Average sales price in 2020 = $588,553
Understanding the 2021 real estate market requires data generated from 2020 sales. This information is taken directly from the Northwest Multiple Listing Service (NWMLS) sales data for the complete year of 2020. To make charts more accurate for "single-family residential" homes, I did not include manufactured homes, condominiums, and land sales.
Here is a summary of real estate activity on Key Peninsula in 2020.
How to read the pricing chart
Each dot on this chart is an actual 2020 waterfront home sale – placed on the chart by its price verses its square footage. The line on the charts is a mathematical average calculated from these dots to show the average sale price at any given size of home.
REMEMBER - Much more goes into a “price to sell” than the cost per square foot alone. Variables include the amount of beach frontage, tideland rights, the proximity and access to the water, a dock, the home’s condition & lot size. Although similarities of these variables created this group of homes, price per square foot is an appraiser’s approach to comparing area values.
How active was this market last year?
Each dot is a 2020 sale, marked by the sale price vs. how much time it took to sell. This shows how active this market was in 2020. The “time to sell” is defined from the day it is listed to the day it closes. That includes showings & escrow. A home “sold” in June was probably negotiated in April or May.
Buying patterns in 2020
I am often asked, “When is the best time to sell my home?” How about 45-60 days before people buy? This is the buying pattern on Key Peninsula. Remember, each beach is different depending upon the concentration of full-time residents verses part-time ownership.