The average sales price (in the Keys) for the first quarter of 2010 was 14 percent lower than in the same three months of 2009, averaging $417,000. All Keys market areas had a minimum of 10 percent fewer properties for sale at the end of the first quarter of 2010, with Keys West declining by 22 percent to 1,091, down from 1,406 in 2009 and a peak of 1,588 in 2008.
The average sales price of both Key West homes and condominiums in the month of March alone showed gains over March 2009, indicating that the market in Key West is stabilizing faster than other areas of the Keys.
The Middle Keys had the greatest increase in the number of sales, nearly doubling in the first quarter of 2010 the number from the first quarter of 2009. The Middle Keys also had the smallest decline in average sales price at only 2 percent during the same time period.
The Lower Keys had the smallest gain in the number of sales in the first quarter of 2010 over 2009 at 6 percent, but it saw the largest decline in prices, dropping 25 percent.
The Keys also have experienced a notable decline in the number of listings and months of inventory. The first three months of 2009 showed about 4,500 properties for sale throughout the county, compared with 3,800 as of March 31, 2010. Months of inventory dropped from 46 months at this time last year to 28 months currently.
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