1. Hello everyone - with recent Forum upgrade, here are a few issues you may need help with. Thanks for your patience!

    - some accounts with same email address were merged. So if you have any login issues, send us a message with your username and email address and we'll sort it out. If you send us email by Hotmail we will not be able to respond. Hotmail is blocked.
    - the Forum App is no longer needed and has been disabled. The site is now mobile-friendly. Just browse to http://SoWal.com/forum"> on your phone's browser and tap "add to home screen".
    - Click Here for help, more info, and to post questions / give feedback.
    Dismiss Notice

How's the real estate market in South Walton now?

Discussion in 'Real Estate' started by tailwagger, Apr 27, 2012.

  1. tailwagger

    tailwagger Beach Fanatic

    Joined:
    Dec 9, 2004
    Messages:
    253
    Likes Received:
    5
    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.”
     
  2. Em

    Em Beach Fanatic

    Joined:
    Sep 18, 2005
    Messages:
    1,508
    Likes Received:
    443
    Location:
    Walton Co.
  3. tailwagger

    tailwagger Beach Fanatic

    Joined:
    Dec 9, 2004
    Messages:
    253
    Likes Received:
    5
    Thank you for your post. How are sales compared to March of last year? What is current inventory and how does it compare to all-time highs of recent years? You say "Sellers are pricing their property more in line with the amounts buyers are willing to pay and that leads to sales." Could it be that buyers are also willing to pay more? Thanks again!

    WaterColor appears hot - are these new or existing home sales?
     
  4. Bobby J

    Bobby J Beach Fanatic

    Joined:
    Apr 18, 2005
    Messages:
    4,047
    Likes Received:
    599
    Location:
    Blue Mountain beach
    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.
     
  5. gmarc

    gmarc Beach Fanatic

    Joined:
    Jan 19, 2009
    Messages:
    506
    Likes Received:
    65
    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.
     
  6. tailwagger

    tailwagger Beach Fanatic

    Joined:
    Dec 9, 2004
    Messages:
    253
    Likes Received:
    5
    SoWal had a over correction and some of it is still going on. Prices went too low in some cases.
     
  7. Em

    Em Beach Fanatic

    Joined:
    Sep 18, 2005
    Messages:
    1,508
    Likes Received:
    443
    Location:
    Walton Co.
    March 2012 sales were in line with March 2011 sales. Just remember that March 2011 were extraordinarily strong.
    "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.
     

    Attached Files:

    Last edited by a moderator: Apr 30, 2012
  8. Zebraspots

    Zebraspots Beach Fanatic

    Joined:
    May 15, 2008
    Messages:
    840
    Likes Received:
    246
    Location:
    Santa Rosa Beach
    Does that include short sales and foreclosures?
     
  9. Em

    Em Beach Fanatic

    Joined:
    Sep 18, 2005
    Messages:
    1,508
    Likes Received:
    443
    Location:
    Walton Co.
    Yes, it includes short sales and REOs.
     

Share This Page