Single family home sales Old Town Key West 1/1/2000 thru 1/31/2013

1. Key West Real Estate
Overview
Real estate in Key West is divided into three geographic areas; Old Town, New Town and Mid Town.
Old Town consists of predominantly wood structures built in the late 1800's and early 1900's and
generally demands a premium in cost per square foot. Neighborhoods consist of some parts of
Bahama Village, Truman Annex, middle and lower Duval St., Old Town proper and The Meadows.
It is bordered by Front and Eaton Sts on the north, Truman Ave. on the south, Eisenhower Ave on
the east and Fort St. on the west. Streets zig and zag so be flexible reading a map.
New Town is so named from when the well-to-do of Old Town decided to move to the 'burbs and
built homes mostly of concrete or concrete block on lots larger than Old Town so people had some
elbow room. Neighborhoods consist of Casa Marina, some parts of Bahama Village and Upper
Duval St. It is bordered by Truman Ave. on the north, Atlantic Blvd on the south, White St. on the
East and Fort St. on the west.
Mid Town is the area east and north of White St. and extends out past the airport to the eastern
edge of the island. These homes were built predominantly in the 1950's, 1960's and 1970's. They
are mostly concrete or concrete block and, while many are considered to be traditional Florida
homes; ranch style, carports and small lots of 5000 square feet, there are some gorgeous homes
extending east out of the New Town/Casa Marina area.
For real estate Search purposes, Old Town and New Town are defined as Areas 1&2 and
Mid Town is Areas 3&4.
The properties shown on the following worksheets are from (mostly) Old Town and New Town and
are single family homes; no condos, no townhomes. Also, a small island known as Sunset Key is
excluded.
If you have any questions you can reach me at john@parcerealestatekeywest or 305.942.1040.
Research is my own and any errors are mine, though hopefully they will be few.
Please also visit me at:
http://parcerealestatekeywest.com
www.facebook.com/parcerealestatekeywest
http://twitter.com/parcerealestatekeywest
twitter handle: @parcerealestate
Thanks and good luck.
November 2012

2. Sale Price Analysis Old Town Key West
01/01/00 to 1/31/13
700 1Bed/1Bath
As of 1/31/13, there are five 2000
1/bed/1bath homes for sale 2001
600 2002
in Old Town in a price range
2003
of $369K to $689K. 2004
500 2005
2006
2007
400 2008
2009
2010
2011
300 2012
200
100
0
Price (000's) DOM
Zero 1bedroom/1bathroom single family homes have sold thru 1/31/2013 in Old Town.
This is due to a low inventory, the fixed-up homes are pricey and that many purchased since
2004 have been remodeled into 2 bed homes. The rougher homes are not discounted for their
condition and with cost of renovations high, buyers require better sale prices.
First-time home buyers are shying away from small Old Town homes, preferring other areas or rent.
Average Days on Market (DOM) is 438 days, as one home has been for sale for 1000+ days. DOM is
not a fully accurate number as many homes have been on and off the market since 2007.
The size of these homes for sale is above average but $950/sqft is the highest ever.
Still though,in a soft market, buyers will not buy overpriced small homes, no matter how nice.
Year over Year 2000-13 One Bdrm/One Bath – Old Town Change in Rate of Growth
Price (000's) DOM Sq.Ft. Price/SqFt #Units Price DOM Price/SqFt
2000 226 106 640 353 6
2001 277 190 808 343 12 23% 79% -3%
2002 260 210 775 335 9 -6% 11% -2%
2003 341 72 523 652 7 31% -66% 94%
2004 507 113 617 822 11 49% 57% 26%
2005 662 102 728 909 11 31% -10% 11%
2006 580 149 728 797 9 -12% 46% -12%
2007 434 166 664 654 8 -25% 11% -18%
2008 351 183 640 548 6 -19% 10% -16%
2009 361 161 748 483 7 3% -12% -12%
2010 362 100 693 522 9 0% -38% 8%
2011 195 34 474 411 4 -46% -66% -21%
2012 466 237 638 731 7 139% 596% 78%
2013 For Sale 438 950 557 - - 85% -24%
January 2013

