04-27-2012, 06:49 AM #1
How's the real estate market in South Walton now?
Just curious what experiences folks are having.
Fewer local properties are on the market today than there were a year ago, and a local Realtor says that’s a sign the market is recovering.
Florida Realtors, the largest real estate organization in the state, recently released its market updates for March sales in Okaloosa, Walton and Santa Rosa counties.
Okaloosa County had 2,498 properties — single-family homes, townhomes and condominiums — on the market in March. That’s a 27.43 percent decrease from March 2011, when 3,442 properties were up for sale.
Walton County had 2,006 properties for sale last month, a 29.69 percent decrease from the previous March. Santa Rosa County had 1,419 properties on the market, a decrease of 28.57 percent from last year.
“There are plenty of other signs of improvement,” Judi Rutland, president of the Emerald Coast Association of Realtors, said in an email. “A positive sign for Okaloosa and Walton counties is a decrease in inventory levels for all property types.
“It’s basic economics, supply and demand,” she added. “As the supply goes down, the demand will go up. Once demand increases, the prices will begin to go back up.”
Sales were up nearly across the board in March compared to last year, according to Florida Realtors’ report. However, property values continued to fluctuate.
Here are the details:
In Okaloosa, 238 single-family homes were sold in March at an average sales price of $207,649, and 70 townhome/condo units were sold at an average price of $271,671. In March 2011, 221 single-family homes were sold at an average of $205,451 and 52 townhome/condo units were sold for an average of $266,578.
In Walton, 129 single-family homes were sold in March at an average price of $434,122, and 78 townhome/condo units were sold at an average price of $264,029. Last March, 127 single-family homes sold for an average of $411,733 and 85 townhome/condos were sold at an average of $337,476.
In Santa Rosa, 201 single-family homes were sold last month at an average price of $176,458 and 10 townhome/condos were sold at an average of $179,500. Last March, 175 single-family homes were sold at an average price of $182,226 and nine townhome/condos sold for an $196,500.
With the exception of townhomes and condos in Okaloosa County, properties are spending less time on the market than in 2011, according to the Florida Realtors’ report.
“The real estate market, like the local economy, is experiencing improvement across the board,” Rutland wrote. “The path it takes may be slow and halting, with rough patches here and there, but improvement continues to occur.”
04-27-2012, 04:28 PM #2
04-28-2012, 08:00 AM #3
Home sales in South Walton are on the rise with 85 reported sales by Realtors in March 2012, up 18% over February sales. With a median sales price of $380,000, the total home sales reported for March were $47.6 million. Inventory continues to drop to new recent lows. Average selling price per square foot increased 7.2% compared to February home sales. Another interesting factor is the average selling price was 93.7% of the list price, the highest I’ve seen since October 2007. Sellers are pricing their property more in line with the amounts buyers are willing to pay and that leads to sales.
Some comparisons reports for home sales:
WaterColor had 11 sales totaling $11.7 million, with median price of $914,500
Rosemary Beach had 3 sales totaling $3.6 million, with median price of $700,000
WaterSound had 3 sales totaling $2.7 million, with median price of $600,000
Seaside had 2 sales totaling $6.2 million, with median price of $3,076,250.
04-29-2012, 10:21 AM #4
I am off to show property today and baffled at how low inventory is at certain price points. We are looking in Seagrove at $400,000 and below. I see 2 that are worth a look. This time last year, 15-20 in that same category. These folks are also interested in lots under $100,000 in Seagrove area. I see 1 that grabs my eye. Wow! Do keep in mind we still have lots of inventory it's just the buyer will have to pay more then one would have a year ago. Simple supply and demand will increase price points. I also believe a buyer has to be willing to get out of the box. There are still deals here. You just gotta figure out where they are and act fast when you see it. I can not even tell you how many buyers I have that are "waiting" for the perfect property before they act. Good properties sell fast.... Great properties sell overnight.www.30ALocal.com
04-29-2012, 11:42 AM #5Beach Nut
- Join Date
- Feb 2009
its funny 18 months ago you couldn't give a house away now people are bidding them up and flipping again. there must be 10-20 lots out there trying to flip lots for 50-100% they bought last yr. what i've seen the last 3 yrs watching this as far as lots go the bext deals i've seen is the 200k lot bought at paradise by the sea(i bet he could get 400k) now and a lot sold in grayton last yr for 200k not far from red bar.theres been some great deals had.i think sowal entered the down draft early and has risen first. around the country is still crap. atlanta just hit 16 year lows in prices and is down 38% from 2006.
04-29-2012, 06:43 PM #6
SoWal had a over correction and some of it is still going on. Prices went too low in some cases.
04-30-2012, 02:28 PM #7
"Are buyers willing to pay more?" you ask. Yes, a little more, but not as much as most sellers were asking, so I think my statement that many sellers are pricing correctly has a little more relevance. Median selling price of sold properties is well below median list price of all listings.
WaterColor sales are great and it's a mix of new and existing homes which are selling.
Last edited by Murray Balkcom; 04-30-2012 at 03:14 PM.
04-30-2012, 04:58 PM #8
Does that include short sales and foreclosures?Basically, I'm just passing through on my way to Australia.
04-30-2012, 07:52 PM #9
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