South Walton Condo Sales Up 119 Percent
July 18, 2011 by Murray Balkcom
Redfish Village in Blue Mountain Beach has burst to life with 17 units sold last month. This photo from five years ago shows the building in RFV where First Note Music Hall just opened.
If you are a regular reader of my column, you may remember me saying to expect incredible headlines this year. Well, “South Walton Condo Sales Up 119%" is just that, an incredible headline. The condo sales in Redfish Village are part of a 119% increase over the same month last year.
Could there be more to the story? Absolutely , since last year’s numbers were not normal because of the BP oil spill scare. Let’s take a closer look.
Looking at the graph, you can see that condo sales have been on the rise and not since March 2007, have we seen that quantity of condo sales in South Walton.
Compared to the previous month, June condo sales rose 23%, with 92 reported sales to Emerald Coast Association of Realtors. Included in those 92 sales, were 17 condos located in Redfish Village. Recently, the developer-owned condos in Redfish Village were purchased by an investor who sold many of them rather quickly. If we remove those 17 condos, we still end up with 75 condo sales, which is same amount as reported sold in May.
The condo inventory is down to the lowest it has been April 2005 with 993 units in current inventory. On average for June condo sales, the sold price was 93% off the list price. This is due to many of the newer listings coming onto the market being more closely priced to the market’s perception of value.
Median sold price is that price point where half of the sales are above the price and half are below. For the last 12 months, we have seen this number for condo sales remain fairly level.
If you like what the condos activity, you are really going to like to read what I have to report about home sales in South Walton for June. Stay tuned.
All sales data referenced above is provided by Emerald Coast Association of Realtors and is thought to be accurate but not guaranteed.