3. Sale Price Analysis Old Town Key West
01/01/00 to 1/31/13
900
2Bed/1Bath
800 As of 1/31/13, there are twelve
2bed/1bath homes for sale in Old
700 Town with a price range of $250K 2000 2007
to $910K. 2001 2008
600 2002 2009
2003 2010
500 2004 2011
2005 2012
400
2006
300
200
100
0
Price (000's) DOM
Zero, two bedroom/one bath single family homes have sold in Old Town thru 1/31/2013. The average
For Sale price of $509,000 is 39% more than 2012 which was 11% more than 2011. The Key West
market is improving but not at that rate.
Average Days of Market (DOM) stands at 276 days; however, many homes have been on and
off the market since 2007 so actual DOM is difficult to measure.
Average size of 2bed/1bath homes for sale is 909 sqft, about average for 2/1. Price per sqft of $571
is the highest since 2006, the market peak.
Historically, two bed/one bath homes have been the 3rd biggest seller in Old Town. Sales have
fallen from the peak years of 2002-05 when older homes were snapped up for renovation/flip.
Year over Year 2000-13 Two Bdrm/One Bath – Old Town Change in Rate of Growth
Price (000's) DOM Sq.Ft. Price/SqFt #Units Price DOM Price/SqFt
2000 232 200 987 235 15
2001 289 187 953 303 25 25% -7% 29%
2002 344 127 947 363 29 19% -32% 20%
2003 401 144 965 416 14 17% 13% 14%
2004 815 84 1188 686 33 103% -42% 65%
2005 867 126 1088 797 33 6% 50% 16%
2006 651 74 878 741 14 -25% -41% -7%
2007 526 222 941 559 11 -19% 200% -25%
2008 445 278 941 473 20 -15% 25% -15%
2009 379 173 922 411 20 -15% -38% -13%
2010 352 96 921 382 21 -7% -45% -7%
2011 332 202 901 368 15 -6% 110% -4%
2012 367 164 944 389 16 11% -19% 6%
2013 For Sale 276 909 571 - - 68% 47%
January 2013

4. Sale Price Analysis Old Town Key West
01/01/00 to 1/31/13
January 2013

5. Sales Price Analysis Old Town Key West
01/01/00 to 1/31/13
1000
2Bed/2Bath
900 As of 1/31/2013, there are
eleven 2bed/2bath homes for
800 sale in Old Town with a price
range of $390K to $995K. 2000 2007
700
2001 2008
600 2002 2009
2003 2010
500
2004 2011
400 2005 2012
2006
300
200
100
0
Price (000's) DOM
One, two bedroom/two bathroom single family home sold in Old Town thru 1/31/2013. The
sales price of $485,000 is 21% less than 2012 which was 32% more than 2011.
Average Days on Market (DOM) was only 73 days, 52% less than 2012; however, many homes have
been on and off the market since 2007 so actual DOM is difficult to state.
The size of this 2bed/2bath home was 969 sqft, smallest recorded. Price per sqft is $501, 2% less
than 2012 which was 27% more than 2011. Sales of 2/1 and 2/2 homes at the end of 2012 confirmed
a bottoming of the market and a tilt to sellers IF they have added value to their home.
Historically, 2bed/2bath homes have been the biggest seller in Old Town. Sales have fallen from the
peak years of 2003/04 when older homes were snapped up for renovation/flip, though 28 sales for
2012 was a very positive sign.
Year over Year 2000-13 Two Bdrm/Two Bath – Old Town Change in Rate of Growth
Price (000's) DOM Sq.Ft. Price/SqFt #Units Price DOM Price/SqFt
2000 368 200 1199 307 18
2001 420 198 1205 349 24 -1% 1% 14%
2002 459 181 1208 380 38 -9% 0% 9%
2003 615 159 1230 500 40 -12% 2% 32%
2004 786 109 1209 650 45 -31% -2% 30%
2005 953 137 1233 773 24 26% 2% 19%
2006 980 106 1181 830 20 -23% -4% 7%
2007 749 185 1215 616 20 75% 3% -26%
2008 619 166 1115 555 16 -10% -8% -10%
2009 425 179 1006 422 39 8% -10% -24%
2010 554 134 1269 437 26 -25% 26% 3%
2011 462 137 1151 401 18 2% -9% -8%
2012 612 151 1198 511 28 32% 10% 27%
2013 485 73 969 501 1 -21% -52% -2%
January 2013

