Real Estate Report for Rosemary Beach and Beyond
December 3, 2013 by Linda Miller
A lady called our office Friday during lunch and told an agent she wanted to buy a home in Rosemary Beach. “When would you like to look?” our agent asked. ”Yesterday! she replied, "I have been visiting for over 10 years and today I’m wondering WHY I have been waiting to do this. "
Saturday morning they began their search for the perfect place, and before the Rosemary Beach Uncorked Wine Festival started at 2 p.m. they had written their offer, and by 5 p.m. we had a contract - and a very excited soon-to-be homeowner!
This lady realized what the most current sales chart is showing very plainly. That the low inventory levels are pushing prices up every month. The average home price in Rosemary Beach is $1,375,477, (an increase of 11% over last year’s price) with 20 fewer homes to choose from…This is one SMART LADY!
The Fall/Winter season is wonderful here and October is a favorite month for many visitors, as we have seen with the great occupancy this month. The annual Homeowner’s meeting was well attended and happened to be the same week of Fall Break and Columbus Day weekend. Scenic 30A was packed! In November, the town will come alive with the lighting of the trees at Thanksgiving, Santa comes to visit, and before we know it Christmas and New Year’s will be here. We have so much to be thankful for and once the lights are turned on, the celebrations start with holiday parties and family times at the beach.
So, how’s real estate? Good! Our community sales are back to even to last year’s sales year-to-date and that’s working with 26% less inventory on the market. Total Scenic 30A sales are up 34% to last year with 15% less inventory. It’s very interesting to see that the average price in planned communities is almost a million dollars, ranging from $974,247 in Watersound all the way up to $1,525,830 in Seaside, while the average price on Hwy 30A is $730,000. Once again, the VALUE in a Traditional Neighborhood Development (TND) is evident.
The other place values are amazing are on the Gulf front, and since we only have two homes available to purchase in Rosemary Beach, we will examine the entire Scenic Hwy 30A area. Gulf front homes total sales volume is up 93% to last year, with an average price of $2,620,120, which is an increase of 31%. Guess what’s happening to the inventory? 45 homes available to buy compared to 63 last year.
Condo inventory is down 20% and the sales volume is down 17% to last year. However, the average price is up 33% at $815,654. Gulf front lots are at a premium with only 21 on the market compared to 40 last year. Total sales volume is up 15% with an average sales price of $1,569,474, a 16% increase.
I’ve always heard the saying, “they are not making any more Gulf front” and I guess that’s seeming very true as the availability becomes less each month.
A very good thing is that there are no vacant lots to buy in Rosemary Beach, which means that once the current construction is finished, our community will be “built out”. So, what about on Scenic Hwy 30A? We have 30% less lots to buy (only 426 compared to 602 last year), so the total sales volume is only 8% ahead of last year but the average price of a lot is $315,822, which is 24% higher than last year.
So, what’s the moral of this story? Like the lady in the beginning of the story said “what are you waiting for?” If you have always dreamed of your place in “Paradise”, do it now! Whether it’s your family “legacy” home to start making memories in or a great investment rental property, don’t be afraid to take that step to make your dreams come true. The same is true if you are a seller, because we have buyers looking every day.
Come by our office and let’s talk about real estate! We are open seven days a week and there is always a professional available to help… you will be greeted with a SMILE…..promise!