South Walton Real Estate Surges for March 2011

Want to look back in time? This chart shows you the historical quantity of
home sales in South Walton, going back to 1993 through the end of March
2011.
 

Home sales are on the rise in SoWal and I’m sure that in a
few months, you will see this reported in the mass media. In March,
Realtors reported a 26% increase in the quantity of home sales in South
Walton, compared to the previous month. Dollar volume of sales came in
at $44.7 million, 12% higher than the previous month. Median sold price
of $355,000 increased slightly from previous month.

Inventory, now at 1,215 homes, is down significantly from previous months, but has
somewhat leveled out during the last three months. We are down to 14.63 months of inventory, which is as low as it’s been since July 2005. At the market’s peak, we had 77.9 months supply of inventory.
 

How do South Walton home sales in March 2011 compare to previous sales in March?

In South Walton for the month of March 2011, we saw 134 pending home
sales, a 44% increase over the previous month, and a 49% increase over
March 2011.

Condominium Sales

Condo
sales have lagged behind detached home sales for a while, but condo
sales are on the rise in South Walton, FL. Compared to February condo
sales in South Walton, Realtors reported a 58%  increase during March to
Emerald Coast Association of Realtors (ECAR) , with a total of 79
sales. Compared to March 2010, condo sales increased 23%.

Total sales dollar volume for March totaled more than $27.4 million, which is the highest reported since May 2008.

Inventory of condos in South Walton continues to decrease and we are now at 1075
units actively listed. That is the lowest inventory level we’ve seen
since May 2005.  We are now down from the high of 142 months of
inventory, to only 13.6 months of inventory.

Selling price of condos sold during March 2011 averaged 90.08% of the listing price.

For March 2011, pending sales of condos in South Walton are looking very strong, with a 35% increase over February 2011 and a 98% increase compared to March 2010.

Residential Lot Sales

Not since November 2005, has South Walton seen residential lot sales at this level. In
March 2011, 66 residential lots were reported to Emerald Coast
Association of Realtors (ECAR) as sold, an increase of 29% compared to
February. That is also a 29% jump from sales reported in March 2o10. 
Total sold dollar volume for residential lot sales in South Walton for
March 2011 was slightly over $7.8 million with the median price of
$73,250. Inventory continues to decrease and is now at 1348 lots.  We
are looking at 20 months of inventory currently which is dramatically
less than the highest number, 228 months of inventory set back in
February of 2007. Selling price averaged 83.39% of listing price.

For months, no one wanted to buy lots. As prices have drifted downward
buyers are back in the market increasing the quantity of sales over the
last couple of years.

What does the future hold for residential
lot sales in South Walton? Pending residential lot sales were up 41% in
March 2011 compared to Feb 2011. When we compare March 2011 to March 2010, we see that pending sales have increased more than 102%. Pending
sales are often viewed as an indicator for potential forthcoming sales,
but remember that pending sales don’t always close.

Murray Balkcom is a licensed Realtor with The Premier Property Group, serving  SoWal.

All sales data referenced above is provided by Emerald Coast Association of
Realtors and is thought to be accurate but not guaranteed.