6. Sales Price Analysis Old Town Key West
01/01/00 to 1/31/13
1200
3 Bed 2 Bath
As of 1/31/2013, there are
1000 eleven 3bed/2bath homes
for sale in Old Town with a
price range of $499K to $2.5M. 2000 2007
800 2001 2008
2002 2009
2003 2010
600 2004 2011
2005 2012
2006
400
200
0
Price (000's) DOM
Zero three bedroom/two bathroom single family homes sold in Old Town thru 1/31/2013. The
average For Sale price of $1.09M is 85% higher than 2012. Unrealistic! 3/2's sold well throughout
Key West in 2012 but, will the trend continue?
Average Days on Market (DOM) is 299 days, a 60% increase over 2012 and reflects buyers scrutiny.
Average size of 3bed/2bath sales is 1895sqft, largest recorded. Price per sqft is $586, highest since
2007
Historically, 3bed/2bath homes have been the 2nd biggest seller in Old Town. Number of sales in 2011
and 2012 has stabilized with sale prices and price per SqFt up over 2009- 2010. Will 2013 sellers
compromise?
Year over Year 2000-13 Three Bdrm/Two Bath – Old Town Change in Rate of Growth
Price (000's) DOM Sq.Ft. Price/SqFt #Units Price DOM Price/SqFt
2000 469 206 1523 308 13
2001 453 206 1450 312 19 -3% 0% 1%
2002 528 131 1444 366 27 17% -36% 17%
2003 774 166 1732 447 20 47% 27% 22%
2004 886 161 1547 573 28 14% -3% 28%
2005 1026 87 1393 737 14 16% -46% 29%
2006 1018 88 1634 623 7 -1% 1% -15%
2007 909 252 1488 611 23 -11% 186% -2%
2008 724 257 1689 429 22 -20% 2% -30%
2009 461 139 1435 321 13 -36% -46% -25%
2010 495 162 1462 339 21 7% 17% 5%
2011 645 134 1545 417 17 30% -17% 23%
2012 593 187 1417 419 18 -8% 39% 0%
2013 For Sale 299 1895 586 - - 60% 40%
January 2013

7. Sales Price Analysis Old Town Key West
01/01/00 to 1/31/13
1800
3 Bed 3 Bath
1600
As of 1/31/2013 there are twenty-two
3bed/3bath homes for sale in Old
1400
Town with a sales price range of
$630K to $4M.
1200
2000 2007
2001 2008
1000
2002 2009
2003 2010
800
2004 2011
2005 2012
600
2006
400
200
0
Price (000's) DOM
Two, 3bed/3bath single family homes sold in Old Town thru 1/31/2013. The average sales price of
$582K is 36% less than 2012 which was 1% more than 2011. Inventory remains high and buyers
aren't biting so far.
Average Days on Market (DOM) for 2013 decreased 5% to 130 days.
Average size of 3bed/3bath homes sold was below average at 1540 sqft. Price per square foot fell 25% to
$378, the first time under $400 since 2000.
Historically, homes in this category have commanded price premiums. The number of homes sold in
2013 was a record. Will buyers with cash and sub-4% mortgages repeat the action?
Year over Year 2000-13 Three Bdrm/Three Bath – Old Town Change in Rate of Growth
Price (000's) DOM Sq.Ft. Price/SqFt #Units Price DOM Price/SqFt
2000 655 225 2049 320 10
2001 686 278 1641 418 11 5% 24% 31%
2002 725 137 1700 426 10 6% -51% 2%
2003 893 180 1794 498 19 23% 31% 17%
2004 1234 134 1656 745 10 38% -26% 50%
2005 1749 126 2035 859 8 42% -6% 15%
2006 1538 150 2301 668 6 -12% 19% -22%
2007 1316 173 1779 740 10 -14% 15% 11%
2008 1381 111 1830 755 10 5% -36% 2%
2009 829 213 1834 452 14 -40% 92% -40%
2010 738 253 1739 424 8 -11% 19% -6%
2011 905 113 1846 490 12 23% -55% 16%
2012 912 136 1822 501 27 1% 21% 2%
2013 582 130 1540 378 2 -36% -5% -25%
January 2013

8. Sales Price Analysis Old Town Key West
01/01/00 to 1/31/13
2500
4 Bed 3 Bath
As of 1/31/13, there are fourteen
2000
4bed/3bath homes for sale in Old
Town with a price range of $849K
to $2.6M
2000 2007
1500 2001 2008
2002 2009
2003 2010
1000 2004 2011
2005 2012
2006
500
0
Price (000's) DOM
Zero, 4bed/3bath single family homes sold in Old Town thru 1/31/2013. The average For Sale price
of $1.637M is 33% more than 2012 which was 7% less than 2011. Except for 2010, average sales
price has fallen every year since 2005; however, twelve sales in 2012 was the highest since 2008.
Days on Market (DOM) was 160 days, 11% more than 2011. Many homes have been on and off the
market since 2007 so DOM is difficult to calculate.
Average size has jumped to 2708 sqft, largest since 2000. Price per sqft to has risen 32% to $618 per
sqft and reflects a sale price for some homes that generally are fully renovated.
Number of homes sold in this category has been very erratic with no measurable trend. Prices
rebounded in 2010 and have held mostly steady since, though still off the peak years of 2005 - 06.
Year over Year 2000-13 Four Bdrm/Three Bath – Old Town Change in Rate of Growth
Price (000's) DOM Sq.Ft. Price/SqFt #Units Price DOM Price/SqFt
2000 451 198 2798 161 4
2001 830 203 2281 364 12 3% -18% 126%
2002 583 108 2381 245 3 -30% -47% -33%
2003 1290 198 2295 562 8 121% 83% 130%
2004 1564 207 2605 600 18 21% 5% 7%
2005 2332 81 2298 1015 12 49% -61% 69%
2006 2038 151 2546 800 6 -13% 86% -21%
2007 1851 134 2498 741 9 -9% -11% -7%
2008 1598 189 2669 599 17 -14% 41% -19%
2009 845 137 2415 350 3 -47% -28% -42%
2010 1388 80 2415 575 7 64% -42% 64%
2011 1327 215 2113 628 5 -4% 169% 9%
2012 1232 145 2635 467 12 -7% -33% -26%
2013 For Sale 160 2708 618 11% 32%
January 2013

9. Sales Price Analysis Old Town Key West
01/01/00 to 1/31/13
January 2013

10. Sale Price Analysis Old Town Key West
01/01/00 to 1/31/13
2000
4 Bed 4 Bath
1800 As of 1/31/2013, nine 4bed/4bath
homes are for sale in Old Town
1600 with a price range of $725K to 2000 2007
$2.995M 2001 2008
1400
2002 2009
1200 2003 2010
2004 2011
1000 2005 2012
2006
800
600
400
200
0
Price (000's) DOM
Zero, 4bed/4bath single family homes have sold in Old Town thru 1/31/2013. The average For Sale price
of $1.832M is 105% more than 2012 and 34% more than the 10 year (2003-12) average of $1.365M.
Average Days on Market (DOM) is up 86% to 209 days.
Average size of 4bed/4bath homes for sale is 2920 sqft, largest recorded. Sale price per sqft is $611,
a significant 58% more than 2012 which was 38% less than 2011.
Number of homes sold in this category has dropped since 2009 and the market segment remains small.
Clearly sellers are expecting high prices during the snow-bird season of 2013!
Year over Year 2000-13 Four Bdrm/Four Bath – Old Town Change in Rate of Growth
Price (000's) DOM Sq.Ft. Price/SqFt #Units Price DOM Price/SqFt
2000 1300 366 2631 494 3
2001 1080 295 1080 1000 7 -17% -19% 102%
2002 875 167 2340 374 3 -19% -43% -63%
2003 1185 43 2557 463 3 35% -74% 24%
2004 1363 172 2319 588 6 15% 300% 27%
2005 1942 57 2096 927 6 42% -67% 58%
2006 1900 131 2419 785 8 -2% 130% -15%
2007 1221 178 2354 519 6 -36% 36% -34%
2008 1333 248 2491 535 6 9% 39% 3%
2009 1113 161 2464 452 8 -17% -35% -16%
2010 1383 221 2170 637 6 24% 37% 41%
2011 1313 155 2108 623 4 -5% -30% -2%
2012 895 113 2311 387 4 -32% -27% -38%
2013 For Sale 209 2920 611 86% 58%
January 2013