Rosemary Beach Home Sales For August 2010
September 2, 2010 by Murray Balkcom
After two months of slower real estate sales in Sowal, many people are wondering what happened with sales in August.
For this article, I’ll concentrate solely on detached homes sold in Rosemary Beach, one of the most sought after developments in South Walton.
Rosemary Beach's Dutch and West Indies-inspired homes and commercial buildings are first to capture your attention when you enter the town. The colors of Rosemary range greatly, comprised mostly of nature-inspired palettes. Footpaths and wide boardwalks lead from the homes to the town center as well as the beach. There is only one way to truly feel a sense of this community — put on your flip flops and take a slow walk. The Premier Property Group is the sponsor for the SoWal.com Rosemary Beach Cam. Click here to see what’s happening on the beach right now!
Rosemary Beach was founded in 1995, but real estate was slow to move until the market’s peak. For single family detached homes, that peak was in 2004, when we saw 64 sales. The second highest annual sales was 2003 when Rosemary Beach had 28 home sales.
Year to date in 2010 (as of Aug 31), we are tied with the second best year of home sales, already having 28 sales, with four months remaining in the year. We won’t likely see 64 sales in 2010 for Rosemary Beach, but will at least be tied with the second best year, if 2010 doesn’t take the lead.
Keep in mind that because of the fear of the Deep Horizon oil spill, Rosemary Beach had zero home sales in the months of June and July this year. Based on the pending and contingent contracts, we should surpass 2003 levels. See chart above.
Why all the activity in Rosemary Beach? Rosemary Beach has much to offer in the way of architecture and has some great businesses which help to create a sense of community for residents. Prices of homes in Rosemary Beach are beginning to reach levels where buyers see value, and that is what is moving property.
Not only was 2004 the peak for the quantity of home sales in Rosemary Beach, but it was also the peak of the dollar volume of home sales, with a whopping $95+ million in closed sales. Year to date (through Aug 31, 2010), $34+ million has been reported to Emerald Coast Association of Realtors.
In 2004, the average price for homes sold in Rosemary Beach was $1.49 million. Thus far in 2010, the average selling price is $1.22 million, 18% less than 2004, the market’s peak for Rosemary Beach. Price is driving sales.
Median sales price, that number where half of homes sold below that price and half sold above, averaged to be $1,279,000 in 2004. For the month of Aug 2010, median selling price was slightly less at $1,243,500, only 3% less.
Rosemary Beach appears to be holding value fairly well compared to other areas of South Walton. Is it the time to buy in Rosemary Beach? Some people sure think so.