SoWal Home Prices on the Rise
October 19, 2011 by Jennifer Howard
Good news based on recent figures from Metro Market Trends - the price of new homes and condominiums rose in Okaloosa and Walton counties last month as compared to prices a year ago.
In Walton County, the average price of a single-family home jumped nearly $20,000, from $413,483 to 433,016. In Okaloosa, the average price for a single-family home went from $215,472 in 2010 to $219,251 in 2011.
An interesting fact is illustrated in these numbers: Walton County, particularly south of Choctawhatchee Bay, has substantially higher average home sales prices than its neighboring counties. Why? We have a real estate shortage created by good planning in South Walton.
The four-story height limit restricts the number of available housing units. The plenitude of homes and high-rise condos in Okaloosa County in fact lowered the value. The state’s purchase of almost 58,000 acres of undeveloped land and placing it in a conservation preserve in effect took about 1/3 of all land off the market. Consequently, property values are higher in South Walton.
Back to the initial set of data: if you are looking for a home today vs. a year ago, the numbers show you can expect to pay more for a single-family home. Although most analysts never again expect to see the crazy run-up in home prices that we saw in 2004/2005, delaying a purchase means you will likely pay more.