YTD Update

Key West real estate is doing great and my office is leading the way. Our sales for May 2010 vs 2009 are up 27% and we owned 24% of the market place!

The number of sales in Key West was up 58% (my office being responsible for half of that) and for the second month in a row the $ Volume was up (this month 2010 compared to 2009 up 37%!!!)

At these calculations, Key West real estate has 18 months of inventory left. This is the lowest levels since 2005!!!!

Statistics are fun (they can be used to prove anything) but real life situations are where we find the proof. I'm working with three buying clients right now and it's becoming increasingly difficult to win the bids and purchase the property that is priced correctly. The Sales Price to List Price ratio for May 2010 was over 93! The average is usually 87%. This is symbolic of property values ( less than $350,000) are hitting their bottom.

An example would be, a Salt Ponds condo listed at $145,000 the other day. My clients made a bid of $170,000 ($25,000 higher than the asking price or 117% of the asking price) and we didn't win the bid.

While this isn't the most fun thing to work with at the moment, a general increase in home values will be a true blessing for our little slice of paradise!