South Walton Real Estate is Rockin'
September 4, 2013 by Linda Miller
We rocked over the summer in Rosemary Beach. Rentals were at an all-time high and guests poured through the doors to shop for real estate in our beach community.
And why wouldn’t they? Rosemary Beach provides the charm of a village with everything you need for the perfect vacation. Park your car, and walk or bike (no more than 5 minutes) to the beach, or Main Street downtown filled with restaurants and boutique shopping.
Some people decide to invest in a family legacy that they can purchase, rent weekly until they can come live here full time - and have that rental income to help pay for their ultimate retirement home. Others decide to buy their home now and have it all to themselves for family and friends to visit whenever they want. Whatever the case, folks are flocking to our little South Walton beach town.
Last month, I referred to the lack of inventory and how it is affecting sales in the areas compared to last year. The highlighted Sales Comparison chart shows how three of four traditional neighborhoods are down 10% compared to last year’s sales, with inventory levels
down from 20-33%. Rosemary Beach has 33% fewer homes and condos in inventory but our average sales price is $1,510,680. Compare this to Scenic Hwy 30-A’s average sales price of $719,062 which is an increase of 13% over last year, with total inventory down 20%.
Last year, we sold 63 homes and condos and currently have 60 homes and condos available to buy at this time.
What about residential land on Scenic Highway 30A? Sales are up 27% over last year with the average sales price of a lot at $322,506. As usual, the inventory is down 25% compared to 2102 levels and there have been 268 lots sold year to date with 446 currently on the market. There are no vacant lots available for sale in Rosemary Beach at this time.
Gulf front lot sales on Scenic Higway 30A have more than doubled since this time last year! The average sales price of a Gulf front lot is $1,524,687, a 13% increase over last year with the inventory down 40%. Last year, we sold 25 gulf front lots on Scenic 30A. At this time there are 26 lots on the market to buy.
The average gulf front home /condo price of $1,553,435 is a 25% increase over last year’s sales price and that’s with 22% less inventory. Last year, 128 gulf front properties sold and now there are only 140 available to buy. In Rosemary Beach, there are only two gulf front homes available to buy at this time. Gulf front homes are selling for $1,013/sq ft in traditional neighborhoods compared to those outside of community selling for $625/sq. ft.
Looking at all average sales prices of homes not in a planned community, you can clearly see the value in a traditional neighborhood development. The “Big 4” that I compare every quarter produce over 40% of the total sales volume on Scenic 30A with only 28% of the inventory on
the market. Community creates value and we see that in our everyday life here. Knowing your neighbor, the quality of life when you can walk to the necessities, being surrounded by beautiful architecture and nature’s beauty, and feeling secure in your environment is priceless. I love to see children riding bikes to the beach confidently knowing that they can find the way home and will be safe on their trip around the neighborhood.
As school resumes this Fall, remember that October is the best month to visit South Walton! The fourth annual Rosemary Beach Uncorked open air food and wine event is coming up October 19. Football season starts soon so let the games begin! Welcome The Pearl, our very own “uptown” luxury hotel on Main Street in Rosemary Beach, Florida.
Come by our office and let’s talk about real estate! We are open 7 days a week and you will be greeted with a smile. Promise.
South Walton Real Estate Fast Facts
- Continue to prove their VALUE DRIVEN sales by being "in Community"
- Average sales prices range from 10% over to DOUBLE the average sales price on Scenic Hwy 30-A
- SEASIDE has the highest average sales price year-to-date of $1,624,319
- SEASIDE has the highest $/sq. ft. price of $743. compared to avg. of Scenic Hwy 30-A of $304/sq. ft.
- Inventory remains low ranging from 27% less than last year in SEASIDE to 33% less in ROSEMARY BEACH
- TND's represent 41% of total sales on Scenic Hwy 30-A, with only 28% of the inventory
- GULF FRONT homes in TND's sell for $1013/sq. ft. avg. compared to avg. on Scenic Hwy 30-A of $625/ sq. ft.
Scenic Highway 30A
- Average sales price of $719,062. is 13% higher than last year's avg. sales price
- Inventory is 20% less than last year
- Last year 938 properties SOLD and now we only have 753 available to BUY
- Home sales are 83% of the total sales and condos are 17%
Gulf Front homes & condos avg. sale is $1,277,500., which is 73% increase over last year...
so obviously THE FORECLOSURES ARE gone! Inventory is down 26% to last year.
Gulf Front Lots avg. sale is $1,524,687. and the avg. sales price is 13% higher than last year
Inventory is down 43% compare to last year.
Residential Land sales are up 27% with the avg. sale of a lot $322,506. Inventory is down 25% to last year's levels. 568 sold last year with only 446 left to BUY at this time.