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Key West Real Estate Report: Condo Market on Fire

/EINPresswire.com/ Key West real estate continues to show stability and recovery with impressive sales results in condo and townhouse market. The average selling price rose over the last 2 years with the median selling price up 24.7% since September 2011.

Key West continues to lead Florida real estate recovery with a sizzling hot condo market.

Key West has been pegged as a leader of the new real estate rebound for well more than a year and was one of the first markets to turn around. The latest round of statistics shows the local market isn't just holding its own but continues to surge ahead signaling a great time to buy in this beautiful corner of the Sunshine State.

The Key West Real Estate Recovery by the Numbers

The latest data from the Key West Association of Realtors reveals an uptick in both single family home sales volume and the average selling price for the first 9 months of the year, compared with 2011.

Even more impressive is the recent surge in condo and townhouse market. The average selling price has continued to rise over the last 2 years, hitting $344,100 as of September 2012, with the median selling price up 24.7% since September 2011.

This doesn't even count the amazing growth in other types of properties in Key West either. The average selling price of duplexes and 3-4 unit properties has rocketed by a whopping 57.1% for the first three quarters of the year compared to 2011.

What's in Store for Key West Property in 2013?

This isn't all just great news compared to the downturn but actually demonstrates an even stronger than normal local market than traditionally seen at this time of year.

"September is traditionally a slow sales month," says Key West market leader, Rudy Molinet, "and we were pleased to see such a jump for condo sales."

September and October, normally bring a lull in property sales due to seasonal trends and visitor numbers to the Southeast region - and Key West in particular, but not this year. Experts are expecting a further surge to come before the end of the year too, due to the election finally being over, the finances of the typical affluent buyers of Key West homes being better at the end of the year and the desire of both buyers and sellers to minimize taxes.

The latest figures from the Census Bureau and the National Association of Home Builders show a significant uptick in new home sales and construction as well. New residential building starts are up 34.8% since last year and 15% between August and September 2012, the fastest pace of growth we've seen in 4 years. In fact, that's an 82% jump since April 2009. It isn't just building activity increasing but home builder confidence and new home sales as well. This shows true strength in the market and new construction sales will only continue to lift the national housing market.

The Bottom Line for Buying & Selling Homes in Key West, FL

According to Rudy Molinet who has been the top performing Key West Realtor for the last 3 years running this is a great time to both buy and sell Key West real estate. A limited amount of housing inventory puts home sellers in a solid position to get a far better price for their homes than they could have in years. For buyers, it appears that the only way is up for Key West property prices and waiting will only mean paying far more for the same homes.

Find out more about the current market, what's on sale and what you can expect to get for your Key West home contact Rudy Molinet today.

About Rudy Molinet, Broker for Marquis Properties Realty

Marquis Properties Realty is a "boutique" real estate company in the heart of Old Town Key West. Co-owned by Broker Rudy Molinet and his husband Realtor Harry Hoehn, the agency specializes in historic homes and upscale condos in Old Town, Truman Annex and the Casa Marina areas The firm's sales figures reflect a consistent record for highest total sales city wide for 2010, 2011 and YTD 2012. Company Broker Rudy Molinet was awarded Realtor of the Year 2010 by his peers. The office phone number is (305) 295-6565, and Rudy's direct line is (305) 240-1090. Company website: http://www.rudymolinet.com.

Rudy Molinet
Marquis Properties Realty
305-240-1090
http://www.rudymolinet.com

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