July 2011 Condo and Townhome Sales in South Walton
August 18, 2011 by Murray Balkcom
Condo Sales in South Walton have suffered in recent years, with much of that due to lending constraints. We are now seeing a few lenders willing to loan money on condos, but with 30% down payments, rather than the typical 20% down on detached homes. So, it is no surprise that condo sales fall behind detached home sales.
To paint a better picture of where today’s condo market stands, we’ll look at only July sales from previous years in all three of these charts.
Median selling price is back in line with July sales of 2000-2002, down quite a bit from the market’s peak. July 2011 shows the median selling price of $197,000, a 67% decrease from July 2005.
The 56 condo sales in South Walton reported to ECAR for July outnumbered July sales for 2007-2010, but you can see in the graph that the increase in the quantity of sales still doesn’t compare to 2004 and 2006.
In July 2011, Realtors reported $16 million in closed sales of condos in South Walton, which is in line with July 2009 sales.
Of course, condos will vary greatly from development to development, as will the sale prices. This summary is only a big-picture view on the condo market in South Walton. If you are considering selling your condo, call me and I will run some numbers for you to show you more about historical sales in your particular condo association.
Town home sales have traditionally lagged behind detached home sales in South Walton and they continue that trend in July. Inventory is still trending downward from the high of 323 in June 2006. In July 2011, that number is down to 135, a decrease of 58%. The sold dollar volume is up, and so are the number of town home sales in South Walton.
You can see in the following “monthly qty sold” graph that 2011 has seen a substantial number of sales compared to the last several years.
Without a good sampling number, the average and median sold prices fluctuate greatly from month to month, so it is difficult at best to try to get a true picture with prices, but prices are certainly off the market peak’s.
All sales data referenced above is provided by Emerald Coast Association of Realtors and is thought to be accurate but not guaranteed.