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Rosemary Beach ? April 2010 ? home sales highest since August 2004!

Em avatar
Beach Fanatic
4,976 views1
Year-to-Date Rosemary Beach Home Sales Surpass the Entire Year of 2009

by murray balkcom, GRI, Realtor
dreamBIGproperties.com


Rosemary Beach, FL -- With so many people along the Gulf Coast of Florida focused on the oil spill near Louisiana, it is not surprising that real estate sales information has taken a back seat in the news. Here in South Walton, we have blue skies, white beaches, moderately warm weather, and not a sign of oil.


March was an incredible month for sales in South Walton, and overall, sales for April remained fairly similar, with a slight drop compared to March sales in both quantity of sales and dollar volume.

However, when we look a little closer, we find some exciting news in regards to Rosemary Beach home (detached) sales. Not since August 2004, the early part of the real estate boom, have we seen this many home sales in Rosemary Beach. Quantity of detached home sales for April in Rosemary Beach were up 390% over March 2010 and were up an equal amount compared to April 2009. Dollar volume of sales was also up 266% over March 2010.


Also worthy of noting is that as of the end of April 2010, Year-to-Date (detached) home sales in Rosemary Beach have surpassed home sales in Rosemary Beach for the entire year of 2009 in dollar sales volume, with $22,222,000 in reported sales. As of the end of April, quantity of sales year to date is now at 19, which is the same as the total number of home sales in Rosemary Beach for the entire year of 2009, as reported by Emerald Coast Association of Realtors. We are seeing some sellers take major hits, and well researched buyers are buying properties quickly, when the price is right.


?With calm gulf waters, soothing rays of sunshine and silky sand beaches, Rosemary Beach, Florida is a great place to unwind and soak up the scenery. Rosemary Beach?s unique architecture is what first captures your attention, with its Dutch and West Indies-inspired homes and commercial buildings. Building palettes run to colors found in nature-mostly shades of rust, tan, green and brown, with Bermuda shutters, wide second floor porches, and arched garage doors. Gates and fences open with a latchkey, with steps leading to entrances on the second floor. Walls line both sides of the solid entryway steps, a feature right out of the Caribbean. Footpaths and boardwalks lead to large decks over the dunes and, of course, to Rosemary Beach below.? To assist with your home search in Rosemary Beach or other areas of South Walton, Florida, please contact me, Murray Balkcom, GRI, Realtor with The Premier Property Group, which has offices in the heart of Scenic Hwy 30A, in WaterColor and Seacrest Beach.


To register to receive email updates on real estate in South Walton, register in the upper right corner of www.dreamBIGproperties.com

All sales data referenced above is provided by Emerald Coast Association of Realtors and is thought to be accurate but not guaranteed.
Murray Balkcom is a licensed Realtor with The Premier Property Group, serving South Walton, including Alys Beach, Rosemary Beach, Seacrest Beach, WaterSound, Seagrove, Seaside, WaterColor, Grayton, Blue Mountain Beach, Santa Rosa Beach, Dune Allen, and Point Washington.

Replies

16
Beach Lover
#2
The oil spill didn't become serious till the end of april. Based on my cancels and almost zero inquiries to rent i'm willing to venture sales will be down 50-70% from april to may. till we're certain no oil hits our beaches few will commit to buying.
Kurt avatar
Admin
#3
Thanks Murray - that's amazing. Are you seeing any similar spikes in other towns?
Em avatar
Beach FanaticAuthor
#4
The oil spill didn't become serious till the end of april. Based on my cancels and almost zero inquiries to rent i'm willing to venture sales will be down 50-70% from april to may. till we're certain no oil hits our beaches few will commit to buying.

We have never been, nor will we ever be certain that oil will not hit our beaches. With hundreds of wells and pipelines in the Gulf, it is not unreasonable to think that there is potential for that to happen. Even if there were no oil wells in the Gulf, the potential is still there, as long as oil tankers are running in the Gulf.

However, with the crazy news stories spreading great fear among the masses, I would think that you are correct that many buyers are in a wait and hope mode. They are not hoping for oil to hit the beach, but they are hoping that the prices will be driven down in the fear. Fear has been driving this market for a long time. Some fear that they won't get in and others fear that they won't get out.

Looking at month to date sales for all of South Walton, it does appear that May 2010 sales will be down when comparing them to April, as well as when comparing them to May 2009. Since real estate takes some time to sell, it is likely that we will also see a slower June, since buyers are holding back. If they clean the oil without it coming onshore in Walton County, will the buyers move back in? Who knows. I think the people who are buying today recognize value. If prices are further pinched due to this oil fear, I have a feeling that many buyers will gladly step in and buy. However, I cannot predict the future, and I certainly cannot predict people. I'll just report back as we continue through time.

Currently, there are no detached home sales in Rosemary Beach for the month of May, but guess what? There were no sales for the month of May last year either. In fact, there were only two reported home sales in Rosemary Beach from Jan 1 - May 31 2009. April 2010 surpasses the first five months, collectively, of 2009. Year to date through the end of May for 2009, there were two sales totaling $2,305,000. For 2010, Year to date through May 11, there have been 19 reported sales totaling $22,222,000.

Kurt, I have not seen similar spikes in other "towns"/developments in SoWal, though I haven't examined all of them. Seacrest Beach had a slight bump, but only slight. WaterColor, Seaside, and WaterSound were down compared to March.

Edited

Kurt avatar
Admin
#5
I am curious that if Rosemary Beach is much higher than surrounding communities - why?
melscuba avatar
Beach Fanatic
#6
I am curious that if Rosemary Beach is much higher than surrounding communities - why?

I can tell you as I lurk around the market, Rosemary has piqued our interest. We are starting to see the value in price comparisons along 30-A. When we compared a Condo there to a Condo in another upscale community on 30-A, Rosemary had it beat by a mile. Maybe people are just starting to see the price equal value in Rosemary???:idontno:
Lisa Ruby avatar
Beach Fanatic
#7
I can tell you as I lurk around the market, Rosemary has piqued our interest. We are starting to see the value in price comparisons along 30-A. When we compared a Condo there to a Condo in another upscale community on 30-A, Rosemary had it beat by a mile. Maybe people are just starting to see the price equal value in Rosemary???:idontno:

True, and sales began to increase when prices started to be effected by short sales, foreclosures, and highly motivated sellers. There was definitely pent up demand for Rosemary properties, the current inventory and sales peak tells the story.

Edited

Em avatar
Beach FanaticAuthor
#8
I understand that two more homes sold this week in Rosemary Beach, though they have not been updated in the MLS. So, now we are at least back to March levels, and ahead of 2009 sales for May.
scooterbug44 avatar
SoWal Expert
#9
In my not so expert opinion I think it's because the prices are finally right so people can make the numbers work.
Ari Silverstein avatar
Beach Lover
#10
In my not so expert opinion I think it's because the prices are finally right so people can make the numbers work.

:idontno:

Make what numbers work? As rental properties? As long term "investments"?

People buy when they have money (financing) and perceive value. They don't buy when "things are right" if they had, we wouldn't have seen so many zillions of wasted $$$ spent on overvalued properties between 05-09.

If things were ever right, and they still are not across the board, now would be the time to buy (as the Realtor's never-ending mantra claims). But they are not buying.

Why?

See above.

Fact is, when it comes to real estate purchases, we have been living more on dumb luck (which has now run out) and less on investing skills (which are too scarce to be of much notice).

A few people, very, very few, are finding the right purchases at the right $$$ with the right "investment" mentality.
Beach Comber
#11
I am on Unique Panhandle Properties auto email list for Rosemary Beach and keep getting notifications of properties in Rosemary that are "back on the market". Are buyers backing out due to oil or is this typical?
30ashopper avatar
SoWal Insider
#12
I am on Unique Panhandle Properties auto email list for Rosemary Beach and keep getting notifications of properties in Rosemary that are "back on the market". Are buyers backing out due to oil or is this typical?

Probably all that shadow inventory coming on the market. There are a lot of people who wanted to sell during the down turn, couldn't, so they pulled the listing.

Nationally this influx of listings is causing inventory to spike again.
scooterbug44 avatar
SoWal Expert
#13
Some buyers are backing out or delaying closings due to the oil, and some are still buying or looking for something to buy.
Em avatar
Beach FanaticAuthor
#14
Some buyers are holding on, so that may cause some listings to go back on the market, but remember that we have many homes which were pulled off the market because they didn't sell (priced too high), and now that spring is here, they are back on the market. Also, we still have short sales on the market, and when they go under contract at a price too low for the bank to approve, they go back on the market. It would take a case by case investigation to learn the reason why a property went back on the market.
Tom Curlin avatar
Beach Comber
#15
The initial chart tells you why these properties are returning to the market. Transactions are up and the comps are higher too versus last year. In banker's terms, if the ducks are quacking it is time to feed them.
Beach Comber
#16
Thanks for the insight. I don't post here often but read a lot. Sowal.com is a great tool to keep up with the region!
Beach Comber
#17
We bought in March of 2009, and have been delighted in every way. RB for us was the best mix of excellent planning, architecture, and amenities. The staff and management are terrific. All of the area professionals that we dealt with were (and continue to be) outstanding. One of the happiest checks that I write every quarter is to the HOA.
The current crisis will be resolved, and we will be better for it. I am grateful to have a place here, and plan to be around until my kids take me out of it feet first.

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