougmayberry.com/
The number of properties listed for sale has held fairly constant the last few months as new listings have come on the market as properties have sold.
The number of Key West home sales continued to increase in the lower and mid-range price categories and Key West median home prices have begun to recover in the lowest price range. The total median price decrease since 2005 in Old Town has been about 50% and in Midtown, Newtown, and The Lower Keys about 60%.
There have been no sales above $2 million this year in Key West Old Town and one each in Casa Marina, Truman Annex, and Sunset Key.
A trend toward increasing activity in Key West real estate that began earlier this year was slowed by the media coverage of the BP oil spill. Activity slowed considerably in May and has just begun a slight recovery as buyers realize that the oil is still hundreds of miles from The Keys and unlikely to ever impact us except as a few tar balls. You can see a link to more detailed info about the oil spill on our blog by clicking here.
This week the media reported on dengue fever cases from Key West that were discussed at a CDC conference in Atlanta. Much of the data discussed was almost a year old. The Florida Keys Mosquito Control is aggressively going after the mosquito that carries this disease. We have always found the experts at Mosquito Control very responsive. They are usually out to investigate a problem within minutes of a report.
Tags: house sales, Key West Market Update, key west real estate
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