Total value of home sales up 12% in 2019
February 19, 2020
FLORIDA KEYS — Sales of single-family homes in the Florida Keys hit $1.2 billion in 2019, up nearly 12% from 2018, according to reports from Florida Keys Board of Realtors listing services.
The 1,451 houses listed as sold had an average sale price of $801,796. The 1,329 houses sold in 2018 had an average price of $783,262.
The median sale price of a single-family home was pegged at $610,000 in 2019, versus $603,500 a year earlier. The median percentage of the original list price dipped slightly from 94% in 2018 to 92.9% last year.
Average sale prices can be affected by the sale of a few particularly expensive homes. Median prices aim toward the midpoint between the highest and the lowest sales.
The 1,404 “traditional” home sales saw a lower median price of $620,000, down $5,000 from 2018. That does not include foreclosures, short sales or similar exchanges.
It took longer for houses to sell, from 120 days in 2018 to 139 days in 2019, says multiple listing services used by FKBOR.
The Keys condominium and townhouse market of 496 sales saw a rise in the average sale price from $510,257 in 2018 to $527,756 last year, a 3.4% hike, in FKBOR reports.
However, median price sales for condos and townhouses increased 8.5% from $410,000 in 2018 to $445,000 in 2019, the highest in the last six years.
Median time to sell a unit was 142 days, a single day longer than in 2018.
The 158 manufactured homes purchased in 2019 had a median sale price of $243,500, up 8.2%, and an average sale price of $285,892, up 9.4%. The number of manufactured homes listed as sold declines by 20 units.
Coldwell Banker Schmitt Real Estate calculated the combined “residential” market that includes single-family, condos and townhomes, half duplexes and manufactured homes as having an average sale price of $699,167.
That market area covers from mile marker 0 in Key West to marker 109 in Key Largo (not including north Key Largo and the Ocean Reef Club).