How the 2009 Key West Real Estate Market Did

When ever I talk to people they always ask “how is the real estate market?” So many people have invested in or own homes and other real estate in the Key West area that it is a constant question. So here we go. At the beginning of 2009 in January we had 854 properties on the market in Key West. At the end of the year in the month of December we had 584 that is a 31% reduction. The inventory has been moving down through out 2009. This is good because a real estate market flooded with inventory is going to do nothing but decline in value. What is more encouraging is that in the month of January only 2% of the active listings sold and at the end of the year in December 5.6% had sold. The average sales price in 2009 ($458,280) was down from 2008 ($639,940) by 28.4%. Days on the market (DOM) has stayed about the same since 2007 about 171 days.

As for the upper end market there were 193 active listings over $1,000,000. 32 of them sold which is 16.5% of the total and days on the market were less then the over all, only 135.

http://kwhomes.net
http://joannetarantino.blogspot.com
http://activerain.joannetarantino